SHARES IN NASHUA PROPERTY BEING SOLD VIA IPO
A New York-based real estate investment firm that sells shares of commercial properties through public offerings has launched a new vehicle for investors: the Landing at One Chestnut, a property in Nashua.
The company — which has issued two previous IPOs for similar properties, one in New York City and the other in Portland, Maine — announced the launch of the Landing at One Chestnut IPO on Nov. 29. The initial per-share price for the 430,804-square-foot mill building was $250. Built in 1915, the building has warehouse, distribution, flex office and self-storage uses, LEX said.
The building currently has more than 50 tenants, the four largest of which occupy over 57 percent of the net rentable space and have an average tenure at the property of over 25 years, according to LEX.
In fact, the largest tenant is Extra Space Storage, one of the country’s largest selfstorage operators, which has been located at the property for over 30 years.
LEX’s other properties are 286 Lenox Avenue in Manhattan, which went public earlier this year, and the Gateway Garage in Portland.
BANKPROV BRACES FOR $27.5M HIT ON BAD CRYPTO LOANS
BankProv, the Amesbury, Mass.-based bank with executive offices in New Hampshire, is reporting that its lending exposure to the crypto mining industry could result in a net loss of $27.5 million for the third quarter, which ended Sept. 30, according to a document it filed last month with the Securities and Exchange Commission.
The ongoing volatility of Bitcoin, along with rising energy costs, have raised questions about the financial stability of the bank’s crypto-mining borrowers, the bank said.
BankProv said it is still evaluating the actual level of losses it faces due to the recent decline in the cryptocurrency mining industry, adding losses could exceed its $27.5 million estimate. The bank, in a separate filing, said that, as a result, it has delayed the release of its financial statements for the most recent quarter.
The bank reported a partial write-down on cryptocurrency mining rigs that it repossessed in exchange for the forgiveness of a $27.4 million loan, and that triggered the firm to undergo a review of its portfolio of similarly collateralized loans, the bank said.
The bank’s digital-asset mining loan portfolio totaled $76.5 million at the end of September, the bank said, adding that it estimates most of that portfolio will be impaired — meaning that it’s assumed that the bank won’t be able to collect much of the interest and principal.
The $1.7 billion-asset BankProv issued its first Bitcoin-secured crypto business credit line in late 2020, and rolled out an Ethereum-secured credit line in 2021.
BERTUCCI’S FILES CHAPTER 11, 2 NEW HAMPSHIRE RESTAURANTS CLOSE
Only one Bertucci’s restaurant remains in New Hampshire following the closing of two of its eateries.
The closures of the locations in Manchester and Salem came as the restaurant chain filed for Chapter 11 bankruptcy on Monday in federal court. It’s the second time the company has filed for bankruptcy protection.
In the filing, the chain’s parent company cited the impact of Covid-19 and inflation, which, it said, led to a decline in sales and an increase in expenses. In fiscal year 2021, the chain reported an operating loss of $14 million and a net loss of $7.2 million.
The Bertucci’s on Amherst Street in Nashua is the only one of the chain’s New Hampshire restaurants to remain open.
BED BATH & BEYOND CLOSING KEENE STORE
The financially troubled home furnishing chain Bed Bath & Beyond is in the process of closing several stores around the country and at least one is in New Hampshire.
The company’s Keene outlet at the Monadnock Marketplace shopping center is currently holding a storewide closing sale. Signage in the store did not indicate when the sale will end, The Keene Sentinel reported.
The chain’s corporate offices in Union Township, N.J., announced in August that it would close about 150 of its 955 stores nationwide. The company said the action would cut 20 percent of its total workforce.
The next nearest Bed Bath & Beyond store to Keene is in Amherst, about 36 miles away.
