On 17 December 2013, the Irish Minister for Finance published the General Scheme of the Irish Collective Asset-management Vehicle (ICAV) Bill which will allow for a new corporate structure to be used within the Irish fund industry, sitting alongside the existing public limited company (“PLC”) structure. This new structure, which will provide a greater choice for fund sponsors, will be known as the Irish Collective Asset-management Vehicle or “ICAV”. Although subject to change during the legislative process, the General...

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According to fresh January remittance data, the $35.5 million Great Northern Mall loan is now with the special servicer. Great Northern Mall is a four building, 900,000 square-foot enclosed mall in Clay, New York, a suburb of Syracuse. Due to mature last month, the loan accounts for 18.8% of the collateral balance in BSCMS 2004-PWR3. Two of the four buildings, totaling 504,743 square feet, serve as collateral for the loan. Dick's Sporting Goods, Regal Cinemas, and The Shoe Department are listed as the top three...

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Granito Ltd., a EACCNY member, becomes a player in the on-line dispute resolution platform now appearing in various legal initiatives being taken at EU and national levels. Commercial and consumer on-line dispute resolution represents a "new tool" to address global needs and solve the uncertainty that cross-border parties of e-commerce transactions have. GRANITO builds on their long-time participation in on-line dispute resolution processes utilized across the United States by various regulatory bodies in the financial arena. GRANITO is pleased to welcome corporations...

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EACCNY member DS-Concept Factoring, Inc., a global commercial finance company specializing in international non-recourse factoring, has provided a $10 million export accounts receivable facility to a vertically integrated garment manufacturer. The client, headquartered in India, has global sales in excess of $100MM and is one of the country’s largest manufacturers of branded apparel. “We are extraordinarily pleased and honored to have such a reputable client of this magnitude join our portfolio.” states Brandyn Prust, Vice President of Sales. “The company’s local banking facilities weren’t sufficient enough to facilitate their...

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