News & Events

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May 22, 2017


Commercial Banking

  • Judge questions terms of $142M Wells Fargo settlement over bogus accounts


    May 17 -
    A federal judge is considering rejecting some terms of Wells Fargo’s $ 142-million settlement over the creation of fraudulent accounts. U.S. District Judge Vince Chhabria is questioning whether the parties involved have the ability to accurately estimate the total number of customers who may be eligible to participate in the settlement. This comes after claims by attorneys for the plaintiffs that as many as 3.5 million bogus accounts were created by the bank, which was a much higher figure than the 2.1 million the bank had originally estimated.

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  • BofA combines energy, power and mining investment banking teams


    May 18 -
    Bank of America is combining its energy, power and mining investment banking teams under the leadership of head of global energy and power investment banking, Julian Mylchreest. In addition, Omar Davis has been appointed head of global mining, which expands his previous role covering EMEA.

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  • Bank Leumi hires Martin Droney as CTO


    May 17 -
    Bank Leumi has hired Martin Droney as executive VP and CTO. Droney comes over from Fiserv, where he served as CIO of the card services division. In his new role, he will oversee the bank’s technology infrastructure and operations.

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Real Estate Finance

  • Savanna pays $126M for office building in New York


    May 17 -
    Savanna is in contract to purchase a 144,000-square-foot office building from Westbrook Partners for $126 million. The PE firm is paying more than $10 million above the $115-million asking price for the 12-story property located at 31 West 27th Street in New York.

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  • BCB sells New York rental asset for $23M


    May 17 -
    BCB Property Management sold a six-story Williamsburg, N.Y., apartment building to Millennium Venture Capital for $23 million. The six-story building houses 41 units across 38,700 square-feet.

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  • SL Development building $53.5M condominiums in New York


    May 18 -
    SL Development secured $53.5 million in funding to acquire a development site to build a 90,000-square-foot mixed-use building in Brooklyn, N.Y. The new development will consist of 69 luxury condominiums offering 18 parking spaces and approximately 20,000 square-feet of retail space at grade. Madison Realty Capital provided the first mortgage loan for the acquisition and construction of the property. Construction is expected to be complete in July 2019.

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Commercial Bankruptcy

  • Barmer Enterprises files for Chapter 11


    May 17 -
    Bicycle retailer Barmer Enterprises filed for Chapter 11 reorganization. According to court filings, the company listed less than $50,000 in assets and liabilities between $1 million and $10 million. The company’s list of unsecured creditors includes SunTrust Bank, which is owed $1.93 million, Specialized Bike Components at $513,715, Giant Bicycle at $484,855, Cycling Sports Group at $425,422 and B.A. Acquisition Corp. at $400,000.

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  • Rue21 files for Chapter 11


    May 16 -
    Teen fashion retailer Rue21 has filed for Chapter 11 protection. According to court filings, the company listed assets and liabilities between $1 billion and $10 billion. Rue21 has entered into a restructuring support agreement with certain stakeholders and plans to continue normal operations during the process. The company has also reached an agreement to obtain up to $125 million in debtor-in-possession financing from existing lenders and up to $50 million in new money term loan DIP financing from a group of its existing term loan lenders.

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  • AFGlobal files for Chapter 11


    May 15 -
    AFGlobal group has filed for Chapter 11 bankruptcy protection and has entered into a restructuring support agreement with its senior lenders. The company has also launched a solicitation for a pre-packaged reorganization plan that is expected to reduce its debt service obligations. AFGlobal plans for the process to conclude in around 45 days and will continue operations as normal.

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