News & Events


August 15, 2020

Commercial Banking

Real Estate Finance

  • Taurus Investment purchases Miami retail property for $26M

    Aug 13 -
    The deal is for 1050 N.W. 14th St., a 74,463-square-foot property, and the seller is Rockpoint Group. The property was built in 2015.

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  • Round Hill pays $49M for suburban Raleigh community

    Aug 13 -
    A partnership between Round Hill Capital and Cortland completed the $49.2 million acquisition of Cortland Cary, a 205-unit community in Cary, N.C., from Leon Capital Group. Located at 1106 Scenic Club Drive, the community was delivered in 2019. The unit mix includes studio and one- to three-bedroom floorplans ranging from 549 to 1,518 square feet. Amenities include a gym, a yoga studio, a swimming pool, coworking spaces and a dog park.

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  • JLL closes sale of Orlando office asset

    Aug 14 -
    The sale was for 1925 Prospect Ave., a 20,600-square-foot office property in Orlando, Fla. Baldwin Oak acquired the asset for $5.9 million. Built in 2006, the two-story building is occupied by Cuhaci & Peterson Architects and Engineers.

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Commercial Bankruptcy

  • Apollo to provide Aeromexico with up to $1B in DIP financing

    Aug 13 -
    Aeroméxico, a Mexican carrier that filed for Chapter 11 bankruptcy protection in the U.S. at the end of June, received commitments for a $1-billion DIP term loan facility from Apollo. The airline may only use the proceeds for certain permitted expenses, including certain working capital expenses and general corporate purposes, as well as restructuring costs.

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  • Hertz asks for a loan as it tries to restructure

    Aug 11 -
    Hertz's DIP filing indicated the company has $1.4 billion of cash on hand, though revenue plunged 67% in Q2. Hertz did say demand has slowly started to recover each month, but it's nowhere near pre-COVID-19 levels. The company said it's looking for new sources of cash as proceeds from the sale of its cars is going to pay off creditors. Hertz raised $29 million from selling its stock before questioning by SEC officials led the company to terminate plans to offer as much as $500 million of equity.

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  • Lucky Brand's $192M Chapter 11 sale approved in Del.

    Aug 12 -
    A Delaware judge approved the $192 million sale of apparel retailer Lucky Brand Dungarees to a stalking horse venture led by SPARC Group, with the debtors saying they soon intend to submit a Chapter 11 plan to make distributions to creditors. Lucky received approval for its plan to sell assets on a shortened timeline amid uncertain economic conditions caused by the coronavirus pandemic. Lucky said it believed the shortened sale timeline was appropriate given the circumstances. SPARC Group and a group of lenders will purchase Lucky Brand's assets using $140.1 million in cash and a credit bid of roughly $51.5 million, according to court filings.

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