News & Events

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February 25, 2018


Commercial Banking

  • JPMorgan guides Sterling Bay’s $510M warehouse buy in Chicago


    Feb 22 -
    Sterling Bay acquired a 1.65 million-square-foot warehouse in Chicago, Ill., in a $510-million deal. Sterling Bay and institutional investors acquired the warehouse Equity Commonwealth. The company was advised by JPMorgan in the deal.

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  • BNP Paribas launches fintech investment fund


    Feb 23 -
    BNP Paribas launched an investment fund to take minority stakes in innovative fintech startups. The fund will be managed by BNP Paribas Capital Partners and will make direct and indirect investments in companies focusing on AI, data, blockchain, cybersecurity and other topics in line with its various business units and divisions. The fund is part of the bank’s plans to invest $3.6 billion in a three-year plan to build the “bank of the future.”

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  • U.S. Bank partners with AutoGravity to provide customers with access to digitally approved car loans


    Feb 22 -
    U.S. Bank is teaming up with AutoGravity to provide customers with the ability to digitally apply for car loans and receive a decision within minutes. The bank also developed a platform on its website to facilitate the partnership. Through the platform, users can pick the desired car and select a dealership online, apply for preapproval for a U.S. Bank loan online and, if approved, close the loan at the dealership and drive off in their new car.

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Real Estate Finance

  • HUBB NYC pays $39M for retail condo in New York


    Feb 22 -
    HUBB NYC acquired a retail condo at 2021 Broadway in New York, situated at the base of the Nevada Towers co-op building for $39 million. The seller was not disclosed.

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  • Mack-Cali acquires Jersey City development site for $53M


    Feb 22 -
    Mack-Cali Realty purchased a development site located at 25 Christopher Columbus Drive in New Jersey for $53 million. A JV of L+M Development Partners and Low-Income Housing Corporation had planned a mixed-use tower on the site prior to selling. The site is part of the Jersey City waterfront submarket and has been approved for residential development. Mack-Cali hopes to launch construction in the next several months.

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  • HFF arranges $24.8M financing for New Jersey condo development


    Feb 21 -
    HFF arranged $24.8 million in financing for the development of 30 Court, a 58-unit condominium community in downtown Morristown, N.J., on behalf of DRA 30 Court, a JV between Diversified Realty Advisors and a private investor. The construction loan was place through Investors Bank. The property will consist of two-bedroom, for-sale homes and a two-story, 131-space parking garage. The development is due for completion in 2019.

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Commercial Bankruptcy

  • Italian restaurant chain emerges from bankruptcy


    Feb 22 -
    Romano’s Macaroni Grill has emerged from Chapter 11 after successfully leveraging a court administered restructuring process. The company was able to renegotiate lease terms, vendor contracts and secure $13.5 million in capital to fund restructuring efforts. The restaurant chain currently has 86 locations in 22 states.

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  • Remington seeking financing for bankruptcy filing


    Feb 8 -
    Firearms manufacturer Remington has made inquiries with banks and credit investment firms seeking financing that will allow it to file for bankruptcy. The move comes after the company secured a forbearance agreement with its creditors following a missed coupon payment on its debt, which currently sits at around $950 million. The company is seeking debtor-in-possession financing that will allow it to continue operations during the bankruptcy process.

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  • Ascent Resources files for Chapter 11


    Feb 6 -
    Shale driller Ascent Resources Marcellus Holdings filed for Chapter 11, as part of its plans to reduce around $1 billion in debt. Most of the company’s first and second lien lenders have voted in favor of the restructuring plan. Ascent currently owes $708 million on a first lien and $348 million on a second lien loan. The company plans to form a new board of directors once it emerges from Chapter 11 and its existing management team is still expected to continue to run day-to-day operations.

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