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October 25, 2020


Commercial Banking

  • Wells Fargo examines sale of asset-management arm


    Oct 22 -
    The bank began discussing a possible deal with other asset managers and private equity firms last month, but a divestment isn't certain. Bank CEO Charlie Scharf is preparing to lay out his vision for turning around the lender after scandals under his predecessors. He told analysts he's exploring a wide range of options and that he would provide more information to investors in January.

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  • JPMorgan, others act as joint book runners in Replimune IPO


    Oct 22 -
    Replimune Group priced its IPO of over 4.5 million shares of its common stock at $40 per share. Replimune has granted the underwriters a 30-day option to purchase up to an additional one million shares of common stock from Replimune at the public offering price, less the underwriting discounts and commissions. The offering is expected to close on Oct. 26, with JPMorgan, SVB Leerink and Barclays acting as joint book-running managers.

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  • Citizens Bank advises EcoDigital on sale to Telestream


    Oct 21 -

    Citizens M&A Advisory served as the exclusive financial advisor to EcoDigital in its sale to Telestream, combining two software businesses in the digital media industry. Citizens has acted as a financial advisor on seven M&A transactions in the software sector in 2020.

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Real Estate Finance

  • The Collins Group buys Jacksonville apartment for $47M


    Oct 23 -
    The Kensley Apartment Homes, a 300-unit value-add apartment in West Jacksonville, traded for $47 million. The New York-based Collins Group acquired the property, which is located at the intersection of Interstate 295 and Collins Road. The seller was a fund managed by New York-based DRA Advisors. Built in 2004, the property consists of a mix of studios and one, two and three-bedroom floorplans with nine-foot ceilings throughout. Community amenities include a swimming pool, sun deck, dog park, fitness center, clubhouse, and coffee bar.

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  • Southwood Realty buys Charlotte-area multi-family property for $41M


    Oct 23 -
    Southwood Realty purchased Lodges at Lake Wylie, a 245-unit property in the Charlotte, N.C. submarket of Lake Wylie, S.C. The firm acquired the apartment community in a loan assumption transaction from McAdams Homes for $41 million. The acquisition also included an adjacent site already zoned for the development of 114 units. Located at 118 Lodges Lane, the property is adjacent to The Village at Lake Wiley, a 392-unit Southwood community. Constructed in 2019, the three-story, garden-style Lodges at Lake Wylie encompasses one-, two- and three-bedroom units. The apartments feature wood-style floors, washers and dryers, balconies or patios and fully equipped kitchens. Property amenities include a swimming pool, clubhouse, fitness center, business center, dog park and grilling area. At the time of the sale, the property was 98% occupied.

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  • Bon Aviv sells grocery-anchored shopping center in Maryland


    Oct 23 -
    Bon Aviv Investments sold Hagerstown Shopping Center, a 124,000-square-foot retail asset in Hagerstown, Washington County, Md. for $13.2 million. The recently rehabilitated shopping center is fully leased by 16 tenants.

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Commercial Bankruptcy

  • Lilis Energy inks settlement with equity holder, creditors


    Oct 22 -
    Oil and gas production company Lilis Energy inked a $3.75 million deal to settle the claims of the preferred equity holder whose refusal to commit to a new money investment put the company on a path to a sale. Lilis told U.S. Bankruptcy Judge Marvin Isgur the global settlement with Varde Partners and a lender group will also guarantee $600,000 for unsecured creditors and enhance the company's sale value by simplifying its agreements with Varde. Lilis filed for bankruptcy in June with $251 million in debt, saying it couldn't withstand the financial pressures of declining energy prices worsened during the COVID-19 pandemic. It initially said it had a restructuring plan to cut about $35 million of debt but later switched to a sale after funds affiliated with preferred equity holder Varde declined to provide the new equity investment the plan required. Under the terms of the deal approved by the judge, Varde will allow amendments in the restrictions and payments due under the terms of its contracts with Lilis and in return will receive $3.75 million, plus 5% of any sale proceeds over $45 million.

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  • Ruby Tuesday gets two-month rent payment deferral in Chapter 11


    Oct 23 -
    A Delaware bankruptcy judge gave Ruby Tuesday a 60-day rent payment deferral after hearing that the casual dining chain promised its landlords a cut of a retirement plan trust fund the company is seeking to claim to pay down its debts. U.S. Bankruptcy Judge John Dorsey ruled that Ruby Tuesday needs to delay its $5.5 million in rent payments and it had provided its landlords with adequate assurance that they will pay up by the time the Chapter 11 case is done. Ruby Tuesday filed for Chapter 11 protection on Oct. 7, listing $42 million in secured debt along with $18.8 million in unsecured debt. It blamed the COVID-19 closure of all but one of its 421 locations, coupled with a shift in customer preferences away from casual dining.

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  • N.J. judge approves Sur La Table's Chapter 11 Plan


    Oct 21 -
    The plan entails an $89 million assets sale to a private equity venture and would preserve about half the retailer's brick-and-mortar footprint. The stalking horse offer, by Fortress Investment Group, was bested a month later at auction by SLT Lending JV, which also agreed to assume about 50 store leases.

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