SAN FRANCISCO — JP Morgan Chase (NYSE: JPM) has acquired the substantial majority of assets and assumed the deposits and certain other liabilities of First Republic Bank from the Federal Deposit Insurance Corp (FDIC). As part of the purchase, JPMorgan Chase is assuming all deposits — insured and uninsured. The move comes after First Republic, a regional lender, saw deposits fall by 40 percent during the first quarter, worse than Wall Street analysts feared. According to CNBC, San Francisco-based First Republic focused on serving rich coastal Americans, enticing them with low-rate mortgages in exchange for leaving cash at the bank. But in the wake of Silicon Valley Bank’s collapse, First Republic clients withdrew more than $100 billion in deposits, the bank revealed in its earnings report made public on April 24. “Our government invited us and others to step up, and we did,” said Jamie Dimon, chairman and CEO of New York City-based JPMorgan Chase, in a press release issued this morning. “Our financial strength, capabilities and business model allowed us to develop a bid to execute the transaction in a way to minimize costs to the Deposit Insurance Fund.” Dimon added, “This acquisition modestly benefits our company overall, it is accretive to shareholders, …
NEW YORK CITY — Locally based real estate giant SL Green Realty Corp. (NYSE: SLG) has received $500 million in funds to refinance debt on 919 Third Avenue, a 1.5 million-square-foot office building in Midtown Manhattan. Designed by international architecture firm Skidmore, Owings & Merrill, the 47-story building was originally completed in 1970. It was designed to accommodate an existing New York City landmark, famed restaurant and saloon P.J. Clarke’s. SL Green owns the building in partnership with an institutional investor advised by J.P. Morgan Global Alternatives. The property is 80 percent leased to tenants such as Bloomberg, which expanded by an additional five floors last winter, as well as law firm Shulte Roth & Zabel LLP. Another law firm, Cohen Clair Lans Greifer & Simpson LLP, became the building’s newest tenant when it inked a 17,862-square-foot deal last month. A consortium of lenders led by New York City-based Aareal Capital Corp. and French lender Credit Agricole Corporate & Investment Bank provided the financing. James Millon, Tom Traynor and Mark Finan of CBRE arranged the debt. The loan bears interest at a rate of 250 basis points above the Secured Overnight Financing Rate (SOFR), which closed at 4.81 percent on Friday, …
DALLAS — Two Arizona-based firms, developer Creation and LGE Design Build, have opened a $17 million joint headquarters office in Dallas. The companies collaborated on the acquisition, design and build-out of the 32,000-square-foot space, which is located at 1280 E. Levee St. in the Dallas Design District and will house about 40 employees. Amenities include a fully stocked breakroom, speakeasy, fitness center, interior library and multiple conference rooms. Creation and LGE, which plan to occupy about 20,000 square feet and lease the remaining 12,000 square feet, will retain their current spaces and operations in Arizona.
KEY WEST, FLA. — Integra Investments has delivered Wrecker’s Cay Apartments, a 280-unit workforce housing community located at 6125 2nd St. on Key West’s Stock Island. The stabilized property features a variety of floor plans, including one-, two- and three-bedroom apartments. Of those, 70 are designated low-income units, 98 median-income units and 112 moderate-income units. Designed by PQH Group, Wrecker’s Cay features a children’s playground, fitness center, waterfront clubhouse with a catering kitchen, pavilion with an outdoor kitchen and a resort-style pool. According to the property website, potential residents can apply to lease a one-bedroom unit for $2,460 per month or a two-bedroom apartment for $2,769 per month.
DUNCANVILLE, TEXAS — Northmarq has brokered the sale of Candlelight Park, a 128-unit apartment complex in Duncanville, a southwestern suburb of Dallas. Built in 1980, the property offers one-, two- and three-bedroom units ranging in size from 688 to 1,078 square feet. Amenities include a playground and onsite laundry facilities. Taylor Snoddy, Eric Stockley, Philip Wiegand and Charles Hubbard of Northmarq represented the undisclosed seller in the transaction. Kevin Leamy, also with Northmarq, arranged fixed-rate Freddie Mac acquisition financing on behalf of the buyer, which was also not disclosed.
JACKSONVILLE, ALA. — public-private partnership between RISE: A Real Estate Co. and Jacksonville State University has broken ground on North Village Residence Hall. Located on the university’s campus in Alabama, the 513-bed community will offer suites that include two double-occupancy bedrooms and two bathrooms. The development team for the project includes architect Niles Bolton & Associates and general contractor Choate Construction. Jacksonville State is also currently developing a new dining hall, which will replace the current main cafeteria on campus, and the Loring and Debbie White Football Complex. The Jax State Dining Hall will be operated by Sodexo and will feature a traditional food line with several concept stations and seating. The dining hall’s development team includes general contractor Brasfield & Gorrie, Williams Blackstock Architects and Kemp Management Services. The football complex will replace the existing field house at the university’s stadium and will offer modern art training facilities for student athletes; coaching offices and meeting rooms; a hall of fame honoring the history of the university’s football program; and new suites to enhance the game day experience for fans. The general contractor for that project is also Brasfield & Gorrie, the architect is Goodwyn Mills Cawood and the program manager …
CRESTWOOD, ILL. — Greystone has provided a $13.7 million HUD-insured loan for the refinancing of The Pointe at Kilpatrick in Crestwood, about 24 miles southwest of Chicago. Built in 2003, the 122-bed supportive living facility features amenities such as a community room, living room, therapy room, barber shop, courtyard, children’s play area, private dining room and resident laundry rooms. Eric Rosenstock of Greystone originated the financing on behalf of the undisclosed borrower. The fixed-rate loan features a 35-year term.
PARAMUS, N.J. — JLL Capital Markets has arranged a $290 million loan for the refinancing of Bergen Town Center, a 1 million-square-foot shopping center in the Northern New Jersey city of Paramus. Whole Foods Market and Target anchor the property, which was originally built in 1957. Currently, Bergen Town Center is 97 percent leased by more than 70 retail tenants. Notable retailers include Ulta Beauty, Chase Bank, Kohl’s, Marshalls, HomeGoods, Burlington, Nike, H&M, CVS and Ruth’s Chris Steak House. The weighted average remaining lease term is 6.8 years, and the weighted average lease tenure is 9.6 years. Bergen Town Center includes 4,500 parking spaces and welcomes more than 11 million annual customers. The shopping center is situated in a submarket that features annual retail sales that are higher than any other zip code in the U.S., according to JLL. The average Bergen County household income is $167,050. Scott Aiese, Claudia Steeb, Jon Mikula and Alex Staikos of JLL arranged the loan on behalf of the borrower, Urban Edge Properties (NYSE: UE). New York Life Insurance Co. and MetLife Investment Management provided the loan, terms of which were undisclosed. Urban Edge is a REIT focused on managing, acquiring, developing and redeveloping …
UNION, N.J. — Bed Bath & Beyond Inc. (NASDAQ: BBBY) has filed for Chapter 11 protection in the U.S Bankruptcy Court for the District of New Jersey and will close all remaining stores nationwide. At the time of the filing, the company operated 360 stores across the country under its Bed Bath & Beyond brand and 120 stores under its children-centric buybuy Baby brand. All of those locations, as well as their accompanying e-commerce platforms, will remain open temporarily as the company gradually winds down operations and conducts limited marketing campaigns for some of its assets. To facilitate this process, Bed Bath & Beyond has secured $240 million in debtor-in-possession financing from Dallas-based global investment firm Sixth Street Specialty Lending. The financing will provide liquidity for operational obligations, such as paying employee wages and benefits, maintaining customer programs and honoring commitments to critical vendors. The Union-based home goods retailer announced plans in August 2022 to shutter 150 of its “lower-producing” stores, laying off about 20 percent of its corporate staff in the process. At that time, Bed Bath & Beyond was focused on restructuring its existing debt and had received more than $500 million in new financing to bring that …
PHOENIX — Blackstone and Dominium have expanded their partnership to develop Casa Azure, which will bring 196 new affordable housing units to Phoenix. Blackstone will provide $31 million of tax credit equity to support the development. This increases Blackstone’s commitment to expand the affordable housing stock in Maricopa County to a total of 568 new LIHTC units through $79 million of investments. Casa Azure will be an age-restricted property available to those earning at or below 60 percent of the area median income.