News & Events
market
intelligence
briefing
August 16, 2018
Commercial Banking
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Aug 14 -
In an effort to boost its performance, Wells Fargo is looking to enter the student loan refinancing market. The bank will extend its current offerings to include federal student loans, in addition to its current offering of private student loan consolidation.
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Aug 13 -
Citigroup reorganized its consumer bank by appointing David Chubak global head of retail banking and consumer lending. In a corresponding move, head of global cards and consumer services Jud Linville will depart the bank. In addition, Citi named Anand Selva, the current head of consumer banking in Asia, as regional head for North America. The moves come as the bank attempts to boost the performance of its card business and reconnect with U.S. customers through its mobile app and through partnerships with ATM providers.
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Aug 13 -
Tiger Rental Group secured $160 million from JPMorgan and Orion Energy Partners to refinance its existing debt. The financing includes a $60 million working capital revolving credit facility from JPMorgan and a $100 million senior first lien term loan from Orion. The agreement offers improved pricing and terms reflecting the company’s financial performance and current market conditions.
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Real Estate Finance
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Aug 14 -
Walton Street Capital and Crocker Partners secured a $192 million acquisition loan from Deutsche Bank for the acquisition of an office and industrial portfolio next to Miami International Airport. The Landing at MIA is a 1-million-square-foot, 11-building property located at 7415 Corporate Center and includes a 5.46-acre developable land parcel. The property is currently 94% leased to 86 tenants including Norwegian Cruise Line.
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Aug 14 -
JPMorgan provided Two roads Development with a $138 million construction loan for a 57-story luxury condo tower in Miami’s Edgewater neighborhood. The deal represents the largest condo construction loan in South Florida in 2018. The project began construction last year and is expected to be completed 2020.
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Aug 14 -
KeyBank provided $38.4 million to NRP Group and Strategic Housing Finance Corp. of Austin County for the construction of an affordable housing community in Austin, Texas. The financing consists of a $29.4 million Freddie Mac Tax Exempt Loan, as well as a $9 million equity bridge loan. The development will consist of 302 units, 286 of which will be reserved for residents earning 60% or less of the area median income. U.S. Bank also provided additional funding for the development.
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Commercial Bankruptcy
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Aug 10 -
Aralez Pharmaceuticals began bankruptcy proceedings by agreeing to sell $250 million in assets in two separate deals with Nuvo Pharmaceuticals and funds controlled by Deerfield Management. As part of the sale, Deerfield will take over the company’s blood pressure medication Toprol-XL for $140 million, while Nuvo will pay $110 million for Aralez’s Canadian specialty pharmaceutical business. According to U.S. bankruptcy court filings, the company reported between $100 million and $500 million in both assets and liabilities.
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Aug 9 -
Gump’s Holdings filed for Chapter 11 protection and has contracted Hilco and Gordon Brothers to act as liquidators for the company’s merchandise. The retailer expects its cash on hand and debtor-in-possession financing will provide it with enough capital to maintain its value during the process. The company cited the difficult retail environment in the U.S. as the reason for the filing.
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Aug 6 -
Retailer National Stores filed for Chapter 11 protection, with plans to close 74 of its 344 stores. The company plans to continue operations in the remaining stores with the help of a $108-million bankruptcy loan. The company has dealt with operational issues related to the opening of its distribution center, in addition to a data breach which could end up costing it between $4.3 million and $4.5 million.
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