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August 25, 2019


Commercial Banking

  • Deutsche Bank requires CEO approval to fill job vacancies


    Aug 22 -
    The bank now requires division heads to ask for approval from CEO Christian Sewing, CFO James von Moltke and Deputy CEO Karl von Rohr to fill any open positions. Only roles seen as "critical" to the bank were to be submitted. The policy will reportedly be in effect until the end of 2019, when the bank will assess its impact.

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  • PNC Bank provides $18.5M loan to Corso


    Aug 21 -
    The capital will be used by Corso to refinance current debt. Corso is a fourth-generation family-owned and operated perennial grower and provider of landscaping services.

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  • Bank of America named Top Global Bank on Fortune's 2019 Change the World list


    Aug 19 -
    Bank of America was number eight on Fortune's annual "Change the World" list, which ranked 52 companies for innovative business strategies that positively impact the world. The bank is the top financial services firm on the list and was recognized for its work to address the affordable housing shortage across the country. Fortune noted Bank of America was "solving a housing puzzle" through innovative lending, financing and partnerships. Between 2005 and 2018, Bank of America financed 194,500 affordable housing units. In the last two years alone, the company's Community Development Banking unit financed affordable housing deals in more than 140 cities across the U.S. In 2018, it provided $4.7 billion in capital for affordable housing and community development, including financing 15,000 affordable housing units.

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Real Estate Finance

  • Ogden Cap Properties secures $125M JPMorgan loan


    Aug 22 -
    JPMorgan loaned $125 million to a pair of entities affiliated with Ogden Cap Properties for a property on East 31st Street in Manhattan's Murray Hill neighborhood. The loan is for Windsor Court at 155 E. 31st St., and part of the $125 million includes the assumption of existing debt as well as roughly $16.4 million in new financing. The property, which has 709 apartments and 32 floors, is located between Lexington and Third Avenues, and the 33rd Street station, where the Nos. 4 and 6 trains stop, is nearby. The building has 24-hour concierge and doormen, valet and package rooms and on-site attended parking with direct access to the building. There is also a large roof-top health club with a pool, exercise rooms, steam and sauna, sun decks and other amenities.

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  • Jones Lang LaSalle lands $140M financing for Mass. lab


    Aug 22 -
    The financing is for a 289,000-square-foot office and lab development located at 101 South Street in Somerville, Mass. and was arranged by JLL on behalf of a JV between DLJ Real Estate Capital Partners and Leggat McCall Properties. The development is still under construction and will serve as the largest state-of-the-art lab in the Somerville market. JLL said the project will feature nine stories of life science-centric space and roughly 13,500 square feet of ground-floor retail.

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  • Realogy HQ in N.J. sold to foreign investor


    Aug 22 -
    Gulf Islamic Investments acquired the headquarters of Realogy from The Hampshire Companies. The transaction is for the 270,000-square-foot office building at 175 Park Ave. in Madison, N.J., which is situated on more than 15 acres. No financial terms of the transaction were disclosed. The building features a number of amenities, including a fitness center, full-service cafe, and conference/team room facilities.

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Commercial Bankruptcy

  • Avenue stores hits Ch. 11 with plans to close all locations


    Aug 16 -
    Avenue Stores and three affiliates opened a Chapter 11 case in Delaware with more than $78 million in debt and plans already in motion to close all 222 of their stores in 33 states by the end of September. Avenue said in its initial disclosures that it had suffered operational losses stemming from, among other things, onerous lease obligations, underperforming retail locations, and the continued growth of online competitors and decline of in store shoppers. Avenue employs more than 1,900 workers at its stores and about 64 more at its New Jersey headquarters.

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  • Sanchez Energy files for Chapter 11 bankruptcy


    Aug 12 -
    Sanchez Energy, a Houston oil company that was once one of the most active drillers in the Eagle Ford Shale of South Texas, filed for Chapter 11 bankruptcy. Company officials listed $2.1 billion in assets and $2.8 billion in debt. Sanchez Energy CEO Tony Sanchez III said the company received commitments from some of its senior lenders for $175 million in fresh financing, of which $25 million will be used to repay debt and replace an old letter of credit.

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  • Landownwers object to Blackhawk DIP financing


    Aug 9 -
    A group of the owners of properties leased by bankrupt coal miner Blackhawk Mining are asking the court to reject the company's proposed post-petition financing, saying it depends in part on liens improperly attached to their leases. In a filing in Delaware bankruptcy court, the dozen landholders said the "overbroad and unnecessary" liens violate the terms of Blackhawk's leases and would grant debtor-in-possession lenders unlimited rights to occupy and use the properties if Blackhawk defaults without their consent. Blackhawk filed for Chapter 11 protection in June with $1.1 billion in debt and a plan to slash more than $650 million from its balance sheet through a prepackaged debt-for-equity swap.

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