News & Events

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intelligence
briefing


July 20, 2017


Commercial Banking

  • Wells Fargo to close 450 branches by end of 2018, will focus on digital banking


    Jul 18 -
    As part of it ongoing initiative to cut $2 billion in annual expenses by the end of 2018, Wells Fargo will prune its branch network. The bank has already closed 93 branches in the first half of 2017 and is on track to close a total of 200 branches by the end of the year. Wells Fargo also plans to shutter another 250 branches in 2018. The rise in popularity of online and digital banking is primarily the reason for the closures, as the bank looks to put more emphasis on growing its digital distribution channels.

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  • Wells Fargo to provide $4M in funding for Housing Opportunities Made Equal of Virginia


    Jul 17 -
    Wells Fargo has partnered with Housing Opportunities Made Equal of Virginia to support black home ownership in the Richmond area. As part of the deal, the bank will provide $4 million in funding to the program, as well as offer down-payment assistance for mortgage loans. The agreement represents one of the largest reached between a fair housing organization and a financial institution.

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  • ABN Amro's MoneYou to integrate Mitek identity solutions for digital onboarding


    Jul 19 -
    ABN Amro’s digital consumer banking subsidiary, MoneYou, will use Mitek’s Mobile Verify and Mobile Fill solutions to onboard its customers. MoneYou’s mobile app will integrate Mitek’s ID document verification software, which allows users to leverage their smartphone camera to capture an image of their ID document. This allows background checks and the fully digital onboarding process to be completed within minutes, allowing customers to access their new accounts almost immediately.

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Real Estate Finance

  • Hotel industry see headwinds in Q2


    Jul 17 -
    Although the U.S. lodging industry is showing signs of deceleration, the sector posted record performance metrics during 2016. The LW Hospitality Advisors (LWHA) Q2 2017 Major US Hotel Sales Survey includes 39 single asset sale transactions over $10 million. These transactions totaled roughly $2.8 billion and included approximately 11,600 hotel rooms. With 10 major Q2 hotel sales, California has been the most active transaction market followed by Florida with nine trades. There continues to be demand for hotel asset acquisition opportunities from a broad range of sectors including domestic and foreign institutional and high-net-worth investors, REITs and family offices. Negative interest rates in numerous developed markets throughout the world has oriented overseas capital to attractive returns offered by investment in U.S. real estate, particularly hotels.

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  • Rosewood closes $82.8M sale of multifamily portfolio in New York


    Jul 18 -
    Rosewood Realty Group closed the $82.8-million sale of a seven-building, 343-unit multifamily portfolio in Queens, N.Y. Rosewood worked on behalf of both buyer A & E Real Estate Holdings and seller Ares Management. The buildings also include six retail spaces.

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  • Harbor Group sells New Jersey apartment community for $73M


    Jul 17 -
    Harbor Group International sold the Addison at Princeton Meadows, a 439-unit apartment community, in New Jersey to KRE Group and Oxford Realty Group for $73 million. Gebroe-Hammer arranged the sale on behalf of the seller and procured the buyer for the property. HFF represented the sellers.

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Commercial Bankruptcy

  • Beaulieu Group files for bankruptcy


    Jul 18 -
    Flooring manufacturer Beaulieu Group filed for Chapter 11 bankruptcy, with plans to restructure. According to court documents, the company reported total debts between $50 million and $100 million. Despite the filing, Beaulieu has yet to announce any layoffs or plant closures and the company plans to continue operations during the restructuring process.

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  • 21st Century Oncology seeks approval for $275M rights offering


    Jul 17 -
    Cancer treatment center operator 21st Century Oncology signed a deal with bondholders to backstop $275 million in new shares and bonds, which the company says will be the cornerstone of its Chapter 11 plan. According to court papers, the company outlined offerings for $200 million in new bonds and around $88 million in shares of the reorganized company. The approval of the rights offerings is vital for the success of the company’s restructuring and a hearing is scheduled for Aug. 4.

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  • Bridal retailer Alfred Angelo files for Chapter 7 bankruptcy


    Jul 15 -
    Bridal retailer Alfred Angelo filed for Chapter 7 bankruptcy protection, shutting down operations. The company currently has 1,400 stores across the U.S. and has yet to post any information about store closures on its website ort official social media accounts.

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