Commercial Banking

February 21, 2024

At the Wall Street Journal Health Forum in Boston, CVS Health CMO Sree Chaguturu said the $1,000-per-month cost of GLP-1 drugs for obesity and diabetes is "egregious" and "outside of the needs of normal, regular, everyday Americans." His remarks follow commentary by CVS executives in late 2023 that the high cost of GLP-1 drugs such as Wegovy and Zepbound is contributing to higher pharmacy costs. Last year, CVS CEO Karen Lynch said understanding the cost of GLP-1 drugs is a top priority for the company.

February 21, 2024

The bank provided the mortgage loan to Self Storage Ventures Miami for its 41,400-square-foot site at 3500 N.W. 35th St. The developer purchased the property for $3.35 million in Dec. 2023 and will build 98,090 square feet of self-storage space on site.

February 20, 2024

The bank's Board of Directors appointed Michael P. Lyons president of the corporation and its wholly owned banking subsidiary, PNC Bank, National Association, effective immediately. PNC's primary operating lines of business and the Regional Presidents Office will report to Lyons, who reports to chairman and CEO William S. Demchak. Lyons has been EVP and Head of Corporate & Institutional Banking since he joined PNC in Oct. 2011.

February 16, 2024

Due to the President's Day holiday, Harbor will not issue a Emmet Market Intelligence briefing on Monday, Feb. 19. Service will resume as usual on Tuesday, Feb. 20.

February 15, 2024

The bank provided $75 million in construction financing to Brause Realty for its 20-story building with 157 apartments at 729 Second Avenue in Murray Hill. The structure will span 154,000-square-feet and rise 220 feet. The building will also include 48 affordable units.

February 14, 2024

The bank's investment aims to extend access to banking services and financial expertise for customers and communities across the country. The plan includes an approximate $1 billion investment to open more than 100 locations and renovate more than 1,200 existing locations through 2028. PNC will build and open branches in key locations, including Austin, Dallas, Denver, Houston, Miami, and San Antonio, among others and renovate existing locations to improve customer experience.

February 07, 2024

The bank is expanding its brick-and-mortar footprint by adding 500 Chase bank branches over the next three years, with plans to also renovate 1,700 existing bank locations across the U.S. Banks will be added to existing markets including Boston; Washington, D.C.; Charlotte, N.C. and Philadelphia and in new markets, including low- to moderate-income rural communities that previously had little access to traditional banking services. JPMorgan says its multi-billion-dollar expansion effort will also contribute to local economic growth through the addition of 3,500 employees, including construction jobs and local hiring upon completion.

February 01, 2024

The bank will invest in the development and rehabilitation of affordable rental housing for families, young adults and seniors across the U.S. The fund includes investments from PNC and six other banks and insurance companies in the U.S. The $127 million housing fund will provide financing for more than 1,834 affordable housing rental units in 15 multifamily properties in 10 states and many of the projects will serve special populations, including young adults aging out of foster care, people experiencing homelessness and heads of household with a disability, veterans and low-income families.

February 01, 2024

The bank said U.S. workers are eligible for the award if they earned less than $75,000, and their total cash compensation was less than $85,000, in 2023. Employees must also meet certain criteria related to job performance and conduct to qualify. Select international employees are also eligible, including employees in India and the Philippines. Wells Fargo said the bonus is to recognize the work their employees do for customers and clients.

January 29, 2024

Terra and Grass River secured the loan for Grove Central, a completed mixed-use project in Miami. The loan will be used to pay off the development's existing construction loan. The property features a 23-story residential tower, as well as 170,000 square feet of retail space, over 95% of which has been leased.

January 24, 2024

The bank upgraded its AI-powered assistant, Erica, to provide more "sophisticated" personal finance advice to customers as part of its strategy to boost investments in technology and forge strategic partnerships to improve customer experience and operational efficiency. BofA has also teamed up with Paxos to offer blockchain-enabled stock settlements, which the bank says will expedite the settlement process. Lastly, BofA launched Global Digital Disbursements in Canada, which allows for business-to-consumer and consumer-to-business payments using an email address or mobile identifier, in a bid to streamline payment processes and boost convenience.

January 16, 2024

Conserve Holdings will use the loan to purchase the 183-unit Cottage Trails Apartments, located in Chesapeake, Va., from Independence Realty Trust. Located at 3000 Conservancy Drive, the 2012-built property features amenities including a swimming pool, a fitness center, a dog park and an outdoor grilling area.

January 12, 2024

Due to the Martin Luther King Jr. Day holiday, Harbor will not issue an Emmet Market Intelligence Briefing on Monday, Jan. 15. Service will resume as usual on Tuesday, Jan. 16.

January 12, 2024

The bank is leaving its space in the Wells Fargo Capitol Center at 150 Fayetteville St., though notes there would be no job losses associated with the move. Employees will be relocated to other buildings Wells Fargo occupies in area. Wells Fargo says the move was prompted by the need to trim expenses.

January 08, 2024

A JV between MAG Partners and Safanad will use the loan to capitalize a seven-story, 181-unit mixed-use multifamily building in Manhattan's Chelsea neighborhood. The property is located at 335 Eighth Avenue and is currently under construction. On top of residential units, the building will feature 30,000 square feet of amenities, including a fitness center, a media lounge, a coworking space, a ground-floor private garden and a rooftop garden.

January 02, 2024

The bank provided the loan for the acquisition and rehabilitation of Cambridge Square Apartments, a 204-unit affordable housing property in Pittsburgh. Cambridge Square Apartments consists of eight three-story buildings with one-, two- and three-bedroom units. Residents have access to services such as healthcare education, financial and computer literacy, childcare, youth activities, nutritional services, disability services, tenant homeownership training and parenting programs.

December 20, 2023

The bank provided $293 million in Fannie Mae financing for Lyra, a 590-unit apartment building in Manhattan's Hudson Yards neighborhood. The property was completed in 2022 and features assorted amenities, a full-time doorman and ground-floor retail space. The borrower was Rockrose Development.

December 12, 2023

The bank said it will build a cohesive campus in Lake Mary, Fla. that will span across two locations totaling 300,000 square feet. This includes 200,000 square feet of new office space at 600 Colonial Center Parkway and renovations to its existing 100,000 square foot building at 300 Colonial Center Parkway. Expected to be completed in 2024, BNY Mellon is also planning updated amenities and renovations at the campus, including:

  • New common areas for colleagues to work together;
  • Full-service cafeteria;
  • Conference center;
  • Coffee bar; and
  • Wellness facilities, including a gym, quiet rooms, and areas for nursing mothers.

December 12, 2023

The bank released its sustainably manufactured debit and ATM cards in a collaboration with Mastercard. The cards are manufactured using 90% recycled PVC and feature Mastercard's Touch Card notch, which helps with card recognition for customers who are blind and partially sighted. The reissuance for consumer and business debit and ATM cardholders will begin in January 2024, converting all Citizens' debit and ATM cards to Mastercard.

December 06, 2023

Naftali Group nabbed $236 million of construction financing for its planned condominium development project on Manhattan's Upper East Side. JPMorgan and Starwood Property Trust provided the loan for the 62-unit residential condo building at 255 East 77th Street. Naftali Group purchased the property from Sky Management in Dec. 2021 for $72.6 million.

December 04, 2023

Hale joins the bank as co-head of Equity Capital Markets (ECM) where he will co-lead the team alongside Jill Ford. Clay and Ford will drive origination activity, lead equity capital markets transactions across multiple industries, and support Corporate & Investment Bank growth ambitions. With nearly 30 years of investment banking experience, Clay spent 20 years in Citigroup's ECM business where he held leadership roles.

November 30, 2023

The bank said the first of the half-dozen branches opening will be in Kendall Place at 10600 N. Kendall Drive. Four other PNC Bank locations in Doral, Little Havana, Midtown Miami and the 7th Avenue corridor will open in Q3 and Q4, with a Hialeah branch opening in Q1 2025. The additional locations will more than double PNC's presence in Miami-Dade County, where it already has four branches along with a 6,000-square-foot office in the Plaza Coral Gables.

November 30, 2023

A JV between MAG Partners and Safanad secured the construction loan for a 23-story, 194-unit, mixed-use luxury residential development at 300 East 50th Street in Midtown Manhattan. Set for completion in Q4 2025, 300 East 50th will include over 142,000 square feet of residential space across nearly 200 units and include approximately 4,888 square feet of retail space. Unit sizes will range from one- to three-bedroom apartments, with building amenities including a courtyard, a rooftop garden, a coworking lounge, a fitness center, a pet spa and individual tenant storage.

November 28, 2023

The bank, which already occupies space within the $25 billion Hudson Yards campus, purchased additional space from Related Cos., the master developer behind Hudson Yards, and Oxford Properties Group. The bank will convert 400,000 square feet of space into offices, with plans to house 2,300 Wells Fargo employees at full operation by 2026. The 11-story building will also include a variety of workspace settings and collaborative areas, as well as a food hall for employees with a rotating local restaurant program and an all-day coffee bar and more.

November 22, 2023

Due to the Thanksgiving and Black Friday holidays, Harbor will not issue an Emmet Market Intelligence briefing on Thursday, Nov. 23 and Friday, Nov. 24. Service will resume as usual on Monday, Nov. 27.

November 21, 2023

The loan was provided to Catchlight Crossing for its 1,000-unit affordable housing development in Orlando, which just broke ground. In addition to affordable living units, amenities at the development include community event space, pools, a fitness center, a game room, bike and walking paths, open green space and educational facilities. Additionally, the community will include on-site medical offices and 16,000 square feet of retail space.

November 14, 2023

All six winners of the Housing Affordability Breakthrough Challenge, Build UP, Tlingit Haida Regional Housing Authority, Hydronic Shell Technologies, Module, Hope Enterprise Corporation and Grounded Solutions Network, are nonprofits and mission-driven companies that submitted their solutions for housing affordability. Each winning organization will receive $2-3 million in grants and join a multiyear peer learning network to share their ideas and innovations.

November 07, 2023

Kate Kelly, the regional president for the Twin Cities region will retire Dec. 15. Kelly McQueen will take her place, serving two roles as the Twin Cities regional president and the head of Corporate Banking for Minnesota.

November 02, 2023

The loan is for the acquisition of Courthouse Green, a 266-unit garden-style apartment community in Chesterfield, Va. The property, which includes one-, two-, and three-bedroom units, spans 21 acres across 34 buildings. The loan was provided to Jones Street Investment Partners.

October 31, 2023

A JV between The Related Companies and Panepinto Properties will use the loan to purchase Hudson River land in Jersey City, N.J., with plans to build a high-rise residential property with up to 750 units. The seller was Veris Residential. The JV will break ground on the 1,338 acre site, also known as Harborside 4, by the end of 2024.

October 27, 2023

The bank provided the debt for investor Guy Roberts' 521 West 21st Street property in Manhattan's West Chelsea neighborhood. The property is a 34,600-square-foot retail building, which includes three art galleries as tenants. Citigroup also provided Roberts with a $9 million refinance loan for an industrial property at 656 East 133rd Street in the Bronx.

October 25, 2023

The bank says its Universal FX foreign exchange (FX) platform will help clients execute their needs across their entire portfolio and access price transparency. Universal FX supports BNY Mellon clients across all market segments, including investment managers, corporates, hedge funds and wealth managers, as well as help them navigate the industry transition to T+1 settlement. BNY Mellon says this will help simplify portfolio management and provide a consistent FX execution experience.

October 19, 2023

Acquired from Greystone Development for $28 million, GO-RE Partners bought the Harlem 125 development at 69 East 125th Street and 58 East 126th Street. It features 75 apartments with a mix of market-rate and income-restricted residential units. JPMorgan's loan was used to help facilitate the purchase.

October 19, 2023

Citizens Private Bank provides services to high-net-worth individuals, families and businesses, including private family foundations, non-profit, multifamily and commercial real estate, life sciences, private equity and venture capital firms. Citizens will also open six Private Banking Offices in late 2023 and throughout 2024, with the initial offices in New York City, Boston, Palm Beach and the San Francisco Bay Area. Susan deTray serves as Head of Citizens Private Bank, leading the private banking operational and expansion strategy.

October 09, 2023

Citigroup confirmed the sale of its consumer-wealth portfolio in China to HSBC. The bank will still maintain its institutional banking business in the country and will still serve ultra-high-net-worth clients via regional wealth hubs. Financial details of the deal were not disclosed but reports indicate that it encompasses around $3.6 billion in total deposits.

October 03, 2023

The bank struck a deal with the Federal Deposit Insurance Corp (FDIC) to acquire the portfolio. The portfolio includes fund subscription credit lines extended to private-equity firms to help manage liquidity and bridge financing for investments and includes $9 billion of funded loans. PNC Bank said it purchased the commitments and loans from the shuttered Signature bank without any funding, guarantees or loss-sharing agreements from the FDIC.

September 29, 2023

The bank sold $2 billion of private equity investments in certain Norwest Equity Partners and Norwest Mezzanine Partners funds. Wells Fargo was previously the sole institutional limited partner in these funds. The buyer included AlpInvest Partners, Atalaya Capital Management, Lexington Partners and Pantheon.

September 26, 2023

Centerbridge will control the strategic relationship focused on direct lending to non-sponsor middle market companies in North America and Wells Fargo will be a minority investor. The partnership, Overland Advisors, will focus on senior secured loans using Centerbridge's investment team and Wells Fargo's client base. Overland is targeting $2.5 billion in equity commitments and a total of $5 billion in investable capital. 

August 29, 2023

Due to the Labor Day holiday, Harbor will not issue a briefing on Monday, Sept. 4. Service will resume as usual on Tuesday, Sept. 5.

August 30, 2023

Carmel Partners secured the loan for its redevelopment of the former Washington Marriott Wardman Park Hotel. The company, which bought the property in 2022, plans to replace the 1,152-key hotel, shuttered since 2020, with two multifamily towers. The historic property opened as the Wardman Hotel in 1913 at 2660 Woodley Road NW, later taking on the Marriott branding, but permanently closed in late 2020 after falling into distress due in part to the pandemic.

August 29, 2023

Gilson has been appointed vice president and client and community relations director in its headquarters market, Pittsburgh. Gilson will support the market leadership team through local sponsorship activities, business development, philanthropic initiatives and community engagement efforts across the region. Gilson succeeds Andrea Carelli, who retires at the end of August after nearly 40 years with PNC.

August 23, 2023

The mobile banking truck is part of a fleet PNC launched across the country. The units have ATMs and provide banking services typically available at brick-and-mortar banks, including opening an account and applying for a loan. PNC says the decision to bring a mobile banking truck to Philadelphia was based recent bank closures in the area and to serve low- and moderate-income communities. PNC launched the multi-state mobile bank initiative in 2020, and will expand to 10 more undisclosed locations by the end of the year.

August 21, 2023

The bank will lease an additional 19,000 square feet within the seven-story office building at 1675 N. Military Trail. The expansion will allow Wells Fargo to accommodate an additional 60 employees for a total office workforce of 140 people. Built in 2008, the 1675 Midtown building has about 70,000 square feet of offices, a four-story parking garage, and recently renovated lobbies, common corridors and building systems.

August 09, 2023

The bank provided $780.3 million in financing for five New York City-area affordable housing projects. The projects include Peninsula Phase 2 in the Bronx, with $250.6 million in debt and equity financing; Wakefield Yards in the Bronx, featuring $179.1 million in financing and LEED Platinum certification; Blondell Commons in the Bronx, receiving $147.1 million in financing and incorporating solar panels and green design. Also, Edgemere Commons - Building B1 in Queens landed $138.6 million in financing along with affordable apartments, retail, and community space; St. Clair in Yonkers, a 76-unit project with $65 million in combined debt and equity financing.

August 04, 2023

The bank signed a long-term lease agreement for its current Northeast regional headquarters at the 10-story Larkin at Exchange Building in Larkinville. KeyBank didn't disclose terms of the agreement, but said the bank will invest in renovating the office space in the building, which will be done by 2024. The bank's regional offices have been based in Larkinville since it acquired First Niagara Bank in 2016.

July 26, 2023

Gigliotti will be responsible for managing the accounting, controls and financial operations, as well as leading budgeting, forecasting, and long-term and strategic business planning. Brown will handle developing and implementing a comprehensive compliance program to ensure effective compliance risk management across all areas of the bank. She will also serve as the bank's Community Reinvestment Act Officer, and will help with the implementation of strategies to support Provident's goals of promoting affordable housing and underserved communities initiatives.

July 25, 2023

JP Morgan and Canyon Partners Real Estate jointly provided a $193 million loan to East End Studios for the development of the Sunnyside Campus, a media and content production studio in Queens. The 275,000-square-foot Class-A facility will include three full-service sound stages, a rooftop flex stage with panoramic views, offices, parking, loading bays and more. The Sunnyside Campus is expected to be completed by Q1 2025.

July 24, 2023

In this role, deTray will lead the bank's private banking growth strategy and help boost its wealth management, business banking and commercial banking offerings. Prior to joining Citizens, deTray served as SVP for First Republic Bank where she oversaw a $200+ billion consumer and commercial loan portfolio. She previously held leadership and credit risk management roles at Wells Fargo, U.S. Trust, The Bank of New York and JPMorgan.

July 13, 2023

The bank closed on its PNC Low Income Housing Tax Credit Fund 87, which is investing $161 million in the development and rehabilitation of affordable rental housing for families and seniors across the U.S. The fund includes investments from PNC and eight of the largest national banks and insurance companies in the U.S. The $161 million housing fund will provide financing for more than 1,700 affordable housing rental units in 13 multifamily properties in 10 states.

July 10, 2023

The financing is for Community View Apartments, a 61-unit affordable housing project in Morrisville. The financing includes a $9 million construction loan and $12 million in Low-Income Housing Tax Credit equity. The project will serve renters age 55 and above that earn between 30%-60% of the area median income, along with those at risk of homelessness or have physical disabilities.

July 05, 2023

Fisher Brothers sealed $117.5 million in construction financing for Wynhouse Miami, a planned multifamily and retail development in Miami's Wynwood neighborhood. JPMorgan, along with Canyon Partners, were the lenders on the deal. The development, at 2200 NW First Avenue, will include 308 apartments across eight stories, with amenities including a rooftop pool and lounge, and a retail component.

June 21, 2023

The bank was rated No. 1 in the U.S. for its retail banking advice in the J.D. Power 2023 U.S Retail Banking Advice Satisfaction Study. The annual survey found customers rated Bank of America No. 1 in all five study factors relating to financial advice and guidance: clarity, quality, concern for needs, relevancy, and frequency. Based on responses from over 23,000 consumers nationwide, the study measures the experiences of customers from the largest financial institutions in the U.S. to quantify the impact of advice on customer loyalty.

June 20, 2023

MDH Partners closed on $90 million in financing from Wells Fargo Bank to support its acquisition of the Great Valley Commerce Center. MDH says the retail outlet is located in a strong market and made for an attractive purchase.

June 16, 2023

In observance of Juneteenth, LAC Group will not issue an Emmet Market Intelligence Briefing on Monday, June 19. Service will resume as usual on Tuesday, June 20.

June 16, 2023

The bank provided a $17.7 million acquisition loan for Broadway Terrace, a 131-unit apartment complex located in Manhattan's Washington Heights neighborhood. The garden-style property was originally built in 1927 and consists of eight four-story buildings. The borrower was Meridian Capital.

June 02, 2023

A JV between WS Development and Nuveen Real Estate will use the loan for Legacy Place, a 675,000 square foot center at 300 Legacy Place Boulevard in Dedham, Mass. Whole Foods, Apple, L.L. Bean and Showcase Cinemas anchor the retail center, while other tenants include Nike, Athleta, Shake Shack, Lululemon and Sephora. Two units are currently available, totaling 43,325 square feet of unleased space.

May 31, 2023

Douglaston Development acquired a 46,000 square foot development site located at 1057 Atlantic Ave., and closed financing for a 474,000-square-foot, 17-story, 456-unit mixed-income multifamily rental  development. Wells Fargo Bank led the $185 million construction financing. In addition to the residential portion, 1057 Atlantic Avenue will include 31,000 square feet of ground-floor retail space as well as 35,000 square feet of resident amenity spaces.

May 30, 2023

The bank has cut some 500 jobs, mostly from its technology and operations teams. The layoffs span the bank's retail and commercial banking divisions as well as its asset and wealth management and corporate and investment banking functions. Despite the cuts, JPMorgan is promoting 13,000 positions it is looking to fill.

May 25, 2023

The Maryland closures are part of a wider cut that will see PNC shutter 29 branches in five states. The majority of the 20 branches that will close in the state are located in Prince George's County, where eight branches will close, and Anne Arundel County, where six branches will close. PNC will also close three branches in Montgomery County. Neighboring Virginia will also see six branches close in the state. The branches will close effective Aug. 18, with all the closing branches located inside Giant Foods grocery stores, a type of branch that PNC is looking to eliminate nationwide.

May 24, 2023

The bank is beefing up its commercial banking business that caters to tech startups and other early-stage companies. JPMorgan plans to add staff after it hired more than a hundred bankers this year to serve companies in the innovation economy in sectors such as technology, e-commerce and life sciences. The bank says these hires follows a competitive shift in the banking landscape.