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Commercial Banking

• Deutsche Bank lends $220M for Philidelphia office building

  
  Dec 3 -
  Lubert-Adler recieved $220 million in debt from Deutsche Bank to refinance its roughly 593,000-square-foot office building at 2400 Market Street in Philadelphia. The property is located near key downtown areas, such as Center City West and Rittenhouse Square, and public transportation and retail options.
  

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• Deutsche Bank provides $218M refinance loan for N.Y. resort

  
  Dec 1 -
  Metrovest Equities and BLDG Management received the loan to expand their Gurney's Resorts brand and recapitalize existing luxury locales under its umbrella. Gurney's Montauk Resort and Seawater Spa is located at 290 Old Montauk Highway, and includes 158 waterfront hotel rooms and suites, as well as beachfront cottages. The owners have recently spent $30 million into value-add renovations to upgrade the property's amenities, including the addition of a seawater spa, which is set to open in the first half of 2022.
  

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• Capital Impact Partners, CDC Small Business Finance awarded $1.5M grant from Wells Fargo

  
  Dec 1 -
  The companies received a $1.5 million grant from Wells Fargo to launch an initiative to provide targeted business training services to small real estate developers and entrepreneurs of color. The funding comes from Wells Fargo's Open for Business Fund, a $420 million small business recovery effort to help small U.S. business owners successfully recover and emerge from the pandemic. Led by Capital Impact, the initiative will provide technical assistance to small businesses in Washington, D.C. and the Mississippi Delta in collaboration with CDC Small Business Finance, City First Enterprises, Hope Enterprises, and the Washington Area Community Investment Fund. The collaborative will cover an assortment of sectors, including social services, professional services, and food retail and distribution, and support real estate developers of color, with a focus on graduates of Capital Impact's Equitable Development Initiative.
  

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Real Estate Finance

• AEW Capital Management unloads Orlando office park for $315M

  
  Dec 8 -
  PPF Real Estate bought the property, SouthPark Center, a nearly 1.3 million-square-foot suburban office park in Orlando. SouthPark includes 10 buildings and 31 acres of developable land. The $315 million deal marks the largest office transaction in Central Florida's history.
  

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• Columbia Property sells Chelsea office building for $170M

  
  Dec 7 -
  The company sold the building at 218 West 18th Street to Meadow Partners. The 12-story building covers roughly 166,000 square feet and is leased.
  

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• Clarion Partners gets $122M for North Bay Village apartments sale

  
  Dec 8 -
  The company sold the 285 apartments at 8000 West Drive in North Bay Village to 8000 West Drive Ground Owner. The price equated to $428,070 per unit. Amenities include a pool, a fitness center and grilling stations.
  

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Commercial Bankruptcy

• Bankruptcies paced to hit 36-year low due to pandemic relief, low interest rates

  
  Dec 7 -
  The American Bankruptcy Institute (ABI) found the 195 commercial chapter 11 filings in November 2021 represented a 70% decrease from the 654 filings in November 2020. Also, commercial bankruptcy filings as a whole totaled 1,565 in November 2021, a 33% decrease from the 2,345 commercial filings in November 2020. The 29,325 total bankruptcies in November 2021 were down 15% from the 34,486 filings in November 2020. Similarly, consumer bankruptcies decreased 142% in November 2021, as the 27,760 filings are lower than the 32,141 consumer filings registered in November 2020. Low interest rates, lenders giving borrowers breaks, and pandemic relief programs contributed the the drop, the ABI said.
  

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• Purdue bankruptcy case sparking interest in venue shopping preventiion

  
  Dec 7 -
  The U.S. Bankruptcy Court for the Southern District of New York said "mega" Chapter 11 cases worth at least $100 million will be randomly assigned regardless of the courthouse where the initial filing occurs. This follows the recent introduction of federal legislation on bankruptcy forum shopping. The issue emerged in several high-profile bankruptcies, including Purdue Pharma and others. Critics argue the practice allows distressed companies to file bankruptcy cases in courts with judges known for approving pro-debtor requests. Purdue filed Chapter 11 in the Southern District of New York's White Plains courthouse in an apparent move to have Judge Robert Drain oversee the case. In New York, bankrupt companies will no longer know ahead of time which judge they will get.
  

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• J&J moves bankruptcy case to N.J. in dismissal bid

  
  Nov 29 -
  The Chapter 11 filing of the J&J spinoff LTL Management has garnered much attention because it followed a series of corporate maneuvers dubbed the "Texas two-step," where a large corporation can potentially reduce significant tort liability, and even gain dismissals, through a series of mergers. Plaintiffs argue the bankruptcy claim is purely to gain a litigation advantage in the tens of thousands of ovarian cancer and mesothelioma lawsuits J&J is facing related to its talc products and that the case is ripe for a bad faith challenge. Bankruptcy experts say the challenge has a higher likelihood of success because the standard for a bad faith dismissal is an easier bar to meet in the northern states.
  

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