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Business news in brief

A rendering of the East Market development. National Real Estate Development has closed on a $141 million construction loan with insurer Ullico for an 18-story residential and retail tower.
A rendering of the East Market development. National Real Estate Development has closed on a $141 million construction loan with insurer Ullico for an 18-story residential and retail tower.Read moreBLT Architects

In the Region

Pier 35 development planned

A company bought a parcel beside Waterfront Square towers along the Delaware River and plans a residential development at the site, the broker who handled the deal announced Monday. Michael Barmash of Colliers International said in a statement that Pier 351/2 - same name as the site - acquired the 2.13-acre tract from SA Group Properties on Wednesday. Barmash did not immediately return a phone message asking for pricing details and specifics about the buyer's plans. - Jacob Adelman

Jefferson, Abington affiliate

Thomas Jefferson University and Abington Health completed their affiliation last week, according to a notice to bondholders Monday. Under the arrangement, Jefferson's board will be reconstituted to have 11 members each from Jefferson and Abington. Two unaffiliated members of the new board will be picked later. Abington, which has two hospitals in Montgomery County - Abington Memorial and Lansdale Hospital - will be a subsidiary of Thomas Jefferson University. Jefferson and Abington announced their definitive agreement in January. The deal is not a full financial merger because the two organizations are maintaining separate debt structures, but a combination of debt is under discussion, the bond disclosure said. - Harold Brubaker

Loan secured for East Market

National Real Estate Development has closed on a $141 million construction loan with insurer Ullico for an 18-story residential and retail tower at 1100 Market St., part of the company's $500 million East Market project. The loan will allow the start of construction on the $117.5 million building, which will include 322 apartments, along with a MOM's Organic Market and other shops and restaurants, the company said in a statement. The tower, along with the redevelopment of the adjacent Family Court Building at 34 S. 11th St., will be the first phase of the East Market project. It's bounded by 11th and 12th Streets from Market to Clover Street. A later phase would carry the development through to Chestnut Street. - Jacob Adelman

Phila. losing event to Harrah's

Meeting Professionals International (MPI) announced Monday that it will hold its 2016 World Education Congress at the new Harrah's Atlantic City Waterfront Conference Center. The MPI gathering, which attracts more than 2,000 attendees, will be held from June 11 to 14 at the $126 million Harrah's venue, being touted as the largest hotel-conference center complex from Baltimore to Boston. The center will open in early August. MPI announced its plans with Meet AC and representatives from Caesars Entertainment Inc. - the parent company of Harrah's casino in the city's Marina District. This will be the first time MPI will host a conference at the Shore resort and the first time in New Jersey. The association said it initially planned to hold its 2016 annual convention in Philadelphia, but switched the location due to changes in the space available for it. The Harrah's center has 100,000 square feet of meeting space. - Suzette Parmley

Elsewhere

Cisco selects new CEO

Cisco Systems Inc. said Chuck Robbins will succeed John Chambers as chief executive officer, appointing a salesman with experience in global operations to revive growth amid intensified competition from upstart software makers. Robbins will take his new post on July 26, the San Jose, Calif.-based company said Monday. Chambers will become executive chairman. Chambers, 65, had said he would step down by the end of the fiscal year that ends in July 2016. Robbins, 49, who joined Cisco in 1997, has helped lead the computer-networking company to a resurgence in the last year by responding to competition with new products, including software that could help offset falling margins for Cisco's hardware. Robbins plans to accelerate Cisco's efforts in areas such as security software while playing close attention to operational details, he said in a call with analysts. - Bloomberg News

Big Mac maker restructuring

McDonald's knows you're not lovin' it anymore, and thinks it's got a great new plan to win you back. The world's biggest burger chain plans to restructure its globe-spanning empire, slash costs, and spruce up its menu in hope of becoming what a turnaround plan released Monday called "a modern, progressive burger company." The 60-year-old Golden Arches has struggled to regild itself amid competition from "better burger" rivals, global scandals, and America's changing tastes for fresh and healthy. A typical McDonald's has seen sales crumble for six straight quarters, and even company leaders are admitting the fries have gone cold during its bleakest sales slump in years. "No business or brand has a divine right to succeed, and the reality is, our recent performance has been poor," chief executive Steve Easterbrook said in a video Monday morning. - Washington Post