market
intelligence
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Commercial Banking

• Citizens Bank leads acquisition financing for Merfish Holdings

  
  Feb 21 -
  Citizens Commercial Banking led a senior secured asset-based financing to Merfish Holdings for the acquisition of United Pipe & Steel. Financial details weren't disclosed.
  

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• JPMorgan to give another $15M to Detroit neighborhood fund

  
  Feb 21 -
  JPMorgan will invest $15 million in Mayor Mike Duggan's Strategic Neighborhood Fund. The fund targets 10 selected districts in the city for intensive investment, including residential and commercial development. JPMorgan said the investment will include a $10-million, long-term, low-cost loan and $5 million in philanthropy, with the money primarily targeting projects in commercial corridors across the 10 neighborhoods.
  
  

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• PNC Bank provides $400M financing to American Eagle Outfitters

  
  Feb 21 -
  PNC Bank closed a $400 million senior secured credit facility for American Eagle Outfitters. The credit facility renews an existing facility and will be used to provide funds for general corporate purposes and working capital needs of the company. 
  

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Real Estate Finance

• Palm Beach Outlets developer buys office building

  
  Feb 21 -
  New England Development bought the property at 223 Sunset Avenue for $10.2 million. The firm developed and manages the Palm Beach Outlets in West Palm Beach and the adjacent Marketplace at the Outlets.
  

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• Safra family sells Minotti building in Miami Design District

  
  Feb 22 -
  The Safra family sold the Minotti building, located at 3817 Northeast Second Avenue in Miami, for $15.5 million. The price equates to $1,586 per square foot. The property was sold to to Nader Hakakian.
  

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• Lyft signs 100K SF lease at Cove Property's 441 Ninth Avenue

  
  Feb 21 -
  The firm will move into Cove Property Group's 700,000-square-foot new development building at 441 Ninth Avenue in New York. The building is reportedly 63% leased. Financial details weren't revealed.
  

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Commercial Bankruptcy

• Aceto files Chapter 11 bankruptcy

  
  Feb 20 -
  Aceto, a seller of chemicals and manufacturer of drugs, filed for Chapter 11 bankruptcy protection from its creditors. The company said it had sought bankruptcy protection to sell much of itself to the highest bidder. It said it will sell its chemicals unit and Rising Pharmaceuticals unit in separate transactions, to be supervised by bankruptcy courts in New York and New Jersey.
  

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• Payless ShoeSource files for bankruptcy as it closes its 2,500 U.S. stores

  
  Feb 19 -
  The filing was made a day after it began liquidation sales for its U.S. stores. The filing said Payless has about $470 million in outstanding debt. The retailer expects all stores to remain open until at least the end of March and the majority until May. It's also winding down its e-commerce operations. The liquidation will not impact its franchised or Latin American stores.​ Payless first filed for bankruptcy protection in April 2017, eliminating nearly 700 stores and roughly $435 million in debt.
  

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• Payless reportedly preparing for second bankruptcy

  
  Feb 8 -
  As part of the bankruptcy process, Payless is looking for buyers for its real estate, which could include selling large blocks of stores in certain areas of the U.S. If it can't find buyers, it may need to shutter the majority, if not all, of its North American stores. However, plans remain in flux and it's still possible that Payless could avoid a bankruptcy filing.​ Payless filed for bankruptcy protection in April 2017 and closed nearly 400 stores. The retailer currently has more than 2,700 North American stores.
  

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