Jordan will stay on as vice chairman, serving in an advisory role to the PNC Board of Directors and chairman and CEO William S. Demchak. Jordan retires as PNC general counsel and chief administrative officer following a 40-year career, 11 of which were at PNC. During his time as PNC's chief administrative officer, Jordan oversaw PNC's Corporate Ethics Office, Corporate Communications and Marketing, the PNC Foundation, Enterprise Change Office and the Regional Presidents' Office.
The bank raised its U.S. minimum hourly wage to $24 per hour, the latest step in its commitment to hit $25/hour by 2025. With the increase, the minimum annualized salary for full-time employees in the U.S. will rise to nearly $50,000. The increase applies to all full-time and part-time hourly positions in the U.S.
The U.S. Office of the Comptroller of the Currency approved JPMorgan Chase's plan to open a second branch in Winston-Salem, located at the northeast corner of South Stratford Road and Knollwood Street. This branch will join other financial institutions at a banking intersection that includes Bank of America Corp, First Bancorp and First Horizon Corp. JPMorgan Chase previously received approval for its first Winston-Salem branch at 102 Laura Ave and has submitted an application for another branch at the northeast corner of Country Club and Jonestown roads, likely at the former Southern Community Bank and Trust headquarters.
Andrew Castaldo and Andrew Martin were appointed as co-heads of the unit. Castaldo has been with JPMorgan since 2014 and previously led the energy M&A unit. Martin joined the bank in 2024 from a 27-year tenure at Bank of America where he led a similar team. These moves come amid a broader industry recovery in dealmaking, with companies increasingly engaging in transactions and seeking capital through debt or equity offerings.
Hartz Mountain Industries will use the loan to restructure its pre-existing $250 million debt on the Soho Grand Hotel at 310 West BDWY. and the Roxy Hotel at 2 Ave. of the Americas. Hartz Mountain built the Soho Grand Hotel in 1996 and acquired the Roxy Hotel in 1999.
Due to the Labor Day holiday, Harbor will not issue an Emmet Market Intelligence briefing on Monday, Sept. 2. Service will resume as usual on Tuesday, Sept. 3.
The bank provided the $210 million Freddie Mac loan to refinance a portfolio of 12 transitional and affordable housing properties in New York City. The properties are located throughout Manhattan, Brooklyn, Queens and The Bronx and total 1,115 units across approximately 304,000 square feet. The borrower is a JV between Slate Property Group and Fundamental Advisors.
Trimont agreed to buy Wells Fargo's non-agency third-party segment of its Commercial Mortgage Servicing (CMS) business. The deal will make Trimont the largest loan servicer in the U.S. commercial real estate industry. Wells Fargo says the sale of the CMS business is consistent with the bank's strategy of focusing on businesses that are core to its consumer and corporate clients.
The Loews Corporation will use the loan to refinance its oceanfront Miami Beach hotel. Wells Fargo, National Association and JP Morgan are co-originating the loan, with $5 million of the financing package going toward closing costs, and the rest to refinance the existing debt. Located at 1601 Collins Ave., the 747,774-square-foot hotel is home to 790 rooms, 46,000 square feet of meeting space, a spa and six restaurants and bars.
JPMorgan Chase and Tyko Capital provided nearly $1.2 billion in financing for One High Line, a 750,000-square-foot mixed-use property in Manhattan's West Chelsea neighborhood. One High Line consists of two towers and a five-story commercial building that span an entire city block, and includes a hotel, retail space and condos. The borrower was a JV between The Witkoff Group, Access Industries and Monroe Capital, and JP Morgan provided the senior loan within the financing package.
Engle was named SEVP and Head of Technology, reporting directly to Wells Fargo CEO Charlie Scharf and joining the company's Operating Committee. She starts on Aug. 12., 2024 and will be responsible for all technology across the company. She joins from BNY where she served as SEVP and CIO from 2017 to 2024. Wells Fargo also announced that Tracy Kerrins will serve as the Head of Consumer Technology and will lead the Generative AI team, which will be responsible for adopting Generative AI across Wells Fargo.
Wewers will take on all responsibilities as CFO for Citizens Bank, effective immediately. Wewers previously served as CFO for Southern Bancorp, where he oversaw financial management for all three of the bank's entities. Citizens Bank says Wewers' extensive expertise and insight will be invaluable to the bank's strategic initiatives.
Prime US REIT sold the 200,858-square-foot office building and 435-space parking garage at One Town Center Rd. to Miles Capital for $82 million. Wells Fargo Bank provided the $51 million mortgage to the buyer. One Town Center last traded for $99.5 million in 2021. The 10-story office was built on the 9.9-acre site in 1990 and includes a fitness center, an on-site cafe, EV charging stations and on-site auto detail.
The bank announced the closing of a $176 million Low Income Housing Tax Credit Fund to finance the development and rehabilitation of affordable rental housing across the U.S. The fund, supported by PNC and seven other banks and insurance companies, will finance over 1,800 affordable housing units in 11 states. The fund also marks the first syndicated investment fund under PNC Real Estate's recently rebranded multifamily debt and equity financing group, PNC Multifamily Capital.
The bank agreed to purchase the New York City office tower at 250 Park Ave. in partnership with real estate investment manager Hines from AEW, though the deal hasn't closed yet. The building purchase will allow JPMorgan to expand its presence on Park Ave. as it builds nearby a 1,388-foot tower for its upcoming revamped headquarters. The bank tore down its previous building.
Wells Fargo provided $256 million in financing as part of a $332.3-million funding package for the renovation of the West Brighton I and II affordable housing complex in Staten Island. The project will rehabilitate 574 apartments and reactivate 24 vacant units, with some being converted into senior housing. This initiative is part of NYCHA's Permanent Affordability Commitment Together program. Wells Fargo's CLI group provided an $86-million historical tax credit investment, a $55-million construction bridge loan and a $27-million letter of credit, the Wells Fargo MFC team provided an $88.1-million permanent loan and the West Brighton project secured $21.3 million in additional historical tax credits and $55 million of sponsorship equity.
KeyBank financed a multifamily conversion project in Meriden, Conn. with a $51.5 million loan for Trinity Financial. The borrower will use the loan to redevelop the former manufacturing facility into an 82-unit mixed-income housing complex. The historic building is located at 85 Tremont St. and was originally constructed in 1887. Units will be subject to a range of income restrictions, with 11 to be rented at market rates.
Whelan, formerly a managing director at JPMorgan, joins as managing director of originations in Bank OZK's real estate specialties group. At JPMorgan, Whelan was an executive director of real estate banking, where part of his focus was the preservation and development of affordable housing. He was also previously employed at Bank of America and Anglo Irish Bank.
The bank will double its downtown Miami office footprint at 1450 Brickell to 160,000 square feet, up from 80,000 square feet over the next two years, as well as open another office location in Fla. The additional space at 1450 Brickell will accommodate about 400 more bank employees across the company's various lines of business, adding on to the 500 employees already on site. JPMorgan will also lease a 13,000-square-foot space in West Palm Beach at Related Companies' 360 Rosemary office building, and will have it house 60 staffers.
Trinity Financial secured the financing to redevelop a vacant industrial building at 85 Tremont St. in Meriden, Conn., into an affordable apartment complex. Keybank is providing nearly $25 million of the financing, with the remainder coming from federal and state funding options. Trinity aims to redevelop the historic 123,000-square-foot industrial building into 82 units of affordable housing.
The bank announced Russell will act as CIO and Global Head of Engineering starting Sept. 15, reporting to President and CEO Robin Vince. Russell will also be a member of the firm's Executive Committee. BNY Mellon says Russell will help adopt and apply emerging technologies at the bank, among other functions.
In observance of Juneteenth, Harbor will not issue a Mass General Brigham Market Intelligence briefing on Wednesday, June 19. Service will resume as usual on Thursday, June 20.
The loan is to refinance 776 Avenue of the Americas, also known as The Capitol, a 387-unit multifamily building in Midtown Manhattan. JPMorgan purchased 776 Avenue of the Americas in 2012 through a $130 million loan from HSBC Bank. Standing between West 26th St. and 27th St., the 39-story building opened in 2001 and spans 454,538 square feet. Amenities include a 24-hour concierge, a fitness center, a rooftop lounge, a dog wash, a movie theater and valet services.
A JV between Tredway and ELH MGMT secured the financing to purchase seven Section 8 housing buildings in Brooklyn's Fort Greene neighborhood. The portfolio includes the 97-unit Greene Clermont Houses at 80 Greene Ave., a 1982-built, seven-story property designated as senior housing. The other buildings in the transaction include Tri-Block Houses, a group of apartments at 36 Fort Greene Pl., 56 Fort Greene Pl., 35 St. Felix St., 42 St. Felix St., 51 St. Felix St. and 221-225 Ashland Pl. The JV plans to invest $10 million toward the buildings' renovations.
The bank will close its Brookdale branch at 1260 Broad St. in Bloomfield due to its forthcoming merger with Lakeland Bank. The bank will close on Aug. 30 and customer accounts and relationships are being transferred to the nearby branch at 11 Broad St. in Bloomfield. Provident announced its merger with Lakeland completed last month and said the combined banks will operate under the Provident Bank name and operate 140 branches across N.J. and parts of N.Y. and Pa.
The loan is for the refinancing of Pine Brook Place, a 240-unit apartment complex in Haverhill, Ma. The property was built on nine acres in 1974 and includes studio, one- and two-bedroom units across 10 buildings. Amenities include a pool, courtyard and onsite laundry facilities. The borrower was The Dolben Co.
The bank secured a $24 million loan for The Dolben Company to refinance existing debt on Pine Brook Place, a multifamily housing property in Haverhill, Ma. Pine Brook Place is a garden-style apartment community with 240 units across 10 three-story buildings. Built in 1974, Pine Brook Place offers amenities such as laundry facilities, a community courtyard, a swimming pool and storage facilities.
The financing loan will go toward Matrix Logistics Park - Mount Olive, an under-construction industrial park in Mount Olive, N.J. The loan is specifically for two properties in the park, a 196,748-square-foot facility at 2000 International Dr. and a 585,000-square-foot facility at 3000 Continental Dr. The facilities include high clear heights, loading docks and parking.
The bank provided the loan so Diamond Properties could acquire BSN Medical Distribution Facility in Conover, N.C. for $10.3 million. The seller was Founders Properties. Located at 1011 Keisler Road, the distribution center is fully leased by BSN Medical and was originally built in 2011.
The loan is for The Integral Group's Wellspring Apartments, a 99-unit affordable senior housing community in Opa-locka, Fla. The property, located at 14701 NW 27th Ave., will cater to seniors aged 62 and over and, upon completion, will include a mix of studio, one- and two-bedroom apartments with amenities. The property will also include a 44,000-square-foot medical office and wellness center.
A JV between Crown Acquisitions and Paramount Realty secured a $34 million loan to refinance its multi-building medical development at 100 Schulz Dr. in Red Bank, N.J. The JV acquired the six-building, 668,107-square-foot development in 2021 for $84 million. The facility will be fully occupied by National Veterinary Associates, who signed a 20-year triple-net lease in the building.
Wharton Properties sold the single-story building, located at 449 Myrtle Ave., which features a 6,250-square-foot Bank of America. The bank has been at the property since 2006 and recently extended its lease to 2034. Developer Peggy Ma bought the property since it's a credit-tenant backed retail building with long-term leases.
Argentic Investment Management bought the 37-story tower at 1 Independent Dr., which also includes a nine-level parking garage at 1 W. Bay St. and a three-level garage at 21 E. Bay St. The 650,000-square-foot tower and the nine-level garage were sold for $41.7 million and the three-level garage for $4.6 million. Banyan Street Capital was the seller.
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.