News & Events
market
intelligence
briefing
December 15, 2018
Commercial Banking
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Dec 13 -
BNP Paribas Securities Services will provide global custody and settlement services for CMC Markets’ Australian assets. The bank will provide services for international equities, exchange traded funds depository receipts and closed-end funds across 11 countries. In addition, CMC Markets will also gain access to the bank’s flexible account structures and real-time information and reporting services.
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Dec 12 -
As part of its five-year AdvancingCities initiative, JPMorgan will commit $10 million to promote development in Chicago’s South Side and West Side. The funds will be used to develop businesses like grocery stores and other retailers which are less common in those areas of the city.
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Dec 11 -
Lewis will begin in the newly-created position effective Jan. 7 and report to global head of sustainability Jane Ambachtsheer. He will be responsible for analyzing regulatory developments, identify and monitor climate-related risks across portfolios, as well as direct the bank’s climate-related research and reporting. He was previously a managing director and head of research at Carbon Tracker Initiative.
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Real Estate Finance
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Dec 13 -
KeyBank provided nearly $22 million in financing for a housing project in New York’s Orleans county. The debt includes a $9.9-million construction loan, $6.8 million in low-income housing tax credit equity and $5.1 million in historic tax credit equity. The project will see Home Leasing and Edgemere Development convert the former Holley High School into a 41-unit affordable senior housing complex.
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Dec 13 -
Clarion Partners acquired an office building in Bryant Park from Blackstone for $282 million. The building, located at 114 West 41st Street, encompasses 350,000 square-feet of office and retail space. Tenants at the property include Roku, Quartet Health, View the Space, Kensington Publishing, SpotCo and Guess. The deal was financed partly through a $141-million loan from MetLife. Newmark Knight Frank marketed the property on behalf of Blackstone.
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Dec 13 -
Fortuna Realty secured a $44-million mortgage from Morgan Stanley to refinance its stake in Chelsea’s Hotel Hayden. The debt will replace $36 million in existing financing from M&T Bank. The 18-story property, located at 127 West 28th Street, contains 122 rooms and features a fitness center, a restaurant and two penthouse suites, as well as small meeting and event spaces.
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Commercial Bankruptcy
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Dec 12 -
Catalina Marketing filed for bankruptcy after reaching an agreement with 90% of its senior lenders to cut its debt by around $1.6 billion. The business will continue operations during the court-supervised restructuring process and the company hopes to trim its debt to around $280 million once it emerges.
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Nov 30 -
Argo Therapeutics filed for Chapter 11 bankruptcy after clinical trials for its experimental cancer drug were discontinued in April. The company reported $21 million in debt and plans to sell the business to a buyer-in-waiting for approximately $4 million in cash and debt relief. Cellscript made a stalking horse bid for the company offering $1.7 million in cash, as well as assuming $1.4 million in Argos’ liabilities and releasing its own $2 million unsecured claim.
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Nov 27 -
Distiller Death’s Door Spirits filed for bankruptcy reporting around $5.2 million in liabilities. The majority of its debt, around $3.6 million, is owed to former partner Destilería Serrallés. The company plans to continue operations following its restructuring and has also reportedly been in talks with a potential buyer in the Chicago area.
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