Commercial Banking

June 06, 2024

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.

June 05, 2024

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.

May 29, 2024

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.

May 23, 2024

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.

May 16, 2024

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.

May 10, 2024

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.

May 07, 2024

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.

May 03, 2024

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.

April 25, 2024

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.

April 24, 2024

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.

April 17, 2024

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.

April 17, 2024

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.

April 03, 2024

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.

March 26, 2024

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.

March 26, 2024

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.

March 22, 2024

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.

March 18, 2024

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.

March 18, 2024

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.

March 14, 2024

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.

March 14, 2024

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.

March 10, 2024

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.

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.