News & Events

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November 27, 2020


Commercial Banking

  • JPMorgan, Goldman Sachs work with Visa-backed Marqeta on $10B IPO


    Nov 24 -
    Marqeta, a payments startup backed by Goldman Sachs and Visa, hired underwriters for a planned 2021 IPO. The company may seek a valuation of about $10 billion, however the valuation hasn't been finalized and could change pending investor feedback. In May, the company raised $150 million at a $4.3 billion valuation. Its other backers include Coatue, Iconiq Capital, Granite Ventures and 83North.

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  • Citigroup, JPMorgan lead $990M Ozon IPO


    Nov 24 -
    Russian e-commerce company Ozon raised $990 million and ended a dry spell for IPOs from the country. It's the first Russian IPO to list on U.S. domestic exchanges since May 2019. The lead underwriters are JPMorgan, Morgan Stanley and Citigroup.

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  • Adidas selects JPMorgan to find seller for Reebok unit


    Nov 24 -
    Private equity firms Permira and Triton are in the early, exploratory stages of a potential deal to purchase Reebok. The Adidas unit has underperformed since its acquisition and the sale could net Adidas around $1 billion, a drop on the near $4 billion the company paid more than 15 years ago. Adidas shareholders have called for Reebok to be sold before Mar. 2021. The closure of stores in 2020 and decreased sales in the first nine months due to COVID-19 have contributed to Reebok's revenues falling 20%. Adidas' revenues decreased 18% for the same period. Adidas tapped JPMorgan to lead the search for a buyer.

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Real Estate Finance

  • Prologis picks up Maspeth parcel for $51M


    Nov 25 -
    Prologis picked up 223,000 square feet of land at 48-00 Grand Avenue in Maspeth for $51 million from California nonprofit Family Stations, parent company of Nashville-based Family Radio. Four large radio transmitters currently sit on the Maspeth parcel, which has 433,000 square feet of development potential. The new owner plans to rent out the property as parking and storage.

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  • Mattos family pays $20M for Waterway Shoppes of Weston


    Nov 24 -
    A company managed by Nicolas and Isabella Mattos, the children of Carlos Mattos, founder of car importer Hyundai Colombia Automotriz, bought the Waterway Shoppes of Weston at 2210-2282 Weston Road, according to records. The sale of the 36,000-square-foot shopping center equates to $569 per square foot. Built in 1999 on five acres, tenants include AT&T, Baires Grill and Pearl Vision Center. Spaces range from 980 square feet to 6,000 square feet. The seller is a company tied to Fondo Atlas, a Miami-based owner and operator of real estate in Florida and South America.

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  • Lennar spends $29M on Homestead mobile home park, plans new community


    Nov 24 -
    Lennar Homes bought two parcels totaling more than 40 acres at 28600 Southwest 132nd Avenue. The seller is Mac Thirteen LLC, a Florida company linked to the Treo Group. The property was formerly the Pine Isle Mobile Home Community, a 55-and-older mobile home park. In March 2019, Treo informed residents that they needed to relocate. Lennar has already put in its plans for redevelopment. According to a Lennar website, Pine Vista will have single-family homes and townhomes, starting in the mid-$200,000s. The community will also feature a clubhouse, a pool and a park.

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Commercial Bankruptcy

  • Florida judge confirms Cinemex Chapter 11 plan


    Nov 25 -
    A Florida bankruptcy judge signed off on the Chapter 11 reorganization plan for movie theater operator Cinemex Holdings USA that its attorneys say will allow it to jettison about $200 million in debt and return as a leaner and more competitive business. General unsecured creditors, which include rejected landlords, vendors and operational creditors, will receive $5.5 million, or about 13 cents on the dollar, according to the plan. The judge confirmed the plan over the objection of MN Theaters 2006, which owns two Minnesota movie theaters and claims the plan helps Grupo Cinemex continue to evade an order from a New York federal court where it has a $56 million case against the company.

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  • Manhattan grocer Dean & DeLuca gets Chapter 11 plan approval


    Nov 24 -
    Upscale New York grocery chain Dean & DeLuca received approval from a bankruptcy judge for its Chapter 11 plan of reorganization arising from a global deal with its unsecured creditors and bank lenders. The company filed for bankruptcy in April with debt consisting of $750,000 in secured debt held by Siam Commercial Bank for a loan provided immediately before the bankruptcy filing, as well as $45 million in unsecured debt owed to Siam Commercial Bank, $240 million owed to Pace on an unsecured basis for a series of prepetition loans and $25 million in unsecured debt owed to landlords and vendors. The plan will create a creditor trust to be funded by a $10 million exit loan being provided by Siam Commercial Bank that will provide recoveries for general unsecured creditors. Pace waived half its $240 million claim in order to allow more cash to flow to other unsecured creditors. Pace and Siam Commercial Bank will receive stock in the reorganized Dean & DeLuca under the plan.

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  • Chesapeake Energy floats Chapter 11 pipeline deal with Williams Companies


    Nov 24 -
    Bankrupt oil and gas driller Chesapeake Energy Corp. proposed a deal in Texas bankruptcy court that would provide an agreeable resolution of disputes over gas gathering agreements with The Williams Companies by turning over some of the debtor's assets to the pipeline operator and receiving beneficial amendments to the gas deals. Chesapeake said the proposal would save the debtor more than $700 million over the remaining life of the gas-gathering agreement with Williams that originally called for minimum volume commitments from Chesapeake, with penalties attached for failing to meet those thresholds. Such agreements have been sticky obstacles for other exploration and production companies in Chapter 11, and the motion said the deal would forestall any further litigation over the contracts. According to the filing, Chesapeake will pay all amounts due and owing under the midstream contracts with Williams, will hand over 50,000 net acres in the South Mansfield formation in exchange for reduced fees in the Haynesville drilling area, and will commit to selling 150,000 dekatherms of gas per day to Williams. The South Mansfield assets being transferred to Williams consists of 138 producing wells with another 270 development sites.

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