The bank is investing $128 million in the development and rehabilitation of affordable rental housing across the U.S. The fund includes investments from PNC and four other banks and insurance companies across the U.S., and will finance more than 1,400 affordable housing rental units in 13 multifamily properties in eight states, including Calif., N.C., Va. and Texas, among others. Many of the projects are designed to serve families and special populations, including seniors, people experiencing homelessness, and those with special needs.
Matos will become CEO starting July 3, 2025, succeeding Shayne Elliott who is retiring from ANZ after nine years in the role. Matos will also be appointed to the boards of ANZ Group Holdings Limited and Australia and New Zealand Banking Group Limited as an Executive Director. Matos was most recently CEO of Wealth and Personal Banking at HSBC where he was responsible for 87,000 employees serving approximately 40 million customers across 35 markets.
B&D Holdings used the loan to acquire a 109,300-square-foot industrial building in Avon, Mass. from a JV between Oliver Street Capital and Bain Capital Real Estate. The property was previously traded in 2021, when the JV acquired it for $12 million from Parker Property Management. The industrial facility, built in 1972, is located at 21 Parker Drive and is fully leased to Taylor Communications, FreshPoint and HelloFresh.
Grover Corlew landed the refinancing for its 355-unit apartment complex in Pompano Beach. The Mayla Pompano complex, located at 11 Northeast 24th Ave., encompasses a pair of eight-story buildings and two garages. The property offers studios, as well as one- to three-bedroom apartments, ranging from 548 square feet to 1,383 square feet.
TF Cornerstone will use the loan to refinance its 798-unit apartment complex at 595 Dean St. The complex includes 23-story and 28-story towers with 30% of the apartments designated as affordable housing. Amenities along the passageway include a lounge, a coworking area, a screening room, conference rooms, a dog-grooming station and an exclusive entrance to nearby retail options.
PNC has filed applications with the Office of the Comptroller of the Currency to close 10 locations across six states, including Pa. The bank said the locations will close by Feb. 21. PNC said the decision was based on an ongoing review of client transaction patterns and trends across its U.S. footprint.
The bank's real estate income trust arm acquired a three-building infill logistics and storage portfolio that spans 154,000 square-feet across two sites in Tampa and Pinellas Park, Fla. The two-site, three-building portfolio is leased exclusively to PODS, a storage firm based in Tampa. JPMorgan says the acquisition strengthens its portfolio and aligns with its strategy to invest in high-growth regions.
In recognition of Veterans Day, Harbor won't issue a briefing on Monday, Nov. 11. Service will resume as usual on Tuesday, Nov. 12.
The bank is increasing its branch investment by $500 million to open more than 100 additional branches and renovate 200 more existing locations across the country. This builds on the 100 locations and 1,200 branch renovations PNC Bank announced in early 2024. PNC said it plans to "significantly expand" its branch network throughout Atlanta, Charlotte, Orlando, Miami, Raleigh and Tampa, among other yet-to-be-announced locations.
Red Apple Real Estate landed the loan to refinance its 228-unit The Margo property at 180 Myrtle Ave. in Fort Greene. Red Apple built the property in 2016. Red Apple previously secured a $90 million loan from Bank of America to refinance the building in 2017. The Margo has amenities that include a rooftop terrace, fitness center and children's playroom.
Related Companies has secured the loan to refinance the 11 parcels that makeup Gateway Center Mall in East New York, Brooklyn. The loan refinances a $300 million loan from August 2014 that was securitized into a commercial mortgage-backed securities trust. The mall has several stores that include JCPenney, T.J. Maxx, Shoprite, Target, Staples, Best Buy and Home Depot.
Paze is an online checkout tool available to customers with eligible credit and debit cards. Wells Fargo says the offering simplifies online shopping by eliminating the need to enter card numbers, instead using a tokenized number for enhanced security. Users can activate Paze through the Wells Fargo Mobile app or at participating online merchants and requires no additional username, password, or app download.
The bank vacated 700,000 square feet across multiple buildings in downtown Winston-Salem, including the 29-story Wells Fargo Center and the Linden Center. Wells Fargo says the move aligns with Wells Fargo's strategy to modernize workspaces and reduce office footprints. With the bank leaving, the Winston-Salem Central Business District has a vacancy rate of 31.3%, the biggest in the region.
ABN AMRO Bank implemented Commercial Banking Applications' Transaction Due Diligence functionality within its IBAS GBF Global Banking Factory. This enables the bank to monitor transactions and flag suspicious activities across its global trade finance operations, ensuring compliance with national and international regulations. The move aims to combat financial crime and has created efficiencies in the bank's trade finance processes.
PNC Financial Services Group recently acquired loan commitments from Signature Bank worth $16 billion. Despite a decline in loan balance in the first half of 2024, deposit growth continued and the company expects record net interest income in 2025, aided by the Federal Reserve's rate cut.
A JV between Washington Capital and The Davis Companies will use the loan to refinance their 1,054-key Omni Boston at the Seaport property. The hotel is located across the street from the Boston Convention and Exhibition Center.
Bank of America will open more than 165 branches across the U.S. by the end of 2026. The bank says the expansion will help emphasize in-person sales of products like mortgages and investments. Consumer banking is the biggest contributor to Bank of America's earnings, accounting for nearly 38% of second-quarter net income.
Ben Carpenter and Jeremy Meilman will be the global co-heads of healthcare investment banking, while Chris Grose and Greg Mendelson will be the global co-leads of technology investment banking. Carpenter rejoins JPMorgan from Citigroup and Meilman has been with the bank for nearly two decades. Grose joined JPMorgan's technology and diversified industries team in 2005, while Mendelson, who has been at the bank since 2015, last served as an investment banking VP before the promotion.
The bank said Christopher Schnirel will be the bank's Controller and Chief Accounting Officer, effective Oc. 21, 2024. Schnirel comes from Huntington Bancshares where he was SVP and Assistance Controller, where he led SEC reporting, regulatory reporting, accounting policy, treasury controllership, capital markets controllership, among other functions. Schnirel succeeds Jack Read, who left Citizens in Aug. for a career outside of the banking sector.
Meyers will retire Oct. 31 after spending 25 years directing the bank's services in Ga. and banking executive Samantha Jones will succeed him. Meyers has served in several key leadership positions during his stint, including over a decade as Ga.'s regional president. Meyers also helped guide PNC's philanthropic efforts in early childhood education and the arts.
Jordan will stay on as vice chairman, serving in an advisory role to the PNC Board of Directors and chairman and CEO William S. Demchak. Jordan retires as PNC general counsel and chief administrative officer following a 40-year career, 11 of which were at PNC. During his time as PNC's chief administrative officer, Jordan oversaw PNC's Corporate Ethics Office, Corporate Communications and Marketing, the PNC Foundation, Enterprise Change Office and the Regional Presidents' Office.
The bank raised its U.S. minimum hourly wage to $24 per hour, the latest step in its commitment to hit $25/hour by 2025. With the increase, the minimum annualized salary for full-time employees in the U.S. will rise to nearly $50,000. The increase applies to all full-time and part-time hourly positions in the U.S.
The U.S. Office of the Comptroller of the Currency approved JPMorgan Chase's plan to open a second branch in Winston-Salem, located at the northeast corner of South Stratford Road and Knollwood Street. This branch will join other financial institutions at a banking intersection that includes Bank of America Corp, First Bancorp and First Horizon Corp. JPMorgan Chase previously received approval for its first Winston-Salem branch at 102 Laura Ave and has submitted an application for another branch at the northeast corner of Country Club and Jonestown roads, likely at the former Southern Community Bank and Trust headquarters.
Andrew Castaldo and Andrew Martin were appointed as co-heads of the unit. Castaldo has been with JPMorgan since 2014 and previously led the energy M&A unit. Martin joined the bank in 2024 from a 27-year tenure at Bank of America where he led a similar team. These moves come amid a broader industry recovery in dealmaking, with companies increasingly engaging in transactions and seeking capital through debt or equity offerings.
Hartz Mountain Industries will use the loan to restructure its pre-existing $250 million debt on the Soho Grand Hotel at 310 West BDWY. and the Roxy Hotel at 2 Ave. of the Americas. Hartz Mountain built the Soho Grand Hotel in 1996 and acquired the Roxy Hotel in 1999.
Due to the Labor Day holiday, Harbor will not issue an Emmet Market Intelligence briefing on Monday, Sept. 2. Service will resume as usual on Tuesday, Sept. 3.
The bank provided the $210 million Freddie Mac loan to refinance a portfolio of 12 transitional and affordable housing properties in New York City. The properties are located throughout Manhattan, Brooklyn, Queens and The Bronx and total 1,115 units across approximately 304,000 square feet. The borrower is a JV between Slate Property Group and Fundamental Advisors.
Trimont agreed to buy Wells Fargo's non-agency third-party segment of its Commercial Mortgage Servicing (CMS) business. The deal will make Trimont the largest loan servicer in the U.S. commercial real estate industry. Wells Fargo says the sale of the CMS business is consistent with the bank's strategy of focusing on businesses that are core to its consumer and corporate clients.
The Loews Corporation will use the loan to refinance its oceanfront Miami Beach hotel. Wells Fargo, National Association and JP Morgan are co-originating the loan, with $5 million of the financing package going toward closing costs, and the rest to refinance the existing debt. Located at 1601 Collins Ave., the 747,774-square-foot hotel is home to 790 rooms, 46,000 square feet of meeting space, a spa and six restaurants and bars.
JPMorgan Chase and Tyko Capital provided nearly $1.2 billion in financing for One High Line, a 750,000-square-foot mixed-use property in Manhattan's West Chelsea neighborhood. One High Line consists of two towers and a five-story commercial building that span an entire city block, and includes a hotel, retail space and condos. The borrower was a JV between The Witkoff Group, Access Industries and Monroe Capital, and JP Morgan provided the senior loan within the financing package.
Engle was named SEVP and Head of Technology, reporting directly to Wells Fargo CEO Charlie Scharf and joining the company's Operating Committee. She starts on Aug. 12., 2024 and will be responsible for all technology across the company. She joins from BNY where she served as SEVP and CIO from 2017 to 2024. Wells Fargo also announced that Tracy Kerrins will serve as the Head of Consumer Technology and will lead the Generative AI team, which will be responsible for adopting Generative AI across Wells Fargo.
Wewers will take on all responsibilities as CFO for Citizens Bank, effective immediately. Wewers previously served as CFO for Southern Bancorp, where he oversaw financial management for all three of the bank's entities. Citizens Bank says Wewers' extensive expertise and insight will be invaluable to the bank's strategic initiatives.
Prime US REIT sold the 200,858-square-foot office building and 435-space parking garage at One Town Center Rd. to Miles Capital for $82 million. Wells Fargo Bank provided the $51 million mortgage to the buyer. One Town Center last traded for $99.5 million in 2021. The 10-story office was built on the 9.9-acre site in 1990 and includes a fitness center, an on-site cafe, EV charging stations and on-site auto detail.
The bank announced the closing of a $176 million Low Income Housing Tax Credit Fund to finance the development and rehabilitation of affordable rental housing across the U.S. The fund, supported by PNC and seven other banks and insurance companies, will finance over 1,800 affordable housing units in 11 states. The fund also marks the first syndicated investment fund under PNC Real Estate's recently rebranded multifamily debt and equity financing group, PNC Multifamily Capital.
The bank agreed to purchase the New York City office tower at 250 Park Ave. in partnership with real estate investment manager Hines from AEW, though the deal hasn't closed yet. The building purchase will allow JPMorgan to expand its presence on Park Ave. as it builds nearby a 1,388-foot tower for its upcoming revamped headquarters. The bank tore down its previous building.
Wells Fargo provided $256 million in financing as part of a $332.3-million funding package for the renovation of the West Brighton I and II affordable housing complex in Staten Island. The project will rehabilitate 574 apartments and reactivate 24 vacant units, with some being converted into senior housing. This initiative is part of NYCHA's Permanent Affordability Commitment Together program. Wells Fargo's CLI group provided an $86-million historical tax credit investment, a $55-million construction bridge loan and a $27-million letter of credit, the Wells Fargo MFC team provided an $88.1-million permanent loan and the West Brighton project secured $21.3 million in additional historical tax credits and $55 million of sponsorship equity.
KeyBank financed a multifamily conversion project in Meriden, Conn. with a $51.5 million loan for Trinity Financial. The borrower will use the loan to redevelop the former manufacturing facility into an 82-unit mixed-income housing complex. The historic building is located at 85 Tremont St. and was originally constructed in 1887. Units will be subject to a range of income restrictions, with 11 to be rented at market rates.
Whelan, formerly a managing director at JPMorgan, joins as managing director of originations in Bank OZK's real estate specialties group. At JPMorgan, Whelan was an executive director of real estate banking, where part of his focus was the preservation and development of affordable housing. He was also previously employed at Bank of America and Anglo Irish Bank.
The bank will double its downtown Miami office footprint at 1450 Brickell to 160,000 square feet, up from 80,000 square feet over the next two years, as well as open another office location in Fla. The additional space at 1450 Brickell will accommodate about 400 more bank employees across the company's various lines of business, adding on to the 500 employees already on site. JPMorgan will also lease a 13,000-square-foot space in West Palm Beach at Related Companies' 360 Rosemary office building, and will have it house 60 staffers.
Trinity Financial secured the financing to redevelop a vacant industrial building at 85 Tremont St. in Meriden, Conn., into an affordable apartment complex. Keybank is providing nearly $25 million of the financing, with the remainder coming from federal and state funding options. Trinity aims to redevelop the historic 123,000-square-foot industrial building into 82 units of affordable housing.
The bank announced Russell will act as CIO and Global Head of Engineering starting Sept. 15, reporting to President and CEO Robin Vince. Russell will also be a member of the firm's Executive Committee. BNY Mellon says Russell will help adopt and apply emerging technologies at the bank, among other functions.
In observance of Juneteenth, Harbor will not issue a Mass General Brigham Market Intelligence briefing on Wednesday, June 19. Service will resume as usual on Thursday, June 20.
The loan is to refinance 776 Avenue of the Americas, also known as The Capitol, a 387-unit multifamily building in Midtown Manhattan. JPMorgan purchased 776 Avenue of the Americas in 2012 through a $130 million loan from HSBC Bank. Standing between West 26th St. and 27th St., the 39-story building opened in 2001 and spans 454,538 square feet. Amenities include a 24-hour concierge, a fitness center, a rooftop lounge, a dog wash, a movie theater and valet services.
A JV between Tredway and ELH MGMT secured the financing to purchase seven Section 8 housing buildings in Brooklyn's Fort Greene neighborhood. The portfolio includes the 97-unit Greene Clermont Houses at 80 Greene Ave., a 1982-built, seven-story property designated as senior housing. The other buildings in the transaction include Tri-Block Houses, a group of apartments at 36 Fort Greene Pl., 56 Fort Greene Pl., 35 St. Felix St., 42 St. Felix St., 51 St. Felix St. and 221-225 Ashland Pl. The JV plans to invest $10 million toward the buildings' renovations.
The bank will close its Brookdale branch at 1260 Broad St. in Bloomfield due to its forthcoming merger with Lakeland Bank. The bank will close on Aug. 30 and customer accounts and relationships are being transferred to the nearby branch at 11 Broad St. in Bloomfield. Provident announced its merger with Lakeland completed last month and said the combined banks will operate under the Provident Bank name and operate 140 branches across N.J. and parts of N.Y. and Pa.
The loan is for the refinancing of Pine Brook Place, a 240-unit apartment complex in Haverhill, Ma. The property was built on nine acres in 1974 and includes studio, one- and two-bedroom units across 10 buildings. Amenities include a pool, courtyard and onsite laundry facilities. The borrower was The Dolben Co.
The bank secured a $24 million loan for The Dolben Company to refinance existing debt on Pine Brook Place, a multifamily housing property in Haverhill, Ma. Pine Brook Place is a garden-style apartment community with 240 units across 10 three-story buildings. Built in 1974, Pine Brook Place offers amenities such as laundry facilities, a community courtyard, a swimming pool and storage facilities.
The financing loan will go toward Matrix Logistics Park - Mount Olive, an under-construction industrial park in Mount Olive, N.J. The loan is specifically for two properties in the park, a 196,748-square-foot facility at 2000 International Dr. and a 585,000-square-foot facility at 3000 Continental Dr. The facilities include high clear heights, loading docks and parking.
The bank provided the loan so Diamond Properties could acquire BSN Medical Distribution Facility in Conover, N.C. for $10.3 million. The seller was Founders Properties. Located at 1011 Keisler Road, the distribution center is fully leased by BSN Medical and was originally built in 2011.
The loan is for The Integral Group's Wellspring Apartments, a 99-unit affordable senior housing community in Opa-locka, Fla. The property, located at 14701 NW 27th Ave., will cater to seniors aged 62 and over and, upon completion, will include a mix of studio, one- and two-bedroom apartments with amenities. The property will also include a 44,000-square-foot medical office and wellness center.
A JV between Crown Acquisitions and Paramount Realty secured a $34 million loan to refinance its multi-building medical development at 100 Schulz Dr. in Red Bank, N.J. The JV acquired the six-building, 668,107-square-foot development in 2021 for $84 million. The facility will be fully occupied by National Veterinary Associates, who signed a 20-year triple-net lease in the building.
Wharton Properties sold the single-story building, located at 449 Myrtle Ave., which features a 6,250-square-foot Bank of America. The bank has been at the property since 2006 and recently extended its lease to 2034. Developer Peggy Ma bought the property since it's a credit-tenant backed retail building with long-term leases.
Argentic Investment Management bought the 37-story tower at 1 Independent Dr., which also includes a nine-level parking garage at 1 W. Bay St. and a three-level garage at 21 E. Bay St. The 650,000-square-foot tower and the nine-level garage were sold for $41.7 million and the three-level garage for $4.6 million. Banyan Street Capital was the seller.
A JV between The Mann Group and True North Management secured the financing loan from the bank to recapitalize a nine-asset portfolio of residential buildings with retail components across Brooklyn. Citigroup provided $20.2 million for a seven-asset section of the portfolio, and a $7.5 million loan for a two-building portion. Portfolio locations in Greenpoint, Brooklyn include 591 Manhattan Ave., 592 Manhattan Ave., 593 Manhattan Ave., 595 Manhattan Ave., 574 Manhattan Ave. and 602 Manhattan Ave., along with 126 Bedford Ave. in Williamsburg and 152 Norman Ave. in Greenpoint.
SMA Equities landed the $62 million of construction financing to continue building its multifamily asset in Lower Manhattan. The bank's loan is for the developer's 157-unit project at 280 East Houston St. SMA acquired the development site for $36.8 million in late 2022, and the project will be completed no later than 2026.
Montgomery Housing Partnership secured the $26.2 million Freddie Mac loan for its age-restricted housing community, Franklin Apartments. Located at 7620 Maple Avenue in Takoma Park, Md., Franklin Apartments is a mid-rise building that features 185 units. The property also secured $6 million in mezzanine financing from the Washington Housing Initiative Impact Pool, an affordable housing investment platform managed by JBG Smith.
The loan for Hudson Valley Property Group is to refinance Grandview Terrace Apartments, a 283-unit affordable multifamily property located at 222 St. Pauls Ave. in Jersey City. The property houses families with incomes between 60% and 90% of the area median income. The financing will aid with renovations, enhancing unit and common area amenities.
BNY Mellon was named to Fortune's "America's Most Innovative Companies" list for the second time since the award's launch in 2023. The list covers 200 companies that Fortune believes lead their respective industries in terms of innovation in products, processes and culture. BNY Mellon says the recognition belongs to its employees who "continuously invent better ways" to help clients and "set new benchmarks" for the industry.
Citizens received a 2024 Model Bank Award for Commercial Customer Engagement from Celent, a global financial services research and advisory firm. The award recognizes the bank's Citizens Digital Butler service, a secure and personalized digital onboarding program that includes a real-time chat channel. This is Digital Butler's third award, also receiving a 2023 Impact Award for Customer Experience from Datos Insights and a 2023 BAI Global Innovation Award.
The bank will vacate all 13 floors it occupies in a Charlotte, N.C., office tower with more than a year left on its lease as it looks to scale back on its real estate footprint. Bank of America's lease at Fifth Third Center, located at 201 N. Tryon St., expires in July 2025 but the bank plans to leave sometime in 2024. The building landlord, Cousins Properties, will renovate the space to try to attract replacement tenants.