News & Events
market
intelligence
briefing
July 10, 2020
Commercial Banking
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PNC appoints two to executive committee, creates chief corporate responsibility role
Jul 7 -
Carole Brown will be head of PNC's Asset Management Group and Richard K. Bynum will serve in the newly created role of chief corporate responsibility officer. Both executives will report to Bill Demchak, CEO. Brown will be responsible for leading PNC's wealth management and private banking services for HNW and UHNW individuals and families, as well as custom investment and advisory solutions for institutional clients. Bynum will lead PNC Community Affairs and Corporate Social Responsibility, Community Development Banking and Diversity and Inclusion.
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Citizens Bank sees migration to digital channels during pandemic, doesn't see a complete return to branches
Jul 8 -
Digital transactions have risen from steady increases to a major bump once the COVID-19 crisis took full effect. At the same time, the bank's large branch network almost overnight went from gradually declining traffic to a big drop, with only a partial return to date. Citizens Bank CXO Beth Johnson states the bank saw a 25% increase in use of its digital channels during the first few months of the pandemic, and that the upsurge continued through June. By contrast, Citizens' branch traffic was down 50% year-over-year during the height of the COVID lockdown. Johnson also notes that branch traffic had been declining about 7% year-over-year for Citizens prior to the pandemic.
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Wells Fargo launches $400M small business recovery effort
Jul 9 -
Through Wells Fargo's Open for Business Fund, the company will engage nonprofit organizations to provide capital, technical support and long-term resiliency programs to small businesses with an emphasis on those that are minority-owned businesses. The Open for Business Fund's initial grants will allocate $28 million to Community Development Financial Institutions, also known as non-profit community lenders, aimed at empowering Black and African American-owned small businesses, which are closing at nearly twice the rate of the industry, according to the National Bureau of Economic Research.
Real Estate Finance
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Ivy Realty snags industrial freezer in Miami for $13M
Jul 9 -
Ivy Realty bought the property at 650 Northeast 185th Street in Miami for $165 per square foot from Best Freezer Holdings. The property is 100% occupied by True Grade Foods. The facility last sold for $2.7 million in 2007, and was built in 1974. The warehouse sits on over three acres and features 28-foot high ceilings, 12 loading docks, one ramp and two rail doors.
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Waterway Cafe in Palm Beach Gardens sells for $13M
Jul 8 -
Lake Worth Creek Corp. sold the 8,762-square-foot restaurant property at 2300 PGA Boulevard for $1,426 per square foot to Worth River LLC. The Waterway Cafe was built in 1986 on the site of the former Waterway Marina on the Intracoastal Waterway. It features a floating boat bar and has over 300 feet of dock space.
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Construction tech company inks $125M sale of Massachusetts HQ
Jul 8 -
Construction technology company GCP Applied Technologies is selling its Cambridge, Mass., headquarters to life science real estate company IQHQ for $125 million. GCP said the space was underused and that its sale would generate additional cash. Its headquarters includes close to 290,000 square feet of office, laboratory and research and development space.
Commercial Bankruptcy
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Oaktree to provide Latam with $1.3B in DIP financing
Jul 9 -
An unprecedented downturn in travel caused by the coronavirus pandemic forced Latam Airlines Group to seek bankruptcy protection for its Brazil unit in New York. Other units of the Latin American airline entered bankruptcy protection in May. Latam, which already had some $900 million in DIP financing, received an additional $1.3 billion in DIP financing commitments from Oaktree and its affiliates. The additional DIP financing is subject to court approval.
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Sur La Table files for bankruptcy with plan to sell up to 70 stores to Fortress
Jul 8 -
Sur La Table, a kitchen-supply chain that was forced to temporarily close its stores in response to the coronavirus outbreak, filed for Chapter 11 protection in a U.S. bankruptcy court in New Jersey with a buyout offer from Fortress. The retailer plans to sell up to 70 stores to Fortress and permanently close the rest. Sur La Table CEO Jason Goldberger said the sale to Fortress will result in an optimized retail footprint. The offer, which also includes Story3 Capital Partners, will be subject to other bids at a bankruptcy auction.
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WHP Global to provide Brooks Brothers with $75M in DIP financing facility
Jul 8 -
Brooks Brothers, which voluntarily filed for Chapter 11 protection to facilitate a sale process, secured commitments for a DIP financing facility of $75 million from WHP Global. This capital, together with cash flows from ongoing operations, will provide liquidity to support the apparel company through the sale process. Brooks Brothers plans to commence a competitive auction where parties can submit qualified bids and expects to complete the sale process in the next few months.
