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June 27, 2019


Commercial Banking

  • Bank of America introduces digital debit card


    Jun 25 -
    Bank of America launched a digital debit card and other enhancements to its mobile banking app. The bank says the digital debit card has the same protections and benefits of a physical debit card and is immediately available to use in the mobile app. Through the mobile app, eligible clients can request a digital debit card for a new or replacement debit card. The bank is also rolling out Mobile Orders in the coming weeks, which allow clients to place orders for foreign currency through their mobile app. Clients can choose a specific financial center for pickup or have it delivered to their home through the app. It will also allow small business clients to pre-order bills and coins in the denomination they need.


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  • JPMorgan, StatPro partner to develop portfolio analytics platform


    Jun 24 -
    JPMorgan entered a partnership with StatPro to develop a one-stop-shop multi-asset portfolio analytics solution for asset managers. StatPro will work with JP Morgan's data and analytics arm to develop risk and performance attribution capabilities for portfolio managers through JPMorgan's flagship data and analytics platform. The aim is to help front-office decision makers dynamically manage their risk and performance. With an initial term of five years, the agreement will give JPMorgan clients access to StatPro Revolution, the company’s portfolio analytics platform, alongside JPMorgan's fixed income benchmark indices.

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  • Wells Fargo donates $330,000 to tornado, flood relief efforts


    Jun 20 -
    The Wells Fargo Foundation will donate $307,500 to the American Red Cross for immediate needs including shelter, meals, emotional support and assistance with rebuilding and recovery following tornadoes and floods affecting the southern and central plains that had a devastating effect on multiple states. An additional $22,500 will be distributed to local disaster response funds.

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Real Estate Finance

  • Carlos Mattos' family buys Fresh Market in Fort Lauderdale


    Jun 24 -
    The family of Columbian businessman Carlos Mattos bought a Fresh Market in Fort Lauderdale for $9.1 million. NISA FM purchased the 20,314-square-foot building at 424 North Federal Highway for $447 per square foot. The seller is 424 North Federal Highway, which is managed by Martin Elrad.

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  • Colony lands $1.5B refi on ex-Griffin Medical portfolio


    Jun 24 -
    Citigroup, Barclays and Deutsche Bank and a healthcare REIT have come together to lend Colony Capital $1.5 billion against a group of 156 medical assets it owns. The deal finances a portfolio of properties once owned by Griffin American Healthcare. Colony acquired the assets via its 2017 tri-party merger involving NorthStar Realty Finance, which had purchased Griffin two years prior. The assets span 28 states and include medical office buildings, skilled nursing facilities, long-term acute care hospitals and assisted-living facilities. The banks jointly provided $1 billion in senior CMBS debt. Ventas, a healthcare REIT, chipped in four separate mezzanine loans sized at $122.4 million each, for a total of $498.6 million of junior debt. 

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  • JW Marriott Miami Turnberry Resort & Spa lands $91M in financing


    Jun 24 -
    TB Isle Resort received $91 million in financing for the JW Marriott Miami Turnberry Resort & Spa from the Bank of China, boosting its loan to $340 million. The 300-acre property, at 19999 West Country Club Drive, rebranded as a JW Marriott and went through a major renovation and expansion. The $175 million expansion was completed last year and added 110,000 square feet of meeting space and upgrades to the pool, front driveway and main lobby and building. The now 680-room hotel includes a new 16-story tower with 282 rooms.

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Commercial Bankruptcy

  • United Sporting files for bankruptcy


    Jun 10 -
    Firearms distributor United Sporting filed for Chapter 11 bankruptcy, stating that following the election of President Trump, the company was left with lower-than-expected sales and high carrying costs for unsold inventory. United, which sells an array of outdoor equipment, is seeking protection from creditors while it sorts out more than $270 million of debt secured by liens on its assets. The company had to discount its bloated inventory to stay competitive, trimming already thin margins.

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  • Tamarack Aerospace files for bankruptcy


    Jun 7 -
    Tamarack Aerospace filed Chapter 11 bankruptcy in the aftermath of U.S. and European regulators grounding the 91 Cessna Citation jets equipped with its ATLAS active winglet system. The company said it remained committed to working with the FAA and the European Union Aviation Safety Agency to resolve safety concerns. The troubles with Tamarack's performance-enhancing winglet-system modifications for Cessna 525, 525A, and 525B twinjets began in April when EASA issued an AD noting that the active load alleviation system (ATLAS) appeared to have malfunctioned, causing events where, in some cases, the pilots had difficulty to recover the aeroplane to safe flight.

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  • Insys files for Chapter 11 days after settling opioid case


    Jun 10 -
    Insys Therapeutics filed for Chapter 11 bankruptcy with plans to sell its assets, just days after agreeing to pay $225 million to settle federal charges over sales of its opioid drug Subsys. The bankruptcy petition contains an acknowledgment from federal authorities that they won't be paid in full but instead will become unsecured creditors. Insys will ask a bankruptcy judge to sign off on an agreement that entitles the U.S. to receive, at most, $190 million from a civil settlement. The company said it hopes to complete the sale of its assets within 90 days.

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