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September 25, 2018


Commercial Banking

  • JPMorgan to open 50 branches in Philadelphia-area


    Sep 24 -
    JPMorgan plans to open 50 branches in Philadelphia, Delaware and southern New Jersey over the next five years as part of its plan to open 400 branches across the U.S. To staff the new branches, the bank will hire up to 300 employees in the area and will also put $3 billion towards mortgage and small business lending in the area. JPMorgan will also provide $5 million to revitalize Philadelphia’s Kensington Avenue neighborhood.
    Related News:
    JPMorgan Chase to close operating units in Houston, impacting 102 jobs  - Houston Business Journal (sub. req.)

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  • Deutsche Bank names JPMorgan's David Gleason executive for senior data role


    Sep 20 -
    Deutsche Bank has hired data specialist David Gleason from JPMorgan Chase in an attempt to better monetize the bank's client and transaction data. Gleason joins the bank as chief data officer for global transaction banking and will be based in New York. A team of about ten data specialists will report to him and will look for better ways to analyze and use the bank's data. 

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  • Deutsche divests energy loan portfolio to Bank of Montreal


    Sep 21 -
    Bank of Montreal will assume Deutsche Bank's $3 billion energy loan portfolio, which includes investment-grade and subprime revolving credit lines to oil and gas companies. In May 2018, the bank announced plans to shut down its energy-focused Houston office and exit the oil and gas advisory business as part of its strategy to trim U.S. operations. Deutsche Bank's strategy to divest distressed loan portfolio marks another one of its CEO Christian Sewing's overhaul moves to save the bank from failing.

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Real Estate Finance

  • Bizzi+Partners land $473M financing package for Greenwich condo tower


    Sep 21 -
    Bizzi+Partners secured a $473 million financing package from a group of four Asian banks for its super tall condominium at 125 Greenwich Street. The package consists of a $395 million construction loan from United Overseas Bank, Bank of China, China Merchant Bank and Wing Lung Bank, as well as a $78 million junior mortgage from China Cinda. New Valley and Cindat Capital Management are partnering with Bizzi on the development of the 88-story project.

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  • Blackstone acquires 100-property warehouse portfolio for $950M


    Sep 21 -
    Blackstone will reportedly purchase a portfolio of more than 100 warehouses from Harvard University’s endowment for approximately $950 million. The majority of the properties are located in the southeastern U.S. and are last-mile warehouses. The Harvard endowment’s business arm previously acquired the properties in partnership with MDH Partners.

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  • Bluestone, Mack provide $148M to refinance N.Y. portfolio


    Sep 21 -
    Bluestone Capital and Mack Real Estate provided a $148 million loan to private investor Robert Gans to refinance six redevelopment sites in Manhattan and Queens. The financing for the portfolio, which totals more than 1 million square-feet, was negotiated by Meridian Capital Group.

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Commercial Bankruptcy

  • Claire's secures creditor deal, receives court approval for Chapter 11 plan


    Sep 21 -
    A bankruptcy court approved jewelry and accessories retailer Claire’s bankruptcy plan. The plan will see the cash recovery rates of Claire’s second-lien creditors increase from 14.6% to 18%, with the opportunity for a total of up to 25% if certain earning thresholds are met in 2019 and 2020. First-lien lenders will acquire nearly all of the company’s equity in return for $575 million, including a $75 million a $75 million asset-based lending agreement, a $250 million first-lien term loan and a $250 million preferred equity investment.

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  • Telltale Games lays off 80% of workforce, considers bankruptcy


    Sep 21 -
    Video game developer Telltale Games laid off a significant part of its workforce and is considering filing for bankruptcy. The layoffs follow similar cuts last autumn, when the company laid off 25% of its staff. In total the company’s workforce has been reduced to just 25 employees. The move comes as the company is embroiled in a lawsuit with former CEO Kevin Bruner alleging it had illegally fired him from the position. The company has yet to decide whether to continue operations with a skeleton crew or to shut down operations entirely.

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  • Verity Health System files for bankruptcy, secures $185M in debtor-in-possession financing


    Sep 10 -
    Verity Health System filed for bankruptcy and has secured up to $185 million in debtor-in-possession financing, allowing it to continue operations during the process. The company will look to sell assets including O'Connor Hospital, Saint Louise Regional Hospital, Seton Medical Center, Seton Medical Center Coastside, St. Vincent Medical Center and St. Francis Medical Center. Verity cited a challenging cost structure, low reimbursement and the changing healthcare landscape as the reason for the filing.

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