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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Michael McMahon is now the regional commercial bank executive in addition to his existing role as Buffalo market president. KeyBank teams in Buffalo, Rochester, Syracuse and Albany will all report to McMahon, who in turn reports to Timothy Burke, EVP and sales executive for Keybank's East Region. As part of the transition, KeyBank SVP Sean Moskal has been named commercial bank leader in Buffalo.
The loan is for the refinancing of Soho Beach House, a private members club and hotel in Miami Beach. Located along Collins Avenue, the property includes a seven-story main building with 35 suites and amenities and a 16-story beachfront tower comprising 15 full-floor suites. JPMorgan, and Citi Real Estate, provided the loan to an affiliate of Soho House & Co., who is using the proceeds to repay existing debt, repatriate equity and cover financing and closing costs.
The bank said it has resolved a complaint from the Consumer Financial Protection Bureau relating to certain billing errors nearly eight years ago. In 2015, Citizens self-identified operational errors that may have impacted approximately 2%, or about 25,000, of Citizens’ approximately 1.2 million credit card customers. Citizens contacted the CFPB to report the issues while voluntarily beginning remediation efforts, which were all completed shortly after the issues were discovered.
The bank provided financing for a 109,000-square-foot warehouse and distribution center in Piscataway, N.J. The building features a clear height of 24 feet, 24 loading docks and two drive-in doors and was fully leased to 19 tenants at the time of the loan closing. The borrower was a JV between Denholtz Properties and Long Wharf Capital, who did not disclose the amount or its intent.
The bank will pay $1 billion to settle a lawsuit filed by its shareholders who alleged it made misleading statements about its compliance with federal regulators after a fake account-opening scandal. Wells Fargo has been sanctioned repeatedly by U.S. regulators for violations of consumer protection laws going back to 2016, when employees were found to have opened millions of accounts illegally in order to meet unrealistic sales goals. The plaintiffs said Wells Fargo misled them about the extent of its compliance, alleging the bank moved slower to address its problems than had been suggested publicly, harming investors when the bank's stock price later declined.
Wolfson Development sold its build-to-rent residential community in Tampa Bay. The community, Cantabria Bradenton, spans 184 three- and four-bedroom homes on 36 acres. The property comprises 172 attached townhomes and 12 detached single-family homes, each with attached garages and private, fenced yards. Community amenities include a clubhouse, fitness center, pool, walking trails and picnic areas.
Wahlstrom will also take on a leadership role for coordinating and maximizing the contributions of BNY Mellon's sales and relationship management teams across the company. Previously, she served as president and chief commercial officer of Alight Solutions. Before that, she spent 26 years at Accenture, including as a member of its Global Management Committee, working with and around financial services.
Hogan will co-lead the M&A team with David DeNunzio, who has led the business since he joined Wells Fargo in late 2016. Both report to Tim O'Hara, head of Banking. Hogan joins Wells Fargo from Morgan Stanley where he most recently was co-head of Global Technology Mergers & Acquisitions. Prior to serving as co-head of Global Technology Mergers & Acquisitions, Hogan held numerous roles during his 27 years at Morgan Stanley, including serving as head of Western Region Investment Banking.
A JV between Schaumber Development, Holliday Development and Douglass Development will use the loan for The Sullivan, a 180-unit affordable multifamily community located at 6001 Jacks Lookout Road in Greenville, S.C. The community, which is nearing completion, will comprise five three-story buildings incorporating one-, two-, three- and four-bedroom floorplans with an approximate range of 900 to 1,600 square feet. Common-area amenities include a swimming pool, fitness center, dog park, playground and grilling area, along with laundry facilities.
The bank provided a permanent loan for 7 Seventy House, a market-rate apartment community in Hoboken. The property was built in 2019 and totals 382 units that feature studio, one-, two- and three-bedroom floor plans. The community also houses 24,667 square feet of ground-floor commercial space and amenities such as a pool, fitness center, leasing office, game room, rooftop terrace, children’s play area and a dog run. The borrower was Intercontinental Real Estate Corp.
The lender was acquired by JPMorgan following a takeover arranged by Federal Deposit Insurance. Under the plan, JPMorgan will acquire most assets and assume certain liabilities of First Republic from the FDIC. JPMorgan will also protect all deposits, including accounts above the federal insurance limit of $250,000. The acquisition followed First Republic's closure by the California Department of Financial Protection and Innovation, which appointed the FDIC as receiver in charge of the insolvent bank's assets. The FDIC then arranged First Republic's sale to JPMorgan after a bidding process.
The bank arranged a $33 million loan for the acquisition of Meadow Creek Apartments, a multifamily community located in Bridgeport. Built in 2017 on 31.5 acres, the property comprises 29 buildings ranging from two to four stories. The borrower was undisclosed.
The bank provided the loan to Crescent Communities, who has broken ground on NOVEL Morrisville, a 336-unit multifamily community in Morrisville, N.C. Located at 218 Southport Drive, the four-story property will incorporate 10 townhomes along with studio, one-, two- and three-bedroom units. Interiors will feature Samsung appliances and smart apartment technology. Community amenities are slated to include a swimming pool, two-story fitness center, arcade, coworking space, a coffee house and concierge service.
The organizations say their partnership could result in up to $1 billion in grants, capital and financing, with the goal of revitalizing neighborhoods, fostering economic opportunity and creating long-term change in communities most in need. Wells Fargo and T.D. Jakes Group say their partnership marks the first of its kind in driving long-term transformational impact over the next decade. The organizations say they will also provide financial empowerment education and revitalize neighborhoods in underserved low-and moderate-income communities by increasing homeownership and fostering business creation in several cities.
The appointments are responsible for driving growth, providing customers and clients access to PNC's industry-leading technology, and introducing a full range of innovative products and capabilities. Appointments include Benny Gonzalez as head of PNC Corporate Banking for North and South Fla., Jim Richardson as head of PNC Commercial Banking for North Fla., Roland Plymill as head of PNC Business Banking for North Fla., and Kelley Matthews as head of PNC Private Banking for North Fla. PNC says each was selected for their ability to drive and develop high-performing teams, while achieving strong results in the market.
Those appointed are Benny Gonzalez, head of PNC Corporate Banking for North and South Florida; Jim Richardson, head of PNC Commercial Banking for North Florida; Roland Plymill, head of PNC Business Banking for North Florida; and Kelley Matthews, head of PNC Private Banking for North Florida.
Stein will assume the role of CRO in the first quarter of 2024, upon the retirement of Malcolm Griggs, reporting to Bruce Van Saun, chairman and CEO. Previously the Executive VP and Chief Credit Officer at fifth Third Bancorp, Stein has over 25 years of experience in risk management.
The loan was for InterVest Capital Partners to purchase a seven-property multifamily portfolio in the Bronx. Spanning 487,824 square feet across 16 buildings and 503 units, the portfolio properties are located at 1098-1114 Gerard Avenue, 1197 Grand Concourse, 1065 Jerome Avenue, 1534 Selwyn Avenue, 2543-2567 Decatur Avenue, 2608 Creston Avenue and 2353-3257 Crotona Avenue. The sellers of the portfolio were Taconic Partners and Clarion Partners.
Jinich will lead specialty real estate finance (SREF) within the bank's commercial real estate group. Jinich will oversee all SREF teams including hospitality finance, seniors housing, manufactured housing and specialty capital. She will replace Christopher Jordan, who is retiring.
The bank will break ground on a parking deck and other renovations for its customer information center in University City. The bank also plans to upgrade workspaces. The changes are in response to feedback from current Wells Fargo employees. The company says it plans to spend upwards of $500 million on improvements in the greater Charlotte area over the next five years.
Through the Citizens Helping Citizens Manage Money program, 150 nonprofit organizations in communities Citizens serves will receive a total of $2 million in support, including direct funding and volunteerism. The nonprofits selected give people tools and resources to become financially healthy.
The $4.6 million construction loan and $9.2 million bridge loan to Green Street Housing and TM Associates Development are a part of the almost $30 million financed for the affordable housing project. The finished community will have 186 units across three buildings, a five-story building with 66 one-, two- and three-bedroom units, a residence for seniors aged 62 and over with 54 one- and two- bedroom units and a building for individuals earning between 30 - 60% of AMI with 66 units and 10,000 square feet of retail space. The property is located at 210 Fallen Horse Circle.
The loan is for the purchase of a 13-property multifamily portfolio, which includes 437 residential units, in Bridgeport, Ct. The buyer was undisclosed, but the portfolio seller was Rhodium Capital Advisors. The portfolio includes the 179-unit affordable community at 2209-2250 Main St., the 46-unit community at 1465 E Main St., the 24-unit building at 299 Berkshire Ave., the 18-unit community located at 644-654 Park St., the 17-unit property at 340 Putnam St., the 17-unit building at 1590 Barnum Ave., the 32 units at 30 and 80 Granfield Ave., the 28-unit property at 1575 Iranistan Ave., and a 28-unit garden-style apartment community at 898-930 Norman St.
An undisclosed borrower acquired the loan to purchase a Bridgeport, Ct. portfolio of 13 multifamily properties with 437 units. Keybank provided the financing for the loan.
Bank of America, Citigroup, JPMorgan Chase and Wells Fargo announced they are each making a $5 billion uninsured deposit into First Republic Bank. Goldman Sachs and Morgan Stanley are each making an uninsured deposit of $2.5 billion, and BNY Mellon, PNC Bank, State Street, Truist and U.S. Bank are each making an uninsured deposit of $1 billion, for a total deposit from the 11 banks of $30 billion. The banks say their deposits reflect their confidence in First Republic and in banks of all sizes, and it demonstrates their overall commitment to helping banks serve their customers and communities. These actions follow the receiverships of Silicon Valley Bank and Signature Bank.
The bank advised on The Altman Cos.' development of Altis Grand Lake Willis Phase II, a luxury community comprising 230 units in Orlando, Fla. Located at 6260 Juniper Pine Way in South Orlando, the upcoming building will occupy a 9-acre site adjacent to Altis Grand Lake Willis Phase I. The garden-style community, currently with no completion date, will consist of six buildings featuring one-, two- and three-bedroom units. The property is also set to include 420 parking spaces and 30 detached garage spaces.
Rockrose Development landed a $97.7 million debt package to refinance its 42-story luxury residential tower in Battery Park City. Wells Fargo supplied the loan on the developer's Tribeca Pointe property, which Rockrose built in 1999. Located at 399 Chambers Street, Tribeca Pointe features 340 apartments with 70 of the units designated as affordable housing. Amenities consist of a roof deck, a fitness center, a solarium, a children’s playroom, laundry facilities and a 24-hour attended lobby.
Columbia Residential secured $49 million, including $33 million from Key Bank, in financing to construct an affordable housing property in Tallahassee, Fla. The property, called Magnolia Family ll, will include 160 units, of which 128 units will meet income restricted requirements. Magnolia Family II is the second phase of the redevelopment of a public housing complex operated by the Tallahassee Housing Authority, which was originally constructed between 1971 and 1972.
The bank said Jessica Rascionato will lead its Commercial Real Estate team and Joanne Wyper's role as head of Commercial Banking Digital and Operations will be expanded to grow Citizens' digital-forward strategy. Rascionato will succeed Gary Magnuson, who is retiring after more than 30 years with Citizens. Wyper has led a number of key strategic initiatives, including developing a best-in-class client concierge service and pioneering an industry-leading robotic process automation program, and will now also oversee the bank's digital strategies
The bank rolled out its program in Atlanta at Focused Community Strategies (FCS). The 30-foot branch on wheels allows existing and prospective PNC Bank customers in underserved areas to conduct banking transactions, such as opening accounts and applying for loans. Throughout 2023, the Mobile Branch will visit FCS and Families First on a rotating basis, with the goal of visiting several additional community locations each week. Atlanta is the fifth market to host a PNC Mobile Branch, with the others including Chicago, Detroit, Baltimore and Dallas.
The loan is for the acquisition and rehabilitation of Silver Lake Meadows, a 52-unit affordable housing complex in Buffalo, N.Y. Silver Lake Meadows comprises seven buildings that house one- and two-bedroom units that are reserved for renters earning up to 30, 50 and 60% of the area median income. The loan borrower is a JV between Wyoming County Community Action and Cornerstone Group.
Due to the Presidents' Day holiday, LAC Group will not issue a Market Intelligence Briefing on Monday, Feb. 20. Service will resume as usual on Tuesday, Feb. 21.
The loan is for North Cove, a 611-unit affordable housing project in Manhattan's Inwood neighborhood. The financing includes $155 million in debt that backs city-issued, tax-exempt bonds, as well as $133 million in equity that was generated through the purchase of tax credits. The borrower and developer is a partnership between Joy Construction and Maddd Equities. The development will include 60,000 square feet of commercial space and offer amenities such as outdoor picnic areas, community recreation rooms and various supportive services.
The bank appointed Cannava to lead Multifamily Capital (MFC) within its Commercial Real Estate group. Wells Fargo's MFC group provides financing for multifamily housing projects through the Fannie Mae, Freddie Mac and Federal Housing Administration loan programs. Cannava will oversee all teams that execute on government-sponsored enterprise financing for market rate apartments, affordable housing, manufactured housing, student housing, health care properties and senior housing developments. Cannava will assume the position on February 27.
The bank named a top Morgan Stanley banker as global co-head of mergers and acquisitions to ramp up its investment banking franchise efforts. Jeff Hogan, who spent more than 25 years at Morgan Stanley, will join Wells Fargo later this year and will be based out of N.Y. He will lead Wells Fargo's dealmaking unit alongside David DeNunzio, the current global head of M&A.
The money will be used to renovate and expand the education and exhibition programming at its PNC Family Classroom and Gallery, located inside the Tampa Museum of Art. The museum currently serves some 14,000 children, teens and adults through on- and off-site programs in Hillsborough County and throughout the Tampa Bay region. The renovations and expansions, including a new education center, will more than quadruple that reach.
The two companies are partnering for its second Housing Affordability Breakthrough Challenge, which will focus on three categories: Financing, Construction, and Access and Resident Support. The 2023 Housing Affordability Breakthrough Challenge will consider Native, rural, suburban, Tribal, and urban solutions which have the potential to transform current practices and processes and lay the groundwork for increased housing affordability, access, and stability. Participants are invited to compete for grants of up to $3 million and two years of technical assistance to transform ideas into solutions that can be replicated in the real world. Applications are open until March 3, 2023.