News & Events
market
intelligence
briefing
November 18, 2019
Commercial Banking
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Nov 8 -
In recognition of Veterans Day, LAC Group will not issue a Market Intelligence briefing on Monday, Nov. 11. Service will resume as usual on Tuesday, Nov. 12.
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Nov 8 -
Wells Fargo appointed William M. Daley Vice Chairman of Public Affairs, effective Nov. 13, 2019. Daley will serve on the Operating Committee and will report directly to CEO Charles Scharf. Daley has extensive experience in both the public sector and business. His distinguished career includes two cabinet-level appointments, including Chief of Staff to President Barack Obama and Secretary of Commerce in the Clinton administration. Daley will manage a team of more than 780 people globally and will have responsibility for Corporate Communications; Government Relations & Public Policy; Sustainability & Corporate Responsibility; and Corporate Philanthropy & Community Relations.
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Nov 7 -
U.S. investor optimism improved in the latest Wells Fargo/Gallup Investor Optimism Index. The index score is now 84, up from 72 in the third quarter survey and on par with 85 in the second quarter survey. The survey also followed the federal government's monthly jobs report announcing that hiring cooled in September amidst the ongoing trade war, but the unemployment rate had dipped to 3.5%, a 50-year low. Optimism rose in the latest survey about equally between retired and non-retired investors; however, of the two groups, retired investors continue to express the greater optimism.
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Real Estate Finance
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Nov 7 -
Manatus Development Group nabbed $24 million from TD Bank to finance construction of a mixed-use office building in the Bronx that will be the new flagship location of human and social services nonprofit Samaritan Daytop Village. Located at 362 East 148th Street in the Bronx's Mott Haven area, the six-story, mixed-use office development and community center will comprise 84,000 square feet and will also become Samaritan's primary opioid treatment center.
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Nov 8 -
The Crocker Partners and Garrison Investment Group JV acquired 3225 Cumberland, a 216,209-square-foot office building in Atlanta’s Cumberland/Galleria submarket, from James Campbell Co. Public records indicate the property sold for $44.5 million. The 10-story office property opened in 1998 and is currently 95% leased to 12 tenants, including Serendipity Labs, Infosys and Aerotek. Amenities include a conference facility and tenant lounge. Portions of the building were recently renovated, including the lobby, fitness center and café.
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Nov 8 -
Ponte Gadea acquired Arbor Blocks, a 388,900-square-foot recently completed office property in Seattle, from Vulcan Real Estate for $415 million. The buyer first entered the market in March with the $740 million acquisition of the Amazon-occupied Houdini North and South. Vulcan broke ground on Arbor Blocks’ two buildings in Dec. 2016, shortly after Facebook signed a long-term lease agreement with the developer. The project, backed by $166.7 million in construction financing from U.S. Bank and JPMorgan, delivered in May and July this year.
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Commercial Bankruptcy
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Nov 7 -
According to data provided by Epiq Systems, the American Bankruptcy Institute (ABI) reported that total U.S. bankruptcy filings came in at 67,806, representing an 11% increase from the September total of 61,132 filings. ABI indicated commercial Chapter 11 filings in October spiked 25% month-over-month. The 520 commercial Chapter 11 filings in October were up over the 417 filings registered in September. Officials said overall commercial filings also increased in October as the 3,527 filings marked a 12% lift from the 3,164 filings in September. October 2019 business filings rose 3% to 3,527 from last year's business total of 3,414. Conversely, the 520 commercial Chapter 11 filings recorded in this October represented a 7% decrease from the 557 commercial Chapter 11 filings registered in October of last year.
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Oct 29 -
Murray Energy filed for Chapter 11 protection, the eighth coal company to collapse into bankruptcy over the past year. The Wall Street Journal previously reported Murray Energy engaged law firm Kirkland & Ellis to advise on balance-sheet restructuring. The company missed payments to creditors late last month. A group of senior lenders, including Fidelity Investments and Bain Capital, offered to provide bankruptcy financing to fund the Chapter 11 case. Murray Energy said it signed a restructuring proposal with creditors holding 60% of a $1.7 billion debt facility that are providing $350 million in bankruptcy loans to keep the company running.
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Oct 22 -
Destination Maternity filed for bankruptcy due to a heavy debt load and fierce competition. The retailer will try to find a buyer, but will likely be forced to liquidate if it is unable to secure a deal. The maternity retailer's financial results have been disappointing as sales declined 11.9% year-over-year in Q2 2019, leading the way for a net loss of $3.5 million. Sales were negatively impacted by both the net closure of 61 locations for the quarter and a 10.5% decrease in comparable sales. Destination Maternity currently has $260 million in total assets and $244 million in total debt, according to its bankruptcy filing.
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