RECENT NEWS
Moody’s Upgrades 4 Classes of GMAC 1998-C2
February 23, 2004 Moody's Investors Service has upgraded four classes of GMAC Commercial Mortgage Securities Inc., 1998-C2, because of increased subordination levels.The rating agency upgraded the deal's:– $126.5 million class B to Aaa from Aa2;– $113.9 million class...
Bear Stearns Comes to Market With $1.1Bln Conduit
February 23, 2004Commercial Real Estate Direct Staff ReportAdd Bear Stearns Commercial Mortgage Securities Trust, 2004-PWR3, to the growing pipeline of CMBS deals in the market.The $1.1 billion conduit is backed by 116 loans originated by Prudential Mortgage Capital...
Dundee REIT Completes Purchase of 1.6Mln-sf Portfolio
February 23, 2004 Dundee Real Estate Investment Trust (TSX:D.UN) has completed its acquisition of a portfolio of office, industrial and flex space properties in the Calgary and Toronto markets for C$155 million (US$116 million).Besides the 1.5 million square...
Merrill Funds $18.7Mln Loan for Fla. Apartments
February 23, 2004 Merrill Lynch has provided $18.7 million of floating-rate debt for St. Andrews at Palm Beach Lakes, a multifamily complex in West Palm Beach, Fla.The three-year financing funded the $22.2 million price tag for the 200-unit...
Fitch Upgrades 5 Classes of Morgan Stanley 1997-HF1
February 23, 2004 Fitch Ratings has upgraded five classes of Morgan Stanley Capital, 1997-HF1, because loan payoffs and amortization have resulted in improved subordination levels.The rating agency upgraded the deal's:– $34 million class C to triple-A from double-A-minus;–...
Moody’s Reviews for Downgrade 5 Classes of Calwest 2002-CALW
February 20, 2004 Moody's Investors Service has placed five classes of Calwest Industrial Trust, 2002-CALW, under review for possible downgrade because revenue at the properties securing the deal's collateral loan has fallen and expenses have risen.The rating agency...
Buyer Backs Out of Deal to Purchase Atlanta’s Medical Arts Building
February 20, 2004 Atlanta business ChronicleDARP Inc. has backed out of its deal to buy the vacant, 88,000-square-foot Medical Arts building from Harold Gelber, a Miami businessman who owns the property. DARP, owned by record producer Dallas Austin,...
CMD Realty Buys SunTrust Building in Tampa, Fla.
February 20, 2004 Tampa Bay Business JournalCMD Realty Investors, based in Chicago, has agreed to buy the 36-story SunTrust Financial Centre at 401 E. Jackson St. in downtown Tampa, along with two adjoining city blocks. The purchase price...
Shopping Center Planned in Western Alamance County, NC
February 20, 2004 Triad Business JournalWakefield Associates Inc. of Raleigh and Kimco Realty of New York want to rezone 53 acres at the northwest corner of Interstate 40-/85 and St. Marks Church Road in western Alamance County for...
Investcorp Team Pays $60Mln for St. Louis Complex
February 20, 2004 A venture led by Investcorp has paid $60 million for Westport Plaza, a 703,158-square-foot mixed-use complex in St. Louis, Mo. The property has 506,542 sf of office space in four buildings and 166,791 sf of...
Colonial Bank Lends $17Mln for FBI Building in Alabama
February 20, 2004 Colonial Bank of Montgomery, Ala., has provided $17 million of financing for a Birmingham, Ala., office building currently under construction. The three-story property will have 86,000 square feet leased to the Federal Bureau of Investigation....
Deutsche Bank Launches $968.4Mln CMBS Conduit
February 20, 2004 Commercial Real Estate Direct Staff ReportDeutsche Bank is launching a $968.4 million CMBS conduit.The deal, COMM, 2004-LNB2, would be the latest in a hefty pipeline of deals slated to price soon. Three other deals are...
Wi-LAN to Buy Calgary HQ Building
February 20, 2004 Wi-LAN Inc. has agreed to buy its headquarters building in downtown Calgary, Alberta. The broadband wireless communications company is paying C$13.35 million (US$10 million) for the 91,070-square-foot building at 2891 Sunridge Way NE, which the...
O&Y REIT to Buy Management Unit
February 20, 2004 O&Y Properties Corp. (TSX:OYP) has agreed to sell O&Y Enterprise, its property management business, to O&Y Real Estate Investment Trust (TSX:OYR.UN) for C$21.1 million (US$15.8 million). The deal is expected to close by late April....
MassMutual Syndicates Large Sunstone Loan
February 20, 2004 Massachusetts Mutual Life Insurance Co. has syndicated a $399.5 million loan it had made for a portfolio of 35 hotels owned by Sunstone Hotel Investors.MassMutual originated the loan last September through its David L. Babson...
PPM Provides $29Mln for Lowe’s Retail Properties
February 20, 2004 PPM Finance Inc. has provided a $29 million mortgage for three properties leased to Lowe's Home Improvement Centers.The properties, in Huntsville, Ala., Gadsden, Ala., and Columbus, Miss., were built within the past three years and...
S&P Downgrades 3 Classes of JPMorgan 2001-CIBC1
February 20, 2004 Standard & Poor's has downgraded three classes of J.P. Morgan Chase Commercial Mortgage Securities Corp., 2001-CIBC1, because a large portion of the collateral pool is either in special servicing or on the servicer's watchlist. The...
Moody’s Affirms Ratings of Freehold Raceway CMBS Deal
February 19, 2004 Moody's Investors Service has affirmed the ratings of Freehold Raceway Mall Trust, 2001-FRM, a CMBS deal that is backed by a mortgage on a 1.4 million-square-foot mall in New Jersey.The property, in Freehold, N.J., has...
Hudson Realty Provides $19.5Mln Loan for Tenn. Development
February 19, 2004 Hudson Realty Capital LLC has provided $19.5 million of development financing for a proposed residential development in Franklin, Tenn.The project, Avalon at Cool Springs, is being developed by Avalon Partners of Brentwood, Tenn. It will...
Denver Manufactured-Home Firm Goes Public, Completes Big Buy
February 19, 2004 Affordable Residential Communities Inc., a Denver company that just went public, has completed most of a $593.8 million purchase of 90 manufactured-home communities from Hometown America LLC, making it the largest owner of such properties...
AT&T to Sell Midtown Atlanta Site
February 19, 2004 Atlanta Journal Constitution (Eleventh Item)AT&T is selling its former Atlanta headquarters at Peachtree and 14th streets in Midtown to move 1,100 employees to the Promenade II building next door. AT&T has been the only occupant...
St. Paul Snaps Up 3 Centers in Florida’s Tampa Bay Area
February 19, 2004 Tampa TribuneSt. Paul Properties, a subsidiary of Minnesota-based St. Paul Cos., has paid $26.4 million to the State Teachers Retirement System of Ohio for three properties in the Tampa Bay area. The properties are: the...
Apartments in Bartlett, Tenn., Sell for $24Mln
February 19, 2004 Memphis Business JournalBristol Park at Wolfchase, a recently built 300-unit apartment complex in Bartlett, Tenn., has been sold to a Massachusetts pension advisor for $24 million, or $80,000/unit. Bristol Development of Nashville sold the complex,...
History Museum Negotiating Purchase of Miami’s Freedom Tower
February 19, 2004 Miami News TodayThe Historical Museum of Southern Florida is in talks with the county and the Cuban American National Foundation to buy Miami's landmark Freedom Tower, at 600 Biscayne Blvd. The 17-story tower could sell...
Orlando Development Firm Launches
February 19, 2004 Developer Vince Smith is teaming with Orlando businessman Jack LeFort to form Corinthian Properties – a real estate development company that will focus on high-end residential and retail properties throughout Florida. Smith will serve as...
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Commercial Real Estate Direct is the only source -- in print or otherwise -- that keeps close tabs on the entire real estate capital markets industry. It provides up-to-date market intelligence on the mortgage business, equity raising, investment sales and CMBS.
