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Commercial Banking

• Citizens advises Abrasive Technology in its sale to Blue Sea Capital

  
  Jun 11 -
  Citizens M&A Advisory served as the exclusive financial advisor to Abrasive Technology in its sale to Blue Sea Capital. Established in 1971 by Loyal Peterman, the company is a leader in superabrasive tooling and bonding technologies. AT's proprietary diamond-steel bonding is used in its dental burs as well as in other aerospace, medical and industrial applications.
  

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• JPMorgan underwrites MissFresh IPO

  
  Jun 9 -
  Missfresh, which operates 631 distribution warehouses in 16 cities and had over 11 million users last year plans an IPO, with the proceeds directed toward upgrading technology, supply chain and on sales and marketing. Underwriters of the deal include JPMorgan, Citigroup, CICC and China Renaissance.
  

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• JPMorgan, Deutsche Bank, others serve as joint global coordinators for About You's $1.1B Frankfurt IPO

  
  Jun 8 -
  E-commerce fashion retailer About You is seeking as much as $1.1 billion in a Frankfurt IPO, betting demand for its party outfits will rise as night life resumes following COVID. JPMorgan, Deutsche Bank and Goldman Sachs are joint global coordinators, while Numis Securities, Societe Generale and UBS are joint bookrunners.
  

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Real Estate Finance

• Camber Property buys bankrupt Hell’s Kitchen building for $40M

  
  Jun 10 -
  Workforce housing developer Camber Property Group acquired a Hell’s Kitchen apartment building out of bankruptcy for $40.3 million. The acquisition brought an end to the five-year reorganization process involving the 96-unit building at 440 West 41st Street. In early 2016, the entity that owns the building, led by Ben Zion Suky, fell behind on payments for a $28 million mortgage issued by Stabilis Capital Management.
  

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• TPG nabs Miami AC Marriott, Hampton Inn in Edgewater for $61M

  
  Jun 11 -
  TPG, through its national hotel platform Odyssey Hotel Partners, bought the AC Hotel Miami Midtown at 3400 Biscayne Boulevard and the next-door Hampton Inn & Suites at 3450 Biscayne Boulevard. TPG, based in San Francisco and Fort Worth, Texas, paid $32.3 million for the 153-key AC Marriott and $28.7 million for the 151-key Hampton Inn. The price breaks down to $211,274 per room and $190,007 per room, respectively. Miami-based Aztec Group; Chattanooga, Tennessee-based 3H Group; and family owned firm Arti Hersi sold the hotels, through affiliates.
  

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• Moishe Mana expands downtown Miami assemblage with $27M purchase

  
  Jun 10 -
  Records show 41 Flagler Realty, which is linked to Mana's Wynwood convention center, bought the properties at 62 Northeast First Street and 41 East Flagler Street from Flag 41, managed by Jose Saal of TIR Prime Properties. In his latest purchase, the two-story building on First Street was built in 1913 and spans 32,060 square feet. The three-story Flagler Street building was constructed in 1928 and totals 60,398 square feet.
  

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Commercial Bankruptcy

• ESW-backed trading software firm's Chapter 11 approved

  
  Jun 10 -
  Bankrupt asset management and trading software business Adara Enterprises secured confirmation of its Chapter 11 plan in Delaware, under which it will restructure $13 million in debt and give top creditor ESW Holdings control of the company. The terms of the plan, which went into effect upon approval, call for all creditors to be paid in full, with a meaningful distribution to its sole previous equity holder GlassBridge Enterprises.
  

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• Delaware drug, mental health provider approved for $12.5M sale

  
  Jun 9 -
  A Delaware bankruptcy judge approved Connections Community Support Programs' $12.5 million asset sale to its stalking horse bidder, which the organization said will preserve its programs. Connections Community Support Programs, which has 100 locations and is the largest outpatient drug and mental health provider in Delaware, filed for bankruptcy in April with more than $50 million in debt, blaming in part the loss of a $60 million state prison contract and a federal overbilling suit seeking more than $13 million in damages.
  

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• Castex gets confirmation on Chapter 11 plan with new deal

  
  Jun 7 -
  Bankrupt oil and gas driller Castex Energy received approval from a Texas judge for its Chapter 11 reorganization plan after the company presented information about a series of settlements addressing its well operation liabilities. Castex was able to work with its lenders and well operating partners to deal with plugging and abandonment obligations for its 54 onshore and offshore wells, reaching deals that leave behind assets to cover those liabilities while also providing a recovery to unsecured creditors. Under terms of the plan, the prepetition secured lenders have agreed to release their liens on 825,000 shares of stock in Talos Energy held by the debtor that are worth about $13 million under recent trading prices. Those shares would be liquidated by the debtor after its plan confirmation to fund its well plugging and abandonment liabilities. Castex filed for Chapter 11 in early March with nearly $200 million in debt, saying a 2017 reorganization and subsequent $65 million asset sale were insufficient to overcome the prolonged downturn in the oil and gas markets.
  

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