News & Events

market
intelligence
briefing


October 24, 2017


Commercial Banking

  • Deutsche Bank, HSBC lead $800M refinancing for New York office tower


    Oct 20 -
    Deutsche Bank, along with HSBC, will lead the $800 million refinancing of Fosun International’s 2.1 million-square-foot 28 Liberty office tower in Lower Manhattan. As part of the deal, the banks will provide $500 million in debt upon closing, with another $300 million for capital improvements and upgrades coming at a later date. The lenders hope to close the loan before Thanksgiving.

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  • JPMorgan to implement MSX machine-learning platform in its fixed-income sales and trading business


    Oct 22 -
    JPMorgan will deploy data analytics and machine-learning platform MSX in its fized-income sales and trading operations. The platform will compile data from all desks and orders to provide salespeople and traders with a clearer picture and help them anticipate market moves. The platform was developed by Mosaic Smart Data, which was the first company to complete JPMorgan’s “In-Residence” fintech startup development program.

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  • BofA files pair of patents for blockchain-based processing system


    Oct 21 -
    Bank of America filed a pair of patents for a blockchain-based system designed to improve tracking of file transfer processing in real time. The system would allow a blockchain to integrate with communications and memory devices to facilitate the data processing process. BofA proposes the use of blockchain to facilitate the transferring of large volumes of data while at the same time tracking data through the use of cryptographic keys during the transfer.

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Real Estate Finance

  • Starwood Capital completes $800M refinancing of hotel portfolio


    Oct 19 -
    Starwood Capital Group completed a refinancing of a portion of its portfolio of 276 hotels in the U.S. The bulk of the financing will be in the form of a $800-million, single-borrower CMBS offering backed by SCG Hotel Investors' interests in 138 hotel properties across 27 states. Aimbridge Hospitality manages 127 hotels in the portfolio, while the remaining 11 properties are managed by either Hersha Hospitality Management or Schulte Hospitality Group. SCG Hotel Investors Holdings, an affiliate of Starwood Capital Group that owns 276 select-service properties across the country, is sponsoring the new CMBS.

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  • Related closes $200M New York deal


    Oct 20 -
    The Related Company finalized its $200-million purchase of several Manhattan, N.Y., properties from Amerco Real Estate, as the firm moves forward with plans for a mixed-use development in the area. The deal is for 555 W. 22nd St., 548 W. 23rd St., 552 W. 23rd St. and 170 11th Ave. Related went under contract to purchase the properties two years ago but only moved ahead with the acquisition recently after receiving approval from the city to build a mixed-use building with 140 residential units as well as retail space on the ground floor.

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  • Anderson Associates obtains $67M loan for residential assets in New York


    Oct 20 -
    Anderson Associates secured a $67-million loan for a pair of residential buildings in New York. Appollo Commercial Real Estate Finance provided the loan. The buildings house a combined 141 units.

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Commercial Bankruptcy

  • Trustee denies request for committee in Seadrill bankruptcy case


    Oct 20 -
    Seadrill’s bankruptcy trustee said one of the company’s investors failed to make a convincing case for appointing a committee to represent stockholders in the company’s bankruptcy proceedings. Such committees, which are paid for by the debtors, are rare in Chapter 11 cases because debtors are usually considered insolvent and would leave less money to repay creditors.

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  • Castex Energy files Chapter 11


    Oct 19 -
    Castex Energy Partners and four affiliated Debtors filed for Chapter 11 protection. The company engages in the exploration, development, production and acquisition of oil and natural gas properties. Castex Energy Partners' Chapter 11 petition indicates assets greater than $100 million.

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  • Island Air files for Chapter 11


    Oct 16 -
    Island Air will file for Chapter 11 but ticketing and flights will continue as normal. Frequent flyer and other customer service programs will also not change. The airline states that the bankruptcy filing was caused by threats of legal action to ground the aircraft and strand hundreds of passengers.

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