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Commercial Banking

• Deutsche Bank hires Justin Smolkin as managing director, head of industrial equity capital markets

  
  Sep 21 -
  Deutsche Bank appointed Justin Smolkin as a managing director and head of industrials equity capital markets. Smolkin comes over from UBS where he served as a managing director in ECM. He will report to co-heads of Americas Equity Capital Markets Jeremy Fox and Andrew Yaeger.
  

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• Deutsche Bank to sell U.S. Private Equity Access Fund Platform to iCapital

  
  Sep 21 -
  Deutsche Bank has entered into a purchase agreement with iCapital Network for the sale of its U.S. Private Equity Access Fund Platform. As part of the deal, iCapital will take over as investment manager for the portfolio of private equity access funds. To ensure continuity of service, iCapital will maintain relationships with the funds’ third-party service providers. Financial details of the transaction were not disclosed.
  

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• JPMorgan closes fund management unit in South Korea due to dwindling assets, losses

  
  Sep 21 -
  JPMorgan AM decided to fold its fund management business in Korea due to dwindling assets and snowballing losses. The reorganization is part of its global business strategy, the firm said, adding that it was considering transferring the funds to other asset managers. Assets under management have shrunk to $733 million from $1.1 billion in 2012.
  

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Real Estate Finance

• Steadfast REIT pays $43.5M for multifamily asset in Georgia

  
  Sep 22 -
  Steadfast Apartment REIT III acquired Ansley at Princeton Lakes, a 306-unit multifamily property, in Atlanta, Ga., for $43.5 million. Cushman & Wakefield represented the seller, PRP Real Estate Investment.
  

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• HFF completes $21.1M sale of retail center in New Jersey

  
  Sep 21 -
  HFF arranged the $21.1-million sale of Commons at Hooper, a 120,349-square-foot shopping center in Toms River, N.J. HFF marketed the property in connection with bidding procedures in a Chapter 11 case. Unison Realty Partners and ALTO Real Estate Funds purchased the asset free and clear of existing debt.
  

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• Forest City to sell interest in New York City retail portfolio for $1B

  
  Sep 20 -
  Forest City Realty Trust and Madison International Realty signed definitive agreements for Madison's acquisition of Forest City's 51% interest in a 2.1-million-square-foot, 12-asset retail portfolio located throughout Manhattan, Brooklyn, Queens, the Bronx, Staten Island and Northern New Jersey, for $1 billion. Final closing is expected in Q4.
  

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Commercial Bankruptcy

• Zetta Jet files for bankruptcy

  
  Sep 18 -
  Luxury aviation charter company Zetta Jet filed for bankruptcy. According to court papers, the company reported between $50 million and $100 million in liabilities. Bombardier is listed as one of the company’s largest creditor and is owed $15.1 million. Zetta also owes World Fuel Services and Rolls-Royce more than $4 million in unpaid bills. The company also has no funds available to pay back its unsecured creditors after expenses.
  

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• Toy 'R' Us files for Chapter 11 protection

  
  Sep 19 -
  Ahead of the key holiday shopping season, Toys ‘R’ Us filed for Chapter 11 bankruptcy protection in an effort to restructure its $5 billion debt. The company plans to continue operations during the process. The filing also only affects the company’s U.S. and Canadian businesses. Its other worldwide stores won't be affected.
  

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• Toys 'R' Us considering Chapter 11 filing

  
  Sep 16 -
  Toy retailer Toys ‘R’ Us may file for bankruptcy over the next few weeks. The company and its advisors are considering filing for Chapter 11 to help address its approximately $5 billion in debt, $400 million of which comes due next year. The company currently operates more than 1,600 stores worldwide.
  

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