News & Events
market
intelligence
briefing
August 6, 2020
Commercial Banking
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JPMorgan, UBS underwrite Centuria's $341M raise to buy Telstra data center
Aug 5 -
Centuria Industrial REIT launched a $341 million rights issue to finance the purchase of a data center off Telstra. JPMorgan underwrote and marketed the offer. Further, Telstra agreed to sell its Clayton data center in Melbourne to Centuria for $416.7 million.
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JPMorgan names David Freedman to lead global shareholder engagement, M&A capital markets group
Aug 3 -
As part of the new role created by JPMorgan, David Freedman will take over David Hunker's responsibilities, who is leaving his post as head of shareholder activism defence after 16 years at JPMorgan. The new group advises corporate clients on how to engage with shareholders to defend the company from an activist campaign. Freedman has been with the bank since it acquired Bear Stearns in the 2008 financial crisis, and has led JPMorgan's M&A capital markets division over the past five years.
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BofA defers $7.7B of commercial loans amid COVID
Jul 31 -
Bank of America deferred $7.7 billion of loans for commercial clients in response to the coronavirus pandemic. About 2% of clients' commercial loans had been modified as of July 23, mainly consisting of payment deferrals of as long as 90 days, according to a quarterly regulatory filing. Interest continues to accrue on those loans, and some borrowers received short-term waivers on covenants. In the consumer and small-business division, deferrals reached $28.5 billion.
Real Estate Finance
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JV equity secured for 534-unit multifamily project in Queens
Aug 5 -
JLL Capital Markets secured $55 million in JV equity on behalf of Cape Advisors for a 534-unit, multi-housing development in Queens' Astoria neighborhood. The project comprises three buildings on a 2.5 acre waterfront site. Located at 30-77 Vernon Blvd., the project is slated for completion in 2021.
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Ashcroft Capital Managers acquires Florida property for $56M
Aug 5 -
Ashcroft Capital Managers acquired Woodland Key Apartments in Clearwater, Fla., for $55.8 million from Kimball Key. The new owner has rebranded the 416-unit partially renovated, value-add property at 2770 Roosevelt Blvd., Anthem Clearwater. Built on approximately 24 acres, Anthem Clearwater is 95% occupied. The property features 650-square-foot one-bedroom and 940-square-foot two-bedroom apartments. Residences feature in-unit washers and dryers, window coverings, carpeting and large bedrooms. More than $10.5 million in capital improvements to the 36-year-old, two-story apartment community were undertaken within the past two years by previous ownership.
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HRI secures $87M financing for Boston-area community
Aug 5 -
Homeowners Rehab Inc. received $87.2 million in financing from MassHousing for the modernization and preservation of affordable housing at the 300-unit 808 Memorial Drive multifamily community in Cambridge. The MassHousing financing will enable HRI to extend affordability protections by at least 15 years and to make substantial property renovations. Located at the intersection of Memorial Drive and River Street along the Charles River, there are 89 apartments in a 10-story building at 808 Memorial Drive and 211 apartments in a 19-story building at 810-812 Memorial Drive. The properties also have office and commercial space and 808 Memorial Drive has a first-floor daycare center. Of the 300 apartments, 212 will be supported for 15 years by a federal Section 8 Housing Assistance Payment contract for lower-income residents and administered by the Cambridge Housing Authority. The remaining 88 apartments are rented at market rates. There are 128 one-bedroom units, 138 two-bedroom units, 30 three-bedroom apartments and four four-bedroom apartments.
Commercial Bankruptcy
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Bankrupt parent of New York & Company sells e-commerce businesses
Aug 4 -
RTW Retailwinds, the bankrupt parent company of New York & Company and Fashion to Figure, entered into an asset purchase agreement with Sunrise Brands for the sale of its websites and all related intellectual property for $20 million in cash, plus the assumption of certain liabilities, including the honoring of gift cards. The websites to be sold include that of New York & Company and Fashion to Figure as well as their rental subscription businesses.
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J.C. Penney to sell 163 locations
Aug 5 -
The department store chain tapped Cushman & Wakefield and B. Riley Real Estate to sell the leases for 142 locations, as well as 21 stores it owns. Bankruptcy filings from May indicated the company planned to close 192 stores this year and sell 50 stores it owns next year.
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Pittsburgh mall's Chapter 11 plan cleared
Aug 5 -
With a settlement and withdrawal of objections from the last remaining tenant, J.C. Penney, U.S. Bankruptcy Judge Carlota M. Bohm approved a plan for the former Century III Mall to be redeveloped into a mix of offices, retail, restaurants, residences and a hotel. The judge also declined to sign off on a proposed, confidential settlement with cleanup contractor ServPro, which had sued the mall in federal district court over allegedly unpaid bills for the cleanup of a 2018 flood. The company said it would withdraw its claims in both the district court and bankruptcy court as part of the proposed settlement. The Chapter 11 plan will also end disputes with J.C. Penney, which would remain as a stand-alone store, and Allegheny County tax collectors, West Mifflin Borough and West Mifflin School District.
