29 Jan
Chapter News, New York Related News, News

NYCEDC Announces Launch of $30 Million Competition to Help Small Businesses Become More Resilient

NYCEDC Announces Launch of $30 Million Competition to Help Small Businesses Become More Resilient Federally-Funded Competition Seeks Innovative Technologies from Around the Globe to be Installed at Sandy-Impacted Small Businesses Across the City at No Cost Competition Will Foster New York City's Long-Term Resiliency to Protect Small Businesses and Neighborhoods Against Future Storms New York City Economic Development Corporation (NYCEDC) today announced the launch of Resiliency Innovations for a Stronger Economy (RISE : NYC), a competition to help small businesses impacted...

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29 Jan
Member News, News

TREPP: 2013 Year in Review & The Good, The Bad, and the Ugly

When commenting on 2012 performance last year, we noted that investors could really only have one complaint: why didn't we own more? For investors to make money in 2013, they had to be more discriminating. While there were plenty of segments of the market that did well, there were also other segments that lagged severely. Some of the many issues that investors had to deal with in 2013 were: • The impending end (or tapering) of QE3 • Rising interest rates (after...

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29 Jan
Chapter News, News

Structural Reform of the EU Banking Sector

Today, the European Commission has proposed new rules to stop the biggest and most complex banks from engaging in the risky activity of proprietary trading. The new rules would also give supervisors the power to require those banks to separate certain potentially risky trading activities from their deposit-taking business if the pursuit of such activities compromises financial stability. Alongside this proposal, the Commission has adopted accompanying measures aimed at increasing transparency of certain transactions in the shadow banking sector. These...

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28 Jan
Member News, News

OTC Derivative Contract Contracts that are considered to have a Direct, Substantial and Foreseeable effect within the EU

The RTS clarify that an OTC derivative contract shall be considered as having a direct, substantial and foreseeable effect within the Union when “at least one third country counterparty benefits from a guarantee(i) provided by a financial counterparty(ii)  established in the Union which covers all or part of its liability resulting from that OTC derivative contract” to the extent that both of the following conditions are met by the guarantee: (a)    It covers the entire liability of a third country counterparty resulting...

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28 Jan
Chapter News, News

Speaking points by VP Rehn at the ECOFIN Press Conference

28 January 2014 -- ECOFIN Press Conference in Brussels | Remarks by Olli REHN Vice-President of the European Commission and member of the Commission responsible for Economic and Monetary Affairs and the Euro Let me begin by wishing Greece a successful and smooth Presidency on behalf of the European Commission. We very much look forward to working with you to take forward our common agenda of sustainable growth, job creation, better cohesion as well as to work towards a deep...

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27 Jan
Chapter News, News

Expert group to advise European Commission on EU-US trade talks

Today the Commission launches a special Advisory Group of experts representing a broad range of interests, from environmental, health, consumer and workers' interests to different business sectors to provide EU trade negotiators with high quality advice in the areas being negotiated in the Transatlantic Trade and Investment Partnership (TTIP) talks. The creation of this group confirms the Commission's commitment to close dialogue and exchange with all stakeholders in the TTIP talks, in order to achieve the best result for European...

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27 Jan
Chapter News, News

EU-US Trade Agreement: European Commission publishes EU negotiating Position on Financial Services

The European Commission publishes today a non-paper clarifying its objectives for financial services in the negotiations for a Transatlantic Trade and Investment Partnership (TTIP). The EU proposes to establish, within the TTIP framework, a transparent and accountable process which would allow the two parties to work together towards strengthening financial stability. The objective is not to define (or re-define) the substance of international standards for financial regulation or to negotiate prudential rules. The objective is to create a workable platform...

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27 Jan
Member News, News

May Not Be Too Early to Watch This 2007 Single Tenant Loan

Normally we don't start taking a hard look at big CMBS leases until they get within a year of the lease expiration date. However this particular story caught our eye when we were looking at servicer watchlist notes for January. The loan is the $72.6 million Healthnet Headquarters note. The property is a 327,000 square foot office in Shelton, CT. Built in 1982 and renovated in 1989, the property was the home of Health Net of the Northeast. The firm is still...

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24 Jan
Member News, News

Update: New Jersey Office Assigned Appraisal Reduction

According to January servicer data, the $47.9 million Novo Nordisk Headquarters took a $24.3 million appraisal reduction amount. The loan backs 5.4% of CGCMT 2005-C3, a deal that has taken 3.2% in cumulative bond loss. Back in September 2013 we wrote about the eponymous tenant's planned departure from the property. Novo Nordisk, which currently occupies 77% of space, will be vacating upon lease expiration in December of this year. Despite solid financial performance (1.75x DSCR in the first half of 2013), the loan...

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22 Jan
Member News, News

Goldberg Segalla Open for Business in Chicago

Goldberg Segalla is pleased to announce it expanded its U.S. footprint into Chicago with the opening of its 12th office, launched by a team of prominent Chicago attorneys that includes David J. O’Connell, James W. Ozog, James M. Rozak, Brian J. Benoit, Ryan M. Frierott, and Jennifer L. Rediehs. Additional growth and new faces are anticipated in the coming months, and all of Goldberg Segalla’s diverse range of practice areas will expand into the Chicago office. The opening of Goldberg Segalla’s Chicago office highlights the dynamic organic...

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