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February 28, 2020


Commercial Banking

  • U.S. Green Building Council expands LEED for Cities and Communities Program with $500K grant from Bank of America


    Feb 25 -
    This is Bank of America's third grant supporting the program. The funding will assist 20 additional city and county recipients as they pursue LEED certification to address climate change, resilience and social equity challenges in their region. Cities and counties selected for the 2020 program represent more than 10 million Americans in urban and rural areas around the country.

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  • JPMorgan plans wealth management expansion through acquisitions, digital offerings


    Feb 26 -
    JPMorgan is plotting a wealth management expansion to capture a greater share from its existing client base by offering a range of investment and banking services bolstered by a hiring spree. The firm is planning for digital innovation and has a $1-billion annual budget for tech investments including AI and machine learning. The bank also intends to grow its existing brokerage force of 3,700 U.S.-based financial advisors with a focus on the Eastern U.S.


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  • JPMorgan Chase to reach 100% renewable energy for global operations


    Feb 26 -
    JPMorgan expects to reach its goal of 100% renewable energy sourcing for global power needs across its buildings, branches, and data centers by the end of this year. The firm initially set the 100% renewable energy target for 2020 in 2017. JPMorgan Chase's strategy to get there included:
    • Reducing energy consumption by implementing energy-efficient lighting and other technologies;
    • Deploying onsite renewable energy at retail branches and commercial buildings globally;
    • Executing power purchase agreements to support the development of new renewable energy projects on grids from which the company purchases energy; and
    • Purchasing renewable energy certificates to cover their remaining electricity supply.
    In addition to being on track for 100% renewable energy sourcing in 2020, JPMorgan Chase pledged to facilitate $200 billion in deals that advance the United Nations Sustainable Development Goals.

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Real Estate Finance

  • MMG Equity Partners sells Homestead shopping center for $23M


    Feb 26 -
    MMG Equity Partners sold the 85,714-square-foot Crystal Lakes Shopping Center at 3338 Northeast 7th Street for $265 per square foot to VF4 Crystal Lake. In addition to Presidente Supermarket, the center's tenants include 24-Hour Fitness and Goodwill. MMG developed the shopping center in 2019. The property was last purchased in $3.9 million in 2006, records show.

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  • Wells Fargo leading $973M construction loan for St. John's terminal


    Feb 26 -
    Wells Fargo was selected to lead the $973 million construction loan for Oxford Properties and the Canadian Pension Plan Investment Board's redevelopment plans of St. John's Terminal in New York City. The 1.3-million-square-foot project boasts Google as its sole tenant.

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  • Hunt Real Estate Capital lends $38M on N.C. luxe rental acquisition


    Feb 26 -
    EBSCO Income Properties scored $38.2 million in Freddie Mac-backed debt from Hunt Real Estate Capital for the acquisition and lease up of a newly-built, luxury rental building in Winston-Salem, N.C.‚Äč The Freddie Mac conventional lease-up financing helps cover EBSCO's $52.5 million purchase of the 229-unit West End Station Apartments at 206 North Green Street near downtown Winston-Salem in December 2019. The firm picked up the asset from a JV among The Carlyle Group, Chaucer Creek Capital and DPJ Residential. Of the asset's 229 units, there are nine different one-bedroom layouts and three different two-bedrooms. The property features a resident common area with a demonstration kitchen, a salt water pool, a yoga and spin room and fitness center, an elevated courtyard with a fire pit, a secured interior bike storage area, a dog park and a pet spa. And its parking garage is a controlled access lot that includes electric car charging stations. Monthly rents at the property range from $1,130 for 600-square-foot one-bedrooms to around $2,400 for nearly 1,200-square-foot two-bedroom residences.

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Commercial Bankruptcy

  • Restaurants Unlimited's Ch. 11 plan approved with caveat


    Feb 25 -
    Bankrupt dining chain owner Restaurants Unlimited received court approval in Delaware for its Chapter 11 plan, but not before a bankruptcy judge granted a request from a federal watchdog to rein in the scope of the plan's exculpation provisions. U.S. Bankruptcy Judge John T. Dorsey said he was in agreement with the Office of the U.S. Trustee that RUI was seeking to extend the exculpation protection of the Bankruptcy Code to too many individuals and entities and for actions taken before the Chapter 11 case was filed. In its proposed plan, RUI sought to exculpate the professionals who worked on the Chapter 11 case for their actions in the weeks leading up to the filing of the bankruptcy petition, and to extend the coverage of the provision to the plan sponsors that served as both prepetition secured lenders and debtor-in-possession lenders.

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  • Columbia Nutritional files for bankruptcy


    Feb 25 -
    Columbia Nutritional, a nutritional supplement manufacturer and distributor, filed for Chapter 11 bankruptcy protection. The filing comes after the company laid off 34 employees over the past two years to restore profitability. Part of the financial trouble came after the company expanded operations into Ohio, according to the company. It has since closed the Ohio plant.

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  • Cosi files for second bankruptcy amid changing dining habits


    Feb 24 -
    The Boston-based restaurant chain filed for Chapter 11 bankruptcy in Wilmington, Delaware, with assets and liabilities between $10 and $50 million, according to court documents. The filing comes after Cosi commenced a restructuring of its operations by closing 30 of its stores in December and increased its emphasis on catering. It previously sought creditor protection in 2016. The filing comes as the restaurant industry faces a reckoning of high debt levels and over-saturation in the market.

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