News & Events
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January 25, 2022
Commercial Banking
Real Estate Finance
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Jan 21 -
The loan is for Brookfield Properties' Two Blue Slip, a 37-story residential tower in Greenpoint, Brooklyn. Two Blue Slip comprises 421 residences and more than 11,000 square feet of amenities, including a two-story gym, a pool deck, coworking spaces and private lounges. The tower, completed in early 2020, is part of Greenpoint Landing, Brookfield Properties and Park Tower Group's 22-acre master-planned development on the East River.
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Jan 21 -
A JV of Banyan Street Capital and Oaktree Capital Management received the loan for a 42-story office tower in Tampa. Located at 101 E. Kennedy Blvd., building amenities include a newly renovated lobby, fitness center, tenant business lounge and a conference facility. The building is located near the Tampa International Airport.
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Jan 21 -
The loan is for Coppermine Run, a 288-unit affordable housing community in Herndon which includes 11 four-story residential buildings and a clubhouse and leasing office. Located at 2450 Masons Ferry Drive, the property offers two-bed/one-bath, two-bed/1.5 bath and three-bed/two-bath floorplans. Community amenities include a basketball and multi-sports court, fitness center, playground, swimming pool with sundeck and walking paths.
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Commercial Bankruptcy
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Jan 14 -
Johnson & Johnson's bankrupt talc subsidiary will litigate its quest for an injunction barring claims against non-debtor entities at the same time as talc injury claimants argue for the bad-faith dismissal of the Chapter 11 case. A New Jersey bankruptcy judge said it made sense to delay the motion of LTL Management to make permanent the injunction that has stopped the prosecution of talc claims against J&J and others until the claimants' motion to dismiss the company's Chapter 11 case is heard. LTL was spun off from Johnson & Johnson - receiving the company's talc liabilities, including more than 38,000 personal injury claims - and put into Chapter 11 in a N.C. bankruptcy court in October.
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Jan 14 -
Aircraft leasing company Nordic Aviation Capital got approval from a Virginia bankruptcy judge to tap into $170 million in debtor-in-possession financing after saying it has close to 90% of its secured noteholders on board with its restructuring plan. Nordic, which filed for Chapter 11 in December with more than $6.3 billion in funded debt, was founded in 1990 and is currently the world's largest lessor of aircraft to regional airlines. It said it was facing massive losses as COVID-19 travel restrictions made it impossible for its customers to make their lease payments. It said it had reached a restructuring support agreement with the holders of about 73% of its funded debt that will convert just over $3.6 billion in secured debt to equity and provide for a $377 million new rights offering backstopped by senior lenders.
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Jan 12 -
The court said the plan of Mary Brickell Village Hotel complies with the relevant sections of the bankruptcy code and could be confirmed. The plan includes a settlement with its mortgage lender DF VII REIT Holdings to bring the debtor current on its mortgage obligation for the hotel property, with the debtor agreeing to a one-time payment of about $2.5 million. After the payment, Mary Brickell Village Hotel can resume ordinary payments on the mortgage loan. Mary Brickell Village Hotel commenced its bankruptcy filing in July, citing challenges from the COVID-19 pandemic.
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