News & Events

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intelligence
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December 9, 2019


Commercial Banking

  • Citi taps HighRadius for cross-border payments service


    Dec 4 -
    Through a tool called Citi Global Collect, Citibank is speeding up cross-border payments for international business clients by eliminating the need for businesses to convert bill amounts to the currency of the recipient. Citi clients can upload and send digital invoices through Global Collect, and the payer chooses when they want to pay and what currency they want to use. The technology solves foreign exchange exposure, so if payers want to pay 60 days after receiving the invoice, they pay the agreed-upon amount when they receive the invoice regardless of rate changes.

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  • Wealth apps falling short in customer satisfaction: J.D. Power


    Dec 3 -
    The J.D. Power 2019 Wealth Management Mobile App Satisfaction Survey revealed wealth management apps are lagging other financial services in customer satisfaction, including apps from credit card companies, banks and insurance companies. The report shows Charles Schwab and Wells Fargo rank highest among wealth management apps. Other findings include:
    • Security, simplicity and personalization are critical but inconsistent: Overall satisfaction improves by 43 points when customers perceive their personal information on an app is very secure, but one-third of customers say their firm misses the mark;
    • Millennials most likely to be influenced by the app experience: Among Millennials who say the overall mobile app experience is outstanding, 77% strongly agreed they are likely to sign up for additional products and services, vs. just 26% of those with lower satisfaction; and
    • Communication is vital but challenging: Nearly half of wealth app users indicate that the ability to send and receive secure messages is the most important communication tool provided by the app. However, 36% of customers do not find this feature very easy to use.


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  • JPMorgan signs data sharing agreement with Envestnet Yodlee


    Dec 5 -
    Through the agreement, customers will be able to pull their account information into applications supported by the data aggregator and wealth management platform provider via a direct pipeline. Envestnet Yodlee said discussions with the bank had been ongoing for a year. 

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Real Estate Finance

  • Orda Management puts 225 Park Ave. South up for sale


    Dec 5 -
    Orda Management is looking to sell the 675,000-square-foot office property for as much as $800 million. Orda owned the two buildings at 225 and 233 Park Avenue South for more than 60 years.

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  • CitizenM scores $48M loan to build Brickell hotel


    Dec 5 -
    CitizenM scored a $48.3 million construction loan to build a hotel at the former site of Perricone's Marketplace & Cafe in Brickell. The hotelier secured the loan from Manufacturers and Traders Trust for the 252-key hotel at 955 South Miami Avenue in Miami. The Brickell hotel will span about 160,000 square feet and will be 18 stories tall.

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  • Mondrian Park Avenue scores $135M financing from KeyBank, Fidelis


    Dec 6 -
    Moin Development locked in $135 million in financing from KeyBank and Fidelis Asset Management backed by its 190-key NoMad hotel Mondrian Park Avenue. The three-year debt package comprises a $110 million senior mortgage from KeyBank and $25 million in mezzanine debt from Fidelis. The financing retires roughly $127 million in previous debt provided by JPMorgan in December 2017. The prior loan refinanced the debt used to redevelop the asset, located at 444 Park Avenue South.

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Commercial Bankruptcy

  • RAIT Financial's $174M Ch. 11 sale to Fortress approved despite challenge


    Dec 5 -
    A Delaware bankruptcy judge approved real estate venture RAIT Financial Trust's $174 million Chapter 11 sale to Fortress Investment Group over objections from equity holders calling for a denial or delay to allow pursuit of a different tentative restructuring support offer. U.S. Bankruptcy Judge Brendan L. Shannon said at the end of the contested sale hearing that RAIT met the Bankruptcy Code's obligations to show a substantial business purpose and fair price for the deal, and that it was reached in a good-faith process with adequate notice to stakeholders. The deal will hand over to Fortress all the company's assets, liability and equity, with general unsecured and senior creditors paid in full but reduced recoveries to other groups and a wipeout for preferred and common stockholders.

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  • PG&E reportedly close to $13.5B deal with wildfire victims


    Dec 5 -
    The California utility would pay half the total in cash and the rest in stock in the newly reorganized utility. The cash portion would be paid in a lump sum upfront, and the rest would be paid over 18 months. No final agreement has been reached, and the talks could still fall apart.

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  • Carlyle's Acosta files for bankruptcy amid waning budgets


    Dec 1 -
    Acosta filed for Chapter 11 bankruptcy in Wilmington, Del., with support from creditors on a plan that would hand them ownership of a reorganized company and slash $3 billion of long-term debt. Creditors including Elliott Management, Oaktree Capital Management, Davidson Kempner Capital Management and Nexus Capital Management agreed to the deal. The deal provides $325 million in new capital and preserves about 30,000 jobs. Acosta said it has commitments from lenders for a $150 million loan to keep the company operating during the reorganization.

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