EJF Capital and Chartwell Residential Close on $67 Million Construction Loan for Multifamily Development in Nashville, TN (BusinessWire)
ARLINGTON, Va.–(BUSINESS WIRE)– EJF Capital LLC (“EJF”) and Chartwell Residential (“CR”) today announced the close of an approximately $67.35 million construction loan from Synovus Bank to develop the first phase of a multifamily development in Nashville’s Metrocenter neighborhood. The project is in an area certified as a “Qualified Opportunity Zone” under the Tax Cuts and Jobs Act of 2017 (“TCJA”), which offers investors potential tax benefits to invest into Qualified Opportunity Zones with the aim of spurring economic growth in lower income areas.
Chinese Hedge Funds At Risk For Forced Selling (Barchart)
As losses mount this year in global equity markets, China’s hedge fund industry could cause worsening market turmoil due to the possibility that additional losses could trigger forced selling by some of China’s fund managers. China’s Shanghai Composite Index ($CHSC) is down -17% this year, its worst Jan-Apr period since 2008, as a strict Covid Zero policy and crackdowns on private enterprise weigh on the market. In April, industry data showed about 2,350 stock-related hedge funds fell below a threshold that typically activates clauses requiring them to reduce exposure, with many falling toward a level that mandates liquidation. China Merchants Securities said in a report that signs of stress in Chinese funds were “close to the historical high.”
Plotkin ‘Chose a Decision That Worked for Him’: Griffin (Bloomberg)
Citadel founder Ken Griffin comments on Gabe Plotkin‘s decision to close his hedge fund Melvin Capital Management. “Gabe was certainly an iconic investor over his career,” Griffin said Thursday during an interview with Bloomberg’s Francine Lacqua. “He went through a really tough run. He chose a decision that worked for him.” (Source: Bloomberg).
Allianz Reserves Another $2 Billion Due to Hedge Fund Implosion (Bolly Inside)
Allianz SE is setting aside an additional 1.9 billion euros ($2 billion) to resolve lawsuits and also regulatory probes tied to the collapse of its Florida-based Structured Alpha hedge funds two years back. The charges come on top of the 3.7 billion-euro hit Allianz announced earlier this year in a first round of settlements with investors in the funds.
Thursday 5/19 Insider Buying Report: HMST, BTTR (Nasdaq.com)
On Monday, HomeStreet’s Director, Mark Robert Patterson, made a $1.06M buy of HMST, purchasing 27,000 shares at a cost of $39.23 a piece. HomeStreet is trading up about 0.3% on the day Thursday. Before this latest buy, Patterson made one other purchase in the past twelve months, buying $75,000 shares for a cost of $37.50 each. And also on Monday, EVP, Sales Donald Young bought $1M worth of Better Choice, buying 500,000 shares at a cost of $2.00 a piece. Before this latest buy, Young made one other buy in the past twelve months, purchasing $49,700 shares for a cost of $3.55 each. Better Choice is trading up about 7.6% on the day Thursday. Young was up about 15.0% on the buy at the high point of today’s trading session, with BTTR trading as high as $2.30 in trading on Thursday.
Executives Buy Around $17M Of 5 Penny Stocks (Benzinga)
Purple Innovation: The Trade: Purple Innovation, Inc. (PRPL) 10% owner Coliseum Capital Co-Invest III, L.P. acquired a total of 3,372,731 shares at an average price of $4.66. To acquire these shares, it cost $15.63 million. DURECT: The Trade: DURECT Corporation (DRRX) Director Gail M Farfel acquired a total of 55,211 shares at an average price of $0.40. The insider spent around $22.01 thousand to buy those shares.
