News & Events

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June 1, 2020


Commercial Banking


Real Estate Finance

  • Naftali closes on Williamsburg development site for $100M


    May 28 -
    Miki Naftali's firm purchased the Rose Plaza site, a lumber yard owned by Abraham Rosenberg, at 470 Kent Avenue for just over $102 million. The property has about 800,000 square feet of development rights. HSBC provided Naftali with financing for the acquisition.

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  • Palm Beach Gardens office complex sells for $50M


    May 29 -
    An Alliance Partners HSP affiliate sold the three-building Palm Beach Gardens office complex for $49.75 million to a JV of MHCommercial Real Estate Fund and Waterfall Asset Management. The assets sit on a one-acre lot and were approximately 90% leased at the time of sale.

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  • Paramount Group sells 10% stake in 1633 Broadway


    May 29 -
    Paramount Group completed the sale of a 10% interest in 1633 Broadway, a 2.5 million square foot office building located on Broadway between 50th and 51st streets in Manhattan. The transaction valued the property at $2.4 billion, or approximately $960 per square foot. With the transaction, Paramount anticipates net proceeds of approximately $114 million, which will get funneled for general corporate purposes.

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Commercial Bankruptcy

  • Tuesday Morning files for Chapter 11 bankruptcy, plans to close 230 stores


    May 28 -
    The Dallas-based retailer says the move is in response to the strain the COVID-19 pandemic and related store closures have put on the business. The company opened its first store in 1974 and currently operates 687 stores in 39 states. The retailer expects to permanently close approximately 230 stores to focus on high-performing locations. The phased store closures will take place this summer. To enable Tuesday Morning to continue operations during the reorganization process, the company obtained a commitment from its existing lender group to provide $100 million of DIP financing. Tuesday Morning is required to obtain a commitment for up to $25 million of additional financing, which it is negotiating.

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  • Unit files for Chapter 11 as low oil prices batter lower 48


    May 28 -
    Unit Corp. filed for Chapter 11 bankruptcy protection in Houston, joining a growing list of distressed Lower 48 operators battling low oil demand and prices. The Chapter 11 reorganization would reduce the company's funded debt obligations by $650 million, the company said, adding it secured $36 million in DIP financing from its lenders under the agreement. The financing, combined with Unit's regular cash flows, allows the company to keep paying its employees, vendors and suppliers. Unit said it does not foresee material disruptions to its vendors, customers or partners.

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  • Bankrupt J.Crew cleared to delay rent payments for 60 Days


    May 26 -
    U.S. Bankruptcy Judge Keith L. Phillips granted the order to push rent and lease payments until July 6 given the economic pressures created by the global outbreak of COVID-19 that helped push J.Crew into Chapter 11. The order also stayed any motions, either pending or forthcoming, seeking to lift the automatic stay of litigation or to compel payment of the lease obligations, unless there is an immediate danger to the public. The motion seeking rent relief had drawn objections from a number of the debtor's landlords and the official committee of unsecured creditors, which said the requested delay wasn't warranted given the moves to reopen many retail businesses over the last two weeks.

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