HORSHAM, Pa. GMAC Commercial Mortgage announced Monday that it had lent $56.7 million to Starwood Ceruzzi LLC of Fairfield, Conn., to build a shopping center in Burlington, Vt.
The Maple Tree Place Center will be built on 72 acres and is the first major shopping center development in Vermont in over 10 years, GMAC said. Shaws, Best Buy, Staples, Dicks Sporting Goods, and Linens N Things will be the anchor tenants.
The loan closed Sept. 1, GMAC said.
Federal Reserve Governor Lisa D. Cook highlighted concerns over private credit growth, commercial real estate distress and escalating cyber threats in remarks on financial stability at the Brookings Institution Wednesday.
Consumer debt aggregators such as Method, Payitoff, Spinwheel and Tally are partnering with financial institutions to embed solutions that aggregate account information and devise ways to optimize repayment — including with low-interest offers from the bank itself.
Federal Deposit Insurance Corp. Chair Martin Gruenberg will testify next week in Congress. Those hearings — which will come after the publication of a bombshell report detailing widespread misconduct at the agency — could signal whether he has a future at the FDIC.
Bank stocks are up this year as interest rates have leveled off and there are hopes that pressure on lenders' profits could moderate.
National Australia Bank is adding a Pay By Bank option for near-instant payments, Italy is bringing open-loop payments to buses in Tuscany, and more.
DCI in Hutchinson, Kansas, is giving employees unsure about retirement the option to work part-time and gradually ease into the next phase of their lives.
