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September 28, 2021


Commercial Banking

  • KeyBank provides $77M CMBS refinance loan for Arizona Shopping Center


    Sep 27 -
    Desert Troon Companies landed $77.1 million of CMBS debt from KeyBank to refinance a Mesa, Ariz. retail property hit hard by the COVID-19 pandemic. The 2006-built property, which is anchored by Kohl's, LA Fitness and AMC Theaters, is located at 764 South Signal Butte Road. Superstition Gateway was 94.2% occupied as of August by 61 tenants. 

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  • Valley National to acquire Bank Leumi USA for $1.15B


    Sep 23 -
    Valley National Bancorp agreed to acquire Bank Leumi's U.S. banking arm for about $1.15 billion in cash and stock, expanding its offerings for middle-market commercial clients and high-net-worth individuals. Bank Leumi USA had total assets of $8.4 billion, total deposits of $7.1 billion, and gross loans of $5.4 billion as of June 30. Its parent company, one of Israel’s largest lenders, was considering a sale of its U.S. bank arm as far back as May.

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  • Citizens Financial Group agrees to purchase JMP Group firm


    Sep 22 -
    The merger agreement was unanimously approved by the boards of directors of each company, and the transaction is targeted to close in Q4 2021. JMP Group is a capital markets firm that provides investment banking services, including strategic advisory, equity research and sales and trading focused primarily on the healthcare, technology, financial services and real estate sectors. Founded in 1999 and headquartered in San Francisco, JMP Group operate as a wholly-owned subsidiary of Citizens.

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Real Estate Finance

  • Oxford Properties lands $1.4B CMBS financing for $2.2B KKR industrial portfolio purchase


    Sep 27 -
    Oxford Properties Group secured $1.43 billion in CMBS financing for the company's $2.2 billion purchase of an industrial portfolio from KKR. Morgan Stanley, Goldman Sachs, Citigroup and Deutsche Bank are providing the debt. The portfolio includes 149 buildings spread across the U.S., many of which are located near population centers that can be used by e-commerce retailers as warehouses and distribution points.

     


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  • Cottonwood Group provides $105M loan for Manhattan office building refinancing


    Sep 27 -
    The firm provided Savanna a $105 million bridge loan for the refinancing of The Six, an office building located at 106 W. 56th St. in Manhattan. The 79,214-square-foot building offers a tenant lounge, conference facility and views of Central Park.

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  • JLL Capital Markets arranges $168.3M sale of Mid-Atlantic retail portfolio


    Sep 27 -
    WashREIT sold the properties. The Virginia properties are 800 S. Washington St. in Alexandria and Concord Centre in Springfield. The southern Maryland properties are Montrose Shopping Center and Randolph Shopping Center in Rockdale; Takoma Park Shopping Center in Takoma; and Westminster Shopping Center in Westminster. JLL says the properties are collectively 82% leased. The buyer, Rosenthal Properties, wants to increase and upgrade the tenancy percentage at the properties as well as enhance the properties with capital improvements.

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Commercial Bankruptcy

  • Sequential Brands close to Ch. 11 deal for Jessica Simpson clothing line


    Sep 27 -
    Sequential Brands Group told a Delaware bankruptcy judge that it's close to finalizing a deal with pop star Jessica Simpson to sell her the clothing line that bears her name as the court approved procedures for the company to sell its assets. While the exact purchase price included in the bid wasn't made public, the singer had made a $65 million offer at the outset of the bankruptcy case. Sequential Brands filed for bankruptcy in late August after the COVID-19 pandemic worsened its already flagging revenue.

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  • Sen. Warren reintroduces bill to curb Ch. 11 forum-shopping


    Sep 27 -
    U.S. Sen. Elizabeth Warren said the bill will halt the practice of forum-shopping in corporate bankruptcy cases so large companies can't hand-pick the judges who oversee their insolvency cases. Complex restructuring cases are becoming increasingly concentrated in a handful of federal court jurisdictions, and proponents of venue reform say this is happening because debtors are able to stretch the forum-selection rules to essentially choose the judges they think will rule favorably in their cases. Warren says wealthy corporations should not be able to run across the country to find a favorable court to file bankruptcy.

     

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  • Natural gas driller Rockdale Marcellus files for bankruptcy protection


    Sep 24 -
    Rockdale Marcellus Holdings, a natural gas driller with operations in northeastern Pennsylvania and a main office at Southpointe, filed for Chapter 11 bankruptcy protection in federal bankruptcy court in Pittsburgh. Rockdale Marcellus Holdings in its filing estimated both assets and liabilities between $100,000 and $500 million with between 1,000 and 5,000 creditors. The largest creditor is White Oak Global Advisors, a San Francisco-based company that holds a $50.5 million loan to Rockdale Marcellus.

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