News & Events

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February 19, 2020


Commercial Banking

  • BofA's Merrill Lynch adds national business development exec


    Feb 13 -
    Merrill Lynch promoted Craig Young to national business development executive, a newly created position designed to promote productivity among the company's 14,000 financial advisors. Young was previously the market executive for the firm's office in Westchester-Greenwich, Conn.

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  • Bank of America seeks growth in employee benefits business


    Feb 13 -
    Bank of America is uniting its offerings for employers, including retirement, health care savings, equity and deferred-compensation plans, alongside its traditional banking and investing services. It's also on a path to hire about 150 specialists in employee benefits across the U.S. for its combined Financial Life Benefits services. The bank wants to expand its workplace presence by tapping its existing corporate banking client roster. The push comes as Morgan Stanley aims to attract wealth management clients from its stock-plan administrator, Shareworks, which has about 3,900 corporate customers.

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  • Wells Fargo reports over 1 billion API calls


    Feb 11 -
    Wells Fargo Gateway, an API channel, processed more than 1.5 billion digital interactions in 2019. The interactions, also known as API calls, are initiated when a consumer or business makes a data or transaction request of Wells Fargo through the bank’s API channel. The technology allows wholesale banking customers to integrate Wells Fargo products, services and information into their own digital environments, such as treasury workstations or enterprise resource planning software.

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Real Estate Finance

  • South Brooklyn mixed-use shopping portfolio trades for $165M


    Feb 13 -
    A partnership between Infinity Real Estate and Nightingale Properties sold the T.J. Maxx and Target-anchored retail-and-office Kingswood Portfolio in Midwood for $165 million. Urban Edge Properties was the buyer. The portfolio consists of two separate centers: the 230,000-square-foot Kingswood Center at 1630 East 15th Street (which is home to T.J. Maxx, New York Sports Club and the Visiting Nurse Service) and the 110,000-square-foot Kingswood Crossing about three blocks away at 1715 East 13th Street, where tenants include Target and Marshalls.

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  • Hager family lands $84M loan for Williamsburg project


    Feb 13 -
    Cornell Realty Management closed on fresh financing to take its mixed-use project at 200 Kent Avenue across the finish line. G4 Capital Partners lent the partnership behind the Williamsburg office and retail building $84.25 million. The 110,000-square-foot building will be anchored by Trader Joe's. Cornell landed a $64 million construction loan from Madison Realty Capital in 2017.

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  • Sterling National Bank loans $53M for Brooklyn building


    Feb 13 -
    Sterling National Bank loaned $53 million for an apartment building on North Sixth Street in Brooklyn. The loan is for an apartment complex at 163 N. Sixth St., and of the $53 million loan, $7 million is new financing for the building and the remainder is an assumption and refinancing of preexisting debt at the property. The property, which also goes by 180 N. Seventh St., was built in 1900 and has 92 units across five stories.

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Commercial Bankruptcy

  • Modell's works with vendors, landlords to avoid bankruptcy


    Feb 12 -
    Modell's Sporting Goods has again turned to strategic advisory firm Berkeley Research Group and law firm Cole Schotz for restructuring advice after a rough several months, CEO Mitchell Modell said. However, he also said a bankruptcy filing is off the table for now. The Northeast sporting goods retailer closed nine stores this year and is considering other closures as leases expire, he also said. He has been on the phone with vendors, will turn to landlords next, and said he is garnering a level of support from them that he believes will allow the company to avoid a Chapter 11 filing.

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  • McClatchy files for bankruptcy


    Feb 13 -
    McClatchy filed its voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the Southern District of New York. The company will continue to operate in the ordinary course of business as it pursues approval of the restructuring plan with its secured lenders, bondholders, and the Pension Benefit Guaranty Corporation. The company noted it obtained new $50 million debtor-in-possession financing from Encina Business Credit which, coupled with McClatchy's normal operating cash flows, provides ample liquidity for McClatchy and all of its local news outlets to operate as usual and fulfill ongoing commitments to stakeholders. The company aims to emerge from this process in the next few months.

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  • PNC presses fight over Borden Ch. 11 cash with complaint


    Feb 6 -
    PNC Bank filed an adversary complaint in the Chapter 11 case of milk distributor Borden Dairy seeking a court determination that it has valid liens on a $26 million reserve account held by the debtor. The reserve account has been at the center of a dispute among the lenders, Borden and its majority equity owner, Laguna Dairy, since the start of the Chapter 11 case, with the debtor maintaining that the account was completely unencumbered on the petition date. Borden sought permission to use its lenders' cash collateral to fund its bankruptcy case and was approved to use $10 million of the reserve account to augment the cash collateral. In late January, U.S. Bankruptcy Judge Christopher S. Sontchi said he couldn't rule on the dispute because he found the loan documents to be too ambiguous and said an evidentiary hearing was required to hear extrinsic evidence and determine the rights of the parties to the account. That ruling spurred an agreement among Borden, PNC and KKR to extend the debtor's use of cash collateral while delaying any foreclosure by the lenders on the reserve account until the court could issue a decision on the purported liens. In the complaint, PNC argues that it was the parties' intent when negotiating the loan documents to grant the lenders a lien on the reserve account, pointing to communications among the parties allegedly confirming the granting of the lien.

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