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Commercial Banking

• BNY Mellon joins TruSight as investor, client

  
  Apr 24 -
  Bank of New York Mellon joined TruSight as a key investor and client. TruSight was established to simplify and streamline third-party risk assessment and develop industry-wide best practices. BNY Mellon joins founding members American Express, Bank of America, JPMorgan Chase and Wells Fargo.
  

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• Deutsche Bank names Frank Kuhnke as COO

  
  Apr 24 -
  Frank Kuhnke was named Deutsche Bank’ COO, replacing Kim Hammonds who stepped amid the bank's high-level reshuffling. Kuhnke has been with the bank since 1986 and most recently served as chief control and administrative officer for the private and commercial bank. In his new role, he will be responsible for companywide technology including information security and technology-related services for corporate clients.
  

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• Group of U.S. lawmakers seeking to reverse Citi's $700B government contract over gun sales policy

  
  Apr 24 -
  A group of Republican members of Congress are trying to terminate Citibank’s $700 billion SmartPay 3 credit card contract with the General Services Administration over the bank’s recent restrictions on the sale of firearms. The group is asking for a reevaluation of the contract, stating the bank has “anti-Second Amendment policies.” Citibank’s restrictions include activities related to firearms sales, including banning firearm sales to individuals under the age of 21, prohibiting the sale of bump stocks and high-capacity magazines, and requiring completed background checks for all gun sales. The restrictions were applied to small businesses, commercial and institutional clients and credit card partners.
  

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Real Estate Finance

• LCOR considers $395M sale of New York condominium

  
  Apr 24 -
  LCOR is eyeing a $395-million sale of its 308-unit condominium building on Broad Street in New York. The company purchased the 21-story building in 2012 in a foreclosure auction. Further details were not disclosed.
  

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• All Year Management to acquire development site in New York

  
  Apr 24 -
  All Year Management is in contract to purchase a development site along the Greenpoint waterfront in New York from a group of investors led by Bo Jin Zhu and Joseph Folkman. The developer signed an agreement to pay over $55 million for a 10-parcel site with about 335,000 buildable square feet. The company plans to execute a full environmental cleanup prior to constructing a residential-and-rental complex with two or more buildings.
  

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• RFR secures $74M loan for New York buy

  
  Apr 24 -
  RFR Realty obtained a $74-million mortgage for its purchase of a Gowanus development site from SL Green and Kushner Companies. Union Labor Life Insurance Company assumed the $40 million unpaid balance on the property and provided a $34-million gap mortgage. The 140,000-square-foot property was previously used a parking lot.
  

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Commercial Bankruptcy

• Liquidators make winning bid to acquire Bon-Ton Stores in bankruptcy auction

  
  Apr 17 -
  A joint venture between liquidation companies the Great American Group and Tiger Capital Group made the winning bid for bankrupt retailer Bon-Ton Stores. With the bid, the JV will acquire the inventory and certain other assets of the company. The winning bid was estimated to be worth $775.5 million. Once the sale is approved by a bankruptcy court, the liquidators will begin selling store inventory, leases and fixtures.
  

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• Judge confirms Seadrill's reorganization plan, will emerge from bankruptcy in July

  
  Apr 17 -
  A bankruptcy court confirmed the bankruptcy plan for Seadrill. The plan will give Seadrill more time to repay $5.7 billion in bank loans and will swap $2.3 billon in bonds for equity in the reorganized company, as well as inject more than $1 billion in cash into the business. With the confirmation, Seadrill expects to emerge from bankruptcy in mid-July.
  

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• Bertucci's files for bankruptcy, receives stalking horse bid

  
  Apr 14 -
  Italian restaurant chain Bertucci’s filed for bankruptcy protection with plans to sell the business. The company has already received a stalking horse bid by Right Lane Dough Acquisitions. The filing was blamed on an overall trend among sit-down restaurant chains, which are struggling to maintain a steady customer base.
  

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