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February 21, 2018


Commercial Banking

  • Wells Fargo makes pair of senior hires in multi-asset solutions team


    Feb 15 -
    Wells Fargo hired Peter Weidner as head of factor solutions in its multi-asset solutions team. The bank also hired Mark Brandreth as a senior portfolio manager in the same team. Both men join from Schroders, where Weidner served as head of the advanced beta group, while Brandreth was head of portfolio construction and trading systems. Both men will report to Dan Morris, global head of Portfolio Solutions.

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  • Deutsche Bank sells banking, custody business in Cayman, Channel Islands


    Feb 15 -
    Deutsche Bank will sell its banking and custody business in the Cayman Islands and Channel Islands to the Bank of N.T. Butterfield & Son. The sale is part of an effort by Deutsche Bank to simplify its operations. Financial details of the sale were not revealed.

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  • Wells Fargo sells Puerto Rican assets for $1.7B


    Feb 14 -
    Wells Fargo will sell its Puerto Rican assets for $1.7 billion to Popular. As part of the deal, the bank will sell car loans and commercial loans from its Puerto Rican subsidiary Reliable Financial Service. According to the bank, restrictions imposed by the Fed, limiting its balance sheet to $2 trillion, were not a factor in the decision to sell.

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Real Estate Finance

  • MassHousing provide $135.5M financing to RHF for senior housing community in Boston


    Feb 14 -
    MassHousing provided $135.5 in financing to an affiliate of the nonprofit Retirement Housing Foundation (RHF) for the renovation of Symphony Plaza, a two-building affordable senior community in Boston, Mass. The refinancing was completed through the Federal Housing Administration’s Housing Tax Credit Pilot Program. MassHousing, together with lender partner Rockport Mortgage, provided a $74.5-million permanent loan through the Agency's Multifamily Accelerated Processing/Ginnie Mae Joint Venture Initiative.

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  • McSam Hotel secures $16.5M for New York development


    Feb 16 -
    McSam Hotel Group borrowed $16.5 million from Madison Realty Capital (MRC) to purchase a development site and complete the construction a 148-key hotel in Queens, N.Y.  McSam plans to complete construction of the building within approximately 15-18 months.

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  • BAM to continue selling assets in 2018


    Feb 15 -
    Brookfield Asset Management said it's selling off assets so that it will be ready to make a move in the next down market. The firm sold about $12 billion in mature assets in 2017 and will continue to do so in 2018. Brookfield has more than $25 billion in core liquidity and dry powder in its private funds. Brookfield also said it raised the initial capital for its third flagship RE fund and will begin fund raising for its new flagship PE fund in the first half of 2018.

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Commercial Bankruptcy

  • Remington seeking financing for bankruptcy filing


    Feb 8 -
    Firearms manufacturer Remington has made inquiries with banks and credit investment firms seeking financing that will allow it to file for bankruptcy. The move comes after the company secured a forbearance agreement with its creditors following a missed coupon payment on its debt, which currently sits at around $950 million. The company is seeking debtor-in-possession financing that will allow it to continue operations during the bankruptcy process.

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  • Ascent Resources files for Chapter 11


    Feb 6 -
    Shale driller Ascent Resources Marcellus Holdings filed for Chapter 11, as part of its plans to reduce around $1 billion in debt. Most of the company’s first and second lien lenders have voted in favor of the restructuring plan. Ascent currently owes $708 million on a first lien and $348 million on a second lien loan. The company plans to form a new board of directors once it emerges from Chapter 11 and its existing management team is still expected to continue to run day-to-day operations.

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  • Bon-Ton files for Chapter 11, plans sale


    Feb 5 -
    Bon-Ton Stores filed for Chapter 11, with plans to explore a sale of all or parts of the company. The company cited decreased sales as the primary reason for the filing, as well as an inability to pay down its more than $1 billion in debt. The retailer plans to close dozens of stores this year in Wisconsin, Pennsylvania, Illinois, Indiana and elsewhere. The company will continue operations during the process, after receiving $725 million in debtor-in-possession financing.

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