market
intelligence
briefing

Commercial Banking

• BNP Paribas launches ClimateSeed carbon offsetting platform

  
  Nov 12 -
  BNP Paribas launched ClimateSeed, its voluntary carbon offsetting platform as part of its strategy to become carbon neutral. ClimateSeed connects businesses looking to offset their carbon emissions with developers offering voluntary carbon credits looking for funding. The bank has 19 project developers currently promoting and selling carbon credits, representing nearly nine million tons of carbon dioxide equivalents.
  

  Read Article

• U.S. Bank, Mansfield energy partner on mobile fueling platform

  
  Nov 13 -
  U.S. Bank is partnering with Mansfield Energy to launch a mobile fueling program to save fleet managers money on refueling costs. Through the program, users of the bank’s Voyager fleet tool will have access to Mansfield mobile refueling stations. Fleet professionals will also be able to see consolidated spend data across retail and mobile refueling operations for improved spend visibility.
  

  Read Article

• Citi looks to exit Chinese securities JV

  
  Nov 12 -
  The bank is considering the sale as it seeks a setup where it can hold a majority of control. The bank was previously in talks, which have stalled, with partner Orient Securities to increase its stake from 33% to 51%, forcing the bank to weigh its other options. The bank also wants the JV to push into equities and fixed-income trading, putting it into direct competition with its partner. Chinese regulations require foreign firms to set up a joint venture with local partners before they can enter into the securities market, meaning Citi will need to find another partner willing to settle with a minority stake.
  

  Read Article

Real Estate Finance

• KeyBank, BofA provide $92M to revitalize N.J. affordable housing property

  
  Nov 14 -
  Jonathan Rose Companies secured $92 million in financing to revitalize Grace West Manor in Newark, N.J. The financing includes $64-million in FHA 223(f) financing from KeyBank and $28 million in Low Income Housing Tax Credit equity from Bank of America. The project will upgrade community spaces, upgrade units, enhance the safety and security of residents, and reduce the property’s carbon impact.
  

  Read Article

• KeyBank provides $39.5M construction loan for Minnesota affordable housing project

  
  Nov 13 -
  KeyBank Real Estate Capital provided $39.5 million in construction financing for an affordable housing project in Minnetonka, Minn. The six-story project will include 262 units, which will be restricted to individuals earning up 60% of the area's median income. The identity of the borrower wasn’t revealed.
  Related:
  KeyBank provides $12.7M financing for mixed-use property in Anchorage, Alaska – RE Business Online
  

  Read Article

• Bell Partners acquires Florida apartment complex for $67.2M

  
  Nov 13 -
  Bell Partners purchased a Plantation apartment complex from Alliance Residential Partners for $67.2 million. The property, located at 6901 West Sunrise Boulevard, features 94 units, situated on an 11.7-acre property. Amenities at the site include a pool, cabanas, a pool pavilion, a dog park, theater, a fitness club with yoga and boxing studios. The acquisition was partly funded through a $33.54-million loan from SunTrust Bank.
  

  Read Article

Commercial Bankruptcy

• Aegean Marine Petroleum files for Chapter 11 bankruptcy

  
  Nov 6 -
  Aegean Marine Petroleum Network filed for Chapter 11 bankruptcy protection in New York after an internal investigation revealed nearly $300 million in funds was filtered to a company linked to a 2010 deal to build a ship bunkering terminal in Fujairah in the UAE. Mercuria Energy Group agreed to provide more than $532 million in post-petition financing and will also serve as the stalking horse bidder in the company’s asset sale.
  

  Read Article

• Open Road Films receives $87.5M stalking horse bid

  
  Oct 26 -
  Film distributor Open Road Films received court approval for bid protections, which includes a $2.1 million breakup fee, in its Chapter 11 sale in connection with an $87.5 million stalking horse bid from OR Acquisition Company. Redrover, which has a distribution agreement with the company on a number of films, objected against the protections, arguing that a $3 million head start for the stalking horse bidder could slow the bidding process and also adds liabilities on the debtor that impacts other creditors. Bids on the sale are due by Nov. 5, with the auction expected to take place on Nov. 7.
  

  Read Article

• Sorensen files for Chapter 11 to exit Sinclair contract

  
  Oct 19 -
  Sorensen Media filed for Chapter 11 bankruptcy in an effort to remove itself from a deal with Sinclair Broadcasting. According to court documents, the TV data provider signed a contract with Sinclair with the understanding it would provide data for addressable TV advertising on Sinclair’s stations and sell ad impression. However, in exchange for selling Sinclair impressions through its addressable ad platform, Sorenson must make minimum guaranteed payments to Sinclair, the amount of which was unspecified in the filings. Sorensen is arguing that it can’t raise the funds it needs to continue operations due to the contract. The company reported between $10 million and $50 million in assets and between $100 million and $500 million in liabilities.
  

  Read Article