A Manhattan office building backed by Pimco"s Columbia Property Trust and Cannon Hill Capital Partners has been sold for $255 million, approximately 6% less than the value of its debt from Blackstone Mortgage Trust. This sale highlights the ongoing challenges in New York City"s property market.
An elite private high school in Newport Beach, California, is entering the bond market by selling approximately $54 million in municipal bonds. The funds will be used to construct a middle school and new athletic facilities, marking the largest capital project since 2018. The school's board includes executives from prominent firms like Pimco and Goldman Sachs.
Former executives from Millennium Management and Pimco have launched a digital-asset advisory firm named x2B. Benoit Bosc, a former portfolio manager at Millennium, and Michael Bressler, previously an executive vice president at Pimco, left their positions in October and August, respectively, to pursue this venture amid a pro-crypto sentiment following Donald Trump's reelection.
Franchise Group Inc. has received temporary court approval to borrow up to $250 million from senior lenders to maintain operations during its Chapter 11 bankruptcy proceedings. Bankruptcy Judge John Dorsey dismissed objections from lower-ranking creditors, who proposed an alternative loan with lower fees and interest but insufficient cash for the company's needs.
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