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Commercial Banking

Real Estate Finance

• KKR buys majority stake in Hudson Yards observation deck for $500M

  
  Oct 19 -
  KKR bought the Hudson Yards space, called Edge, at the top of 30 Hudson Yards from Related Companies, in a bid to get involved in the New York tourism scene. At 73 stories tall, 30 Hudson Yards is valued well in excess of $2.2 billion. Both KKR and Related have their offices in the 2.6 million-square-foot tower, as well.
  

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• JB Capital, partner drop $26M on South Fla. retail center

  
  Oct 20 -
  JB Capital led a $25.5 million JV purchase, in partnership with Royce Properties, for Fresh Market Village in Jupiter. The 55,046-square-foot retail center, at 311 East Indiantown Road, was sold by Adar Investments and Management. The JV was sparked by the center's 97% occupancy rate and the property's proximity to the Intracoastal Waterway.
  

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• Forte Capital Management picks up Hollywood medical offices for $11M

  
  Oct 20 -
  The Miami Beach-based company purchased the medical office building at 3702 Washington Street, situated adjacent to Memorial Regional Hospital South. A group of five doctors sold the building through an affiliate. The 43,606-square-foot building spans nearly half an acre, and Forte Capital Management plans roughly $250,000 in improvements to the vacant spaces, common areas and building exterior, allowing rent increases.
  

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Commercial Bankruptcy

• BL Santa Fe resort approved to move forward with $43M Ch. 11 plans

  
  Oct 19 -
  The Santa Fe luxury resort won approval from a Delaware bankruptcy judge to proceed with a prepackaged plan to restructure $43 million of its senior lender's secured debt and turn over ownership of the resort to junior lenders. Under the restructuring support agreement, mezzanine lender Juniper Bishops would provide $5.8 million in debtor-in-possession financing and swap its $35 million debt for ownership equity in BL Santa Fe. The resort's senior lender, DB Bishops Lodge, would provide $2.6 million in bankruptcy financing in exchange for having its $43 million of debt restructured. Unsecured creditors would also be paid in full.
  

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• Bankruptcy lawyers predict increasing filings in 2022

  
  Oct 18 -
  The COVID-19 pandemic, along with the expiration of the eviction moratorium, is expected to fuel a rise in bankruptcy filings at the beginning of 2022. Indianapolis bankruptcy attorney Mark Zuckerberg said rules currently in place by the Consumer Financial Protection Bureau to curb foreclosures need to be extended into 2022 to avoid the expected flood of bankruptcy cases.
  

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• Gulf Coast Health Care approved for $25M in Ch. 11 financing

  
  Oct 15 -
  A Delaware bankruptcy judge said she will give Gulf Coast Health Care permission to draw on the funds being offered by an Omega Healthcare Investors subsidiary under the restructuring agreement between the nursing home chain, its landlord and a senior lender. Gulf Coast, which operates in Florida, Georgia and Mississippi, is seeking Chapter 11 protection, citing coronavirus pandemic-driven operating costs, "crippling" staff woes and a $217 million rent acceleration Gulf Coast said profit margins for the business were thin even in the best of times, and COVID-19 had left it with higher costs and fewer residents.
  

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