SL Green Realty Corp., New York, has priced an initial public offering of Gramercy Capital Corp., an affiliate company that will invest in commercial real estate, at $15 per share.Gramercy Capital is selling 12.5 million shares of common stock and expects to gross $187.5 million, the real estate investment trust said. Gramercy Capital, which has also opted for REIT status, will originate and acquire loans and subordinate interests in loans, mezzanine loans, and preferred equity investments in commercial real estate nationwide. SL Green, which through a subsidiary will manage and advise Gramercy Capital, said it expects to expand its business nationwide through this avenue. The REIT is purchasing 3.125 million shares in the offering, for a $46.875 million investment. Wachovia Securities is the manager of the offering. Gramercy Capital will be listed on the New York Stock Exchange.
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According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
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Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
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McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
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The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
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The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18