A JV between The Mann Group and True North Management secured the financing loan from the bank to recapitalize a nine-asset portfolio of residential buildings with retail components across Brooklyn. Citigroup provided $20.2 million for a seven-asset section of the portfolio, and a $7.5 million loan for a two-building portion. Portfolio locations in Greenpoint, Brooklyn include 591 Manhattan Ave., 592 Manhattan Ave., 593 Manhattan Ave., 595 Manhattan Ave., 574 Manhattan Ave. and 602 Manhattan Ave., along with 126 Bedford Ave. in Williamsburg and 152 Norman Ave. in Greenpoint.
SMA Equities landed the $62 million of construction financing to continue building its multifamily asset in Lower Manhattan. The bank's loan is for the developer's 157-unit project at 280 East Houston St. SMA acquired the development site for $36.8 million in late 2022, and the project will be completed no later than 2026.
Montgomery Housing Partnership secured the $26.2 million Freddie Mac loan for its age-restricted housing community, Franklin Apartments. Located at 7620 Maple Avenue in Takoma Park, Md., Franklin Apartments is a mid-rise building that features 185 units. The property also secured $6 million in mezzanine financing from the Washington Housing Initiative Impact Pool, an affordable housing investment platform managed by JBG Smith.
The loan for Hudson Valley Property Group is to refinance Grandview Terrace Apartments, a 283-unit affordable multifamily property located at 222 St. Pauls Ave. in Jersey City. The property houses families with incomes between 60% and 90% of the area median income. The financing will aid with renovations, enhancing unit and common area amenities.
BNY Mellon was named to Fortune's "America's Most Innovative Companies" list for the second time since the award's launch in 2023. The list covers 200 companies that Fortune believes lead their respective industries in terms of innovation in products, processes and culture. BNY Mellon says the recognition belongs to its employees who "continuously invent better ways" to help clients and "set new benchmarks" for the industry.
Citizens received a 2024 Model Bank Award for Commercial Customer Engagement from Celent, a global financial services research and advisory firm. The award recognizes the bank's Citizens Digital Butler service, a secure and personalized digital onboarding program that includes a real-time chat channel. This is Digital Butler's third award, also receiving a 2023 Impact Award for Customer Experience from Datos Insights and a 2023 BAI Global Innovation Award.
The bank will vacate all 13 floors it occupies in a Charlotte, N.C., office tower with more than a year left on its lease as it looks to scale back on its real estate footprint. Bank of America's lease at Fifth Third Center, located at 201 N. Tryon St., expires in July 2025 but the bank plans to leave sometime in 2024. The building landlord, Cousins Properties, will renovate the space to try to attract replacement tenants.
The bank is suing Shorenstein to force a sale of 1407 Broadway, a 43-story tower at West 39th Street, located in the Garment District. Shorenstein was unable to pay off a $350 million securitized loan by its Nov. maturity date, in addition to missing a payment in Aug., and Wells Fargo wants to collect. The lawsuit says Shorenstein didn't request a one-year extension of the November deadline, even though it was entitled to a delay, so the company appears to have conceded any chance of refinancing on favorable terms by not pushing for a delay.
The bank rolled out it "Brilliantly Boring" brand campaign, which it says takes a humorous look at the bank's reliability during its 160-year history. PNC Bank says it has steadily grown its business by focusing on the essential financial needs of its customers and nurturing relations over generations, a "boring" approach the bank says has worked for decades. The brand campaign is supported by print, online and TV ads, including the first TV spot "Boring is Essential," which looks at how "boring" is the foundation for life's biggest moments, such as getting a loan to buy a house.
The loan is for the refinancing of 930 on Broadway, an 81-unit workforce housing community in Albany. The four-story building sits on a 1.5-acre site and houses one-, two- and three-bedroom units, as well as 12,155 square feet of commercial space. The borrower was Redburn Development Partners.
Thomas will report to PNC's president, Michael P. Lyons. Thomas succeeds Lyons in the role, after Lyons was appointed president on Feb. 20, 2024. During his 27 years at PNC, Thomas has held leadership roles in Debt Capital Markets and Real Estate Banking since 2020 has served as head of PNC's Real Estate business. In 2023, Thomas also assumed responsibility for the Corporate Strategy group, supporting the research, planning and execution of strategic initiatives across PNC's three lines of business.
The loan, for Redburn Development Partners, is for the refinancing of two multifamily properties in Albany, N.Y. The properties include 930 on Broadway, a 81-unit mid-rise apartment building, featuring studio to three-bedroom units and 12,155 square feet of commercial space. The other property, Astro Apartments, is a student housing property consisting of two three-story apartment buildings offering fully furnished studio, one, and two-bedroom units.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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:
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.