PNC Bank will provide construction financing for Lineage, a new 300-unit multifamily development in Dacula, Georgia, being developed by Thompson Thrift. The project is capitalized through Thompson Thrift’s 2026 Multifamily Development LP fund. This move highlights PNC Bank’s continued activity in commercial real estate lending, supporting large-scale residential projects in the Atlanta metro area.
Provident Bank signed a 23,000-square-foot office lease at 9 Entin Rd. in Parsippany, New Jersey, expanding its commercial presence in the region. The lease was negotiated with CBRE representing Provident Bank and Newmark representing the landlord, American Equity Partners.
KeyBank entered into a multi-year agreement with the Portland Thorns, becoming the club's Official Retail Bank. The partnership includes the launch of programs focused on community impact, youth development, and financial empowerment, with a particular emphasis on expanding opportunities for girls and young women in Portland. KeyBank will invest in several Thorns initiatives, such as Community Captain, the Thorns Academy, and the Lead(HERS) of Tomorrow program.
Wells Fargo provided a $450 million, three-year CMBS loan to Global Holdings for the refinancing of NoMad Tower, a 39-story office property at 1250 Broadway in Manhattan's NoMad neighborhood. The loan was arranged by Eastdil Secured. NoMad Tower is home to several technology and fintech tenants.
Zenith Industrial Outdoor Storage, in partnership with J.P. Morgan Asset Management, secured a $130 million senior secured credit facility from KeyBank to refinance a 14-property industrial outdoor storage (IOS) portfolio spanning approximately 130 acres across the Southeast, Midwest, Rockies, and West Coast. The transaction reflects KeyBank's entry into the IOS sector, signaling maturation and growing institutional interest in this asset class. The portfolio is 98% leased and expected to remain stabilized for at least five years, with potential for rent growth as current in-place rents are below market rates
Hasbro entered into a Fourth Amended and Restated Revolving Credit Agreement with Bank of America and other lenders, establishing a senior unsecured revolving credit facility totaling $1.1 billion, with an option to increase by up to $550 million. The facility includes sub-facilities for letters of credit ($75 million) and swingline loans ($50 million). Pricing is tied to Hasbro’s credit ratings and leverage, and the term extends to February 20, 2031. The agreement is intended to enhance Hasbro’s liquidity and extend the maturity of its credit facility, supporting general corporate purposes and financial flexibility.
JPMorgan Chase plans to open approximately 160 new branches across about 30 states in 2026, as part of a multiyear, multibillion-dollar strategy to expand its physical presence. The bank will also renovate around 600 branches this year, with major expansion focused on North and South Carolina, Florida, Pennsylvania, Kansas, Massachusetts, and Tennessee. By 2027, Chase aims to open about 500 new branches, renovate 1,700 locations, and hire 3,500 employees. The expansion includes entering new markets, including low- to moderate-income and rural communities, to broaden access to affordable and convenient financial services.
Provident Bank appointed Joseph A. Tammaro, Jr. as Executive Vice President, Head of Middle Market Lending. Tammaro, who brings over 20 years of senior leadership experience in commercial banking, will oversee business development, customer relationship management, portfolio performance, credit quality, and risk management for Provident’s Middle Market Lending Group. He will also contribute to strategic planning and the delivery of lending, depository, Treasury Management, and foreign exchange solutions to middle market customers.
Wells Fargo expects loan growth, focusing on credit cards and auto lending, with mortgage momentum anticipated to recover. The bank's credit card business has seen consistent growth, driven by new products launched in recent years, and further expansion is planned, especially targeting wealth management clients. Following the U.S. Federal Reserve's removal of a $1.95 trillion asset cap in June, Wells Fargo is now able to pursue balance sheet expansion and invest in cards, auto lending, and investment banking.
KeyBank expanded its middle market commercial banking capabilities by hiring a five-person family office and private capital team in Overland Park, Kansas. This move demonstrates KeyBank's strategic focus on serving the growing influence of family offices and private equity sponsors in the middle market. The bank aims to differentiate itself by offering integrated family office banking services, combining sponsor finance, portfolio company support, and wealth advisory through a coordinated platform.
Banco Santander plans to acquire the holding company for Webster Bank for $12.2 billion, aiming to significantly expand its U.S. commercial banking operations. The combined entity will become a top 10 retail and commercial bank in the U.S. by assets and a top five deposit franchise in key Northeastern states. Post-acquisition, the bank will have $327 billion in assets, $185 billion in loans, and $172 billion in deposits. The transaction is expected to close in the second half of the year, pending customary approvals.
Bank of America served as credit agent to TrueBlue, which extended existing credit agreement, converting its revolving credit facility into an asset-based lending structure. The arrangement ties borrowing capacity to eligible and unbilled accounts, reduces the revolver size to $175 million, and maintains an option to increase by $150 million with lender approval. Co-lenders included Wells Fargo, PNC Bank, KeyBank, and HSBC.
Wells Fargo provided a $190 million floating-rate loan to National Development for the refinancing of two adjacent multifamily properties in Boston's South End: the 315-unit Ink Block and the 180-unit 7INK. The financing was arranged by CBRE. Ink Block, which opened in 2021, includes 13% affordable units and 78,000 square feet of retail space, while 7INK opened in 2022.
UBS provided a $23.5 million loan to refinance two retail condominium units in Miami's Brickell district. The loan covers a 15,302-square-foot retail space at 8 Southeast Eighth St., and a 6,888-square-foot retail condo at 1300 South Miami Ave.
U.S. Bancorp announced that Souheil Badran, its senior executive vice president and chief operations officer, will retire this spring. Badran, who joined in late 2022, played a key role in shaping the bank's operations strategy, focusing on automation, artificial intelligence, and efficiency improvements in contact centers. The company has a succession plan in place to ensure a smooth leadership transition.
Citigroup announced leadership changes within its corporate and investment banking divisions as part of CEO Jane Fraser's strategy to enhance the bank's competitiveness against major Wall Street firms. Jason Rekate and John Chirico have been appointed as global chairs for corporate and investment banking, respectively. Marcelo Marangon and Kaleem Rizvi will serve as co-heads of corporate banking. These moves follow the arrival of Viswas Raghavan, formerly of JPMorgan Chase, who has led a hiring spree, bringing in over a dozen high-profile bankers from competitors. The bank is also encouraging greater collaboration across business lines to drive deal-making and expand revenue opportunities.
Bank of America served as a joint-lead arranger and a joint-lead bookrunner for Installed Building Products, which completed a $500 million private offering of 5.625% senior unsecured notes due 2034. The company also amended its asset-based lending revolving credit facility, increasing commitments to $375 million and extending the maturity to 2031. The proceeds from the notes will be used to redeem outstanding 5.75% senior unsecured notes due 2028 and for general corporate purposes.
Wells Fargo provided $224.3 million in bridge financing to a JV of the Carlyle Group, Fetner Properties, and Lions Group for the Italic, a 49-story multifamily tower in Long Island City, Queens. The financing, arranged by JLL Capital Markets, will support the asset as it completes lease-up and moves toward stabilization. The Italic features 254 market-rate and 109 affordable units, with 10,300 square feet of ground-floor space, and is positioned near major business districts and transportation links.
BNY reported a sharp increase in fourth-quarter profit and raised its medium-term return on tangible common equity target to about 28%, up from 23%. Profit attributable to shareholders rose to $1.43 billion, driven by higher interest rates, strong equity markets, and a 14% jump in assets under custody and administration to $59.3 trillion. Net interest income grew 13%, well above expectations, reflecting favorable market conditions.
Douglaston Development landed the bridge loan to refinance AtlanticBK, a 456-unit mixed-income residential development at 1057 Atlantic Ave. The loan will support lease-up and stabilization. The 17-story apartment building, which began leasing in late 2025, includes a mix of one- to three-bedroom units as well as amenities, ground-floor retail and "lifestyle" spaces.
KeyBank Real Estate provided the loan for Conserve Holdings' acquisition of Echo at Forest View Apartments at 1047 East Lawn Dr. in Forest, Virginia. Conserve Holdings purchased the apartment complex from Maddox Construction. Renovations to the 2010-built facility are planned, including upgrades to units and amenities aimed at creating more long-term value.
The loan is to refinance the 746-unit project at 77 Commercial St. that opened in 2024. The lender converted a previous $430 million bridge loan originated last year into a five-year term according to Clipper Equity, the borrower. Clipper Equity said the property was able to get more long-term debt after achieving stabilization it being 95% leased.
The bank abought the 25,030-square-foot building housing JPMorgan's Chase Miami Beach branch and offices at 1801 Alton Rd. The U.S. Social Security Administration is also a tenant. The seller was an entity managed by Coral Gables-based investor Dominic Cavagnuolo.
Beurden will also become co-CEO of the newly combined Consumer Banking and Lending division alongside Kleber Santos, who previously led Consumer Lending. The restructuring is intended to streamline consumer operations while allowing Van Beurden to devote significant time to accelerating AI adoption across the bank. Wells Fargo deployed AI tools to 180,000 desktops and trained more than 90,000 employees as it prepares to scale generative and agentic AI use cases.
JPMorgan Chase is nearing completion of its new $3 billion headquarters at 270 Park Avenue in Midtown Manhattan, which will house over 10,000 employees and feature 60 floors of amenities. The bank is implementing advanced security measures, requiring biometric data (such as palm, fingerprint, or ocular scans) for building access, following recent safety concerns in the area.
Ten of the world's largest banks - including Banco Santander, Bank of America, Barclays, BNP Paribas, Citi, Deutsche Bank, Goldman Sachs, MUFG Bank Ltd., TD Bank Group and UBS - have announced a joint initiative to launch a G7-backed stablecoin. The digital currency will be fully reserve-backed 1:1 by major G7 fiat currencies and is designed to enable secure, regulated transactions on public blockchains. The project looks to bridge centralized banking and decentralized finance, offering a transparent and compliant payment solution that adheres to financial laws and anti-money laundering standards. Experts suggest this could modernize global payments and reduce reliance on intermediaries such as SWIFT, signaling a significant move in commercial banking toward blockchain integration and digital asset adoption.
Deutsche Bank agreed to acquire Hamburg Commercial Bank's aviation finance portfolio, which consists of performing loans valued at approximately $450 million. The move strengthens Deutsche Bank's position in aviation finance, leveraging its 30 years of expertise in the sector. The acquisition, completed through a competitive multi-stage bidding process, is expected to close at the end of October 2025.
The bank said it will acquire FirstBank for $4.1 billion, marking a major expansion into Colorado and Arizona. PNC says the deal strengthens its regional footprint and adds FirstBank's retail and commercial banking operations. FirstBank's existing branches and customer base will integrate into PNC's network, which PNC says aligns with its ongoing strategy to grow through targeted purchases in high-growth markets.
The bank sold a $120 million loan tied to 444 Madison Avenue, located in New York City, after owner Westbrook Partners defaulted, enabling a JV between Savanna and Summit Properties to acquire the Midtown office building for $50 million. The sale was structured as a short sale, with Wells Fargo accepting a discounted payoff instead of pursuing foreclosure. Westbrook purchased the leasehold for $314 million in 2007, but the property was only 52% leased by late 2024.
Wells Fargo asked a Maryland federal court to approve a receiver's $17 million sale of two Baltimore hotels tied to a $52.4 million defaulted loan. Receiver Trigild IVL has agreements to sell the Fairfield Inn & Suites White Marsh to Ken Talati and the Hampton Inn by Hilton Baltimore/White Marsh to WM Hospitality, each for $8.5 million. The bank argued the sales are fair, supported by defendants and necessary given nearly $50 million still owed on the loan. Wells Fargo said the transactions would stabilize the hotels' operations and benefit staff and vendors under new ownership.
ANZ is considering a workforce reduction of up to 5,000 positions as part of a restructuring initiative led by CEO Nuno Matos. The proposed cuts could affect approximately 2,000 roles in the retail sector and 3,000 across other divisions, though the final number isn't confirmed. The restructuring is in response to increased capital requirements from Australian regulators and aims to improve ANZ's corporate culture and risk management.
MKF Realty used the loan to fuel its $205 million purchase of 512 West 22nd St., a 172,000-square-foot, Class A office building in New York City. Vornado Realty Trust was the seller. MKF Realty says the property delivers "enduring value in any market cycle" and the purchase aligns with its portfolio of "sustainable, premium assets."
PNC appointed Amy Wierenga as its next chief risk officer, effective Sept. 8, 2025. Wierenga, who joined PNC in Feb. 2024 as head of financial and model risk, will oversee the bank’s chief credit officer, chief market risk officer, chief model risk officer and credit risk review organizations. She will join PNC’s executive committee and report to CEO Bill Demchak. Wierenga succeeds Kieran Fallon, who will move to PNC’s legal department as deputy general counsel and strategic regulatory adviser. Prior to PNC, Wierenga was chief risk officer at GCM Grosvenor and held senior risk roles at BlueMountain Capital Management and the Federal Reserve Bank of Chicago.
Perito was named Senior Vice President and Head of Corporate Strategy, reporting to EVP and Chief Accounting Officer Adriano Duarte. Perito will lead the bank's strategic planning efforts, focusing on growth, market alignment and long-term value creation. He brings nearly 15 years of experience in financial services and fintech.
Wells Fargo's board of directors promoted CEO Charlie Scharf to also serve as chairman, reversing a 2018 decision to separate the roles following the bank's customer account scandal. The board amended its bylaws to enable this change, signaling confidence in Scharf's ability to position the company for future success.
BofA is highlighting a significant trend in commercial banking: the increasing adoption of real-world asset tokenization, especially in real estate and equities. The bank notes institutional interest in tokenizing traditional assets is growing, with a potential $16 billion market shift toward blockchain-based systems. The move is seen as a foundational step in modernizing asset management, enabling faster, more secure and transparent transactions. However, regulatory and compliance challenges remain, and BofA expects the transition to unfold over several years.
BridgeCity Capital and Deutsche Bank provided a $320 million construction loan to Bushburg Properties for the conversion of 80 Pine St., a 41-story office tower in Manhattan’s Financial District, into 713 residential units. The financing, arranged by Arrow Real Estate Advisors, supports the transformation of the building’s lower floors as part of a mixed-use redevelopment.
Investment manager Barings sold the New York City property at 560 West 43rd St. in Midtown West to JPMorgan. Named Riverbank, the property was built in 1987, offers 43 studios as well as 270 one-, 62 two- and 43 three-bedrooms, with nearly 18,000 square feet of retail on the ground level. JPMorgan says the sale offered a rare opportunity to acquire a fee-simple, fair-market property in Manhattan at significantly below replacement cost.
Goldman Sachs is reportedly considering BNY Mellon as a potential acquisition target as part of a broader push into institutional finance, following setbacks in consumer banking. Goldman Sachs and BNY Mellon recently announced a JV to launch tokenized money market fund services using a blockchain developed by Goldman. Goldman is also exploring targets in private credit, non-bank lending.
Deutsche Bank launched card acquiring services for Bolt across Europe and the U.K., enhancing Bolt's payment options and streamlining card processing via Visa and Mastercard using Silverflow's infrastructure. Deutsche Bank acts as the card acquirer, providing regulatory support and facilitating efficient settlement and payouts for Bolt. The partnership strengthens Deutsche Bank's position in the European payments sector and aligns with its strategy to deliver scalable, regulatory-compliant payment solutions for platform businesses. The collaboration also complements Deutsche Bank's recent partnership with Silverflow, aimed at modernizing card processing and introducing innovative acquiring models.
Northern Trust publicly denied rumors of merger talks with Bank of New York Mellon (BNY Mellon), with CEO Michael O'Grady stating during the bank's Q2 earnings call that Northern Trust is committed to remaining independent and has not engaged in any discussions regarding a sale. Northern Trust emphasized its focus on executing its independent strategy to deliver shareholder value. This development highlights ongoing competitive dynamics and regulatory scrutiny in the commercial banking sector, particularly regarding large-scale mergers and acquisitions.
The bank provided the loan for a fully leased section of 415 West 13th St. The building includes a mix of retail and office units, most of which are occupied. Tenants include Estee Lauder, along with a health club, an aviation supply company and an arts facility. The building is 68% leased.
Citizens Bank will open a branch at 20249 Route 19 in Cranberry Township, Pennsylvania, replacing a former NexTier Bank location. The branch will be a one-story, 6,180-square-foot building, with additional infrastructure improvements including new sidewalks and vehicle entrances along Nicklas Drive.
JPMorgan and Citibank provided the financing for Brookfield Properties' building at 1 Eagle St., a 745-unit double high-rise. The property opened for leasing in 2022 as part of Brookfield's "Greenpoint Landing," a master-planned development with an aim of 5,500 residential units. Brookfield acquired the site in 2018 as part of a deal with owner Park Tower Group.
Gotham Organization secured a $460 million debt package from Wells Fargo, which comprises a $200 million floating loan and $260 million in fixed-rate debt. The loan is for Gotham West, a 1,238-property was developed in 2013. Located between 44th and 45th St., amenities at Gotham West include two fitness centers, a roof deck, a coworking space, playrooms for children and a courtyard.
The bank closed a $208 million Low-Income Housing Tax Credit fund to finance the construction and rehabilitation of over 2,000 affordable housing units across 11 states, including Pennsylvania. The fund will support 15 multifamily properties serving seniors, families, people with special needs and the homeless. Funding came from PNC and seven financial and insurance sector partners. PNC says the fund reflects its long-standing commitment to addressing the national affordable housing shortage.
Mack Real Estate Credit Strategies will use the loan to refinance its portfolio of seven Holiday Inn, Hampton Inn and Candlewood Suites-branded hotels in Manhattan. Mack purchased the properties in 2021 from a JV between Hersha Hospitality Trust and Cindat Capital Management. The portfolio includes the Holiday Inn Express Times Square, Candlewood Suites Times Square, Hampton Inn Times Square South, Hampton Inn Chelsea, Hampton Inn Herald Square, Holiday Inn Wall Street and Holiday Inn Express Wall Street, and all seven were renovated by Hersha in 2017.
A JV between CDS International Holdings and Greenwall Capital Management borrowed the loan from Bank of America for Worthing Place, a 217-unit property in Delray Beach, Florida. The companies acquired Worthing Place in November 2023 in an all-cash deal. The JV said the financing will help maintain the residential community's "quality."
JPMorgan Chase announced the opening of 14 Financial Centers across California, Massachusetts, Florida and New York to serve its Private Client tier, who have over $750,000 in qualifying deposits and investments. These centers, acquired in May 2023 from First Republic, are located in affluent areas like Palm Beach, Napa, New York and Cambridge. They aim to provide a highly personalized service backed by JPMorgan Chase's global capabilities, featuring private meeting spaces and senior private client bankers for personalized support.
Tishman Speyer acquired 148 Lafayette Street from Epic, marking its first office purchase in the U.S. since 2021. Blackstone provided a $68.3 million acquisition loan for the purchase. The 153,000-square-foot spans 12 stories. The acquisition comes amid a resurgence in investment sales in the SoHo neighborhood, driven by a booming retail market.
Grover Corlew obtained the loan for the refinancing of two adjacent office properties in downtown Boca Raton, Florida. The Palmetto Park City Center is located at 120 E. Palmetto Park Rd. and the Bank of America Tower is located at 150 E. Palmetto Park Rd. Both properties are nearing full occupancy.
The bank's asset management arm says Ma brings over 20 years of financial services and consulting experience to the Investment Office role, including nearly 10 years heading the investment strategies and processes for a leading wealth management firm. Ma will be tasked with developing investment solutions for both individual and institutional clients. He will lead a team that establishes the overall strategic and tactical asset allocation guidance for client portfolios, manage the evolution of investment processes and provide thought leadership on key investment issues.
Global Student Accommodation obtained the loan for the refinancing of a 23-asset student housing portfolio across the U.S. The student communities are spread across 14 states, including the Yugo Columbia Lofts in Columbia, South Carolina. The 170-unit, 330-bed property was originally a 1945-built warehouse revamped to living space.
Due to the Memorial Day holiday, Harbor will not issue a briefing on Monday, May 26. Service will resume as usual on Tuesday, May 27.
The banks collaborated on a $250 million loan for the Durst Organization's 1155 Avenue of the Americas tower. The 800,000-square-foot building, renovated for $130 million last year, hosts tenants like Perkins Coie. 1155 Avenue of the Americas was constructed in 1984.
A JV between Carr Properties and National Real Estate Advisors closed on a $650 million loan to refinance One Congress, a 1 million-square-foot office tower in Boston. Wells Fargo and Bank of America collaborated on the financing. The trophy office asset features a full-floor amenity center with food and beverage service, a 15,000-square-foot rooftop terrace space, a 7,000-square-foot fitness center and a triple-height lobby with coffee bar and seating.
The bank says it will open over 150 branches by the end of 2027 as part of its efforts to expand its physical presence across the U.S. The bank will open 40 new branches this year, with an additional 70 sites planned for 2026. Bank of America currently has around 3,700 branches across the U.S., but the bank notes that figure may come down a little by 2027 as it consolidates branches in more mature markets.
The bank named Andrew Kresse and Brian Lamb to lead two key sectors in its commercial banking business. Kresse, a two-decade company veteran, will co-lead the Innovation Economy sector, along with John China, and Lamb will head the Specialized Industries sector. The move follows a greater leadership reshuffle in February in which Melissa Smith and Matt Sable were appointed co-heads of commercial banking.
Coughlin was promoted to President of Citizens Financial Group, expanding his responsibilities to include Enterprise Data & Analytics and Marketing. He will continue leading Consumer Banking, Private Banking and Wealth, reporting directly to CEO Bruce Van Saun. Coughlin has spent two decades at the company, driving growth with projects like point-of-sale financing with Apple and the launch of Citizens Private Bank. The bank also announced the departure of CFO John Woods, who is leaving for an opportunity elsewhere.
Lenders Citizens Bank and Synovus Bank took ownership of 400 South Tyron St. in uptown Charlotte with a $36 million credit bid, one-third of the property's $115.3 million assessed value. Former owners Oaktree Capital Group and Trinity Capital Advisors fell behind on loan payments in July 2023 and lenders foreclosed on the property in December 2024. The property, built in 1975, is 23% occupied.