News & Events

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February 21, 2017


Commercial Banking

  • Santa Monica moves to divest from Wells Fargo over Dakota pipeline involvement


    Feb 19 -
    The city of Santa Monica is in the process of cutting ties with Wells Fargo over its involvement in the Dakota Access Pipeline. City council passed a motion, which directs the city’s financial staff to investigate withdrawing Santa Monica’s $1 billion in annual transactions from the bank and issuing a Request for Proposal to other banks. The finance staff is expected to return to the council with recommendations on a divestment strategy by Feb. 28. The nearby city of West Hollywood is also reportedly in the process of divesting from Wells Fargo.

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  • ANZ hires Jennifer Kusuma as senior Asia rates strategist


    Feb 20 -
    ANZ Singapore has hired Jennifer Kusuma as senior Asia rates strategist. She comes over from BNP Paribas where she served as FX and interest rates strategist. She will report to ANZ’s head of Asia research Khoon Goh. Kusuma will start in her new role effective Feb. 21 and be based in Singapore.

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  • BofA to hire 100 staff to Dublin operations hub


    Feb 20 -
    Bank of America is planning to add 100 jobs to its operation hub in Dublin. The move will increase the bank’s Irish-based staff members by 17% to over 700. Officials for the bank are claiming the expansion is unrelated to Brexit and recently signalled its commitment to maintaining its level of employment in the U.K., which currently sits at around 1,800 staff.

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Real Estate Finance

  • JLL to market $100M leasehold for Brooklyn office building


    Feb 17 -
    Angelo, Gordon & Co. is looking to sell a large office building in Brooklyn, N.Y., for $100 million. The firm hired JLL to market and arrange a deal for 30 Flatbush Ave., a 250,000-square-foot building that is net leased to Con Edison. The city owns the land under the building and under the ground-lease agreement, has the right to take back control of the property when the lease expires in 54 years.

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  • Mack-Cali pays $26M for New Jersey office asset


    Feb 17 -
    Alfieri Co. sold a three-building, 280,500 square-foot office campus in Red Bank, N.J., to Mack-Cali Realty for $26 million in an off-market sale. The buildings are situated on a 17-acre site.

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  • HFF sells mixed-use New Jersey building to Saxum


    Feb 17 -
    HFF sold a two-story, 18,000-square-foot property located at 37 Easton Ave., in New Jersey on behalf of the unnamed seller, to Saxum Real Estate. The property is vacant and can be configured to a mixed-use property with retail, office or residential. Financial terms were not disclosed.

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Commercial Bankruptcy

  • Xtera Communications emerges from bankruptcy following asset sale


    Feb 17 -
    Xtera Communications has exited bankruptcy after selling its assets to private equity investment firm H.I.G. Capital. The company emerges from Chapter 11 with a focus on the submarine network market and will no longer pursue development of systems for conventional long-haul and metro applications. H.I.G. originally provided a stalking horse bid of $10 million, but final terms for the acquisition were not released.

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  • Unique Venture files for Chapter 11


    Feb 16 -
    Restaurant operator Unique Ventures Group filed for Chapter 11, with plans to reorganize. According to court documents, the company has reported debts of between $10 million and $50 million, with assets in the same range. The company is planning to continue operations as usual during the process and isn’t planning to close any of its locations for the time being. While Unique is planning on reorganizing, it has not ruled out the possibility of an asset sale.

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  • United Road Towing files for Chapter 11, receives $35.25M in debtor-in-possession financing from Wells Fargo


    Feb 17 -
    United Road Towing filed for voluntary Chapter 11, with plans to restructure. The company has secured commitments for debtor-in-possession financing in the amount of $35.25 million which will be supplied by Wells Fargo. The financing also includes up to $12.5 million on an interim basis pending entry of the final order. The financing will be used to support United’s day to day operations during the bankruptcy process.

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