RECENT NEWS
Moody’s Upgrades 2 Classes of GMAC Commercial 1997-C1
August 6, 2002 NEW YORK – Moody's Investors Service has upgraded two classes of GMAC Commercial Mortgage Securities Inc., 1997-C1, because the collateral pool is performing as expected and has been paid down by nearly 18 percent.The rating...
Investor Completes $193Mln Buy of Half Stake in Calgary Complex
August 6, 2002CALGARY, Alberta – British Columbia Investment Management Corp. is paying US$193 million for a half stake in Bankers Hall, an office complex in downtown Calgary owned by Brookfield Properties Inc. (NYSE:BPO).The deal values the property at...
Southeast Regional Digest (8/6/02): Baptist Church Looking to Buy Motorola’s Property in Fla.
August 6, 2002 Baptist church looking to buy Motorola's property in FloridaSun Sentinel BOYNTON BEACH – Palm Beach Baptist Church has its eye on Motorola's 87-acre property on Gateway Boulevard. Officials from the Lake Worth church recently approached...
Inland Buys Florida Center for $11.4Mln
August 6, 2002 ORLANDO, Fla. – Inland Retail Real Estate Trust has purchased the 78,625-square-foot Circuit City shopping center near the West Oaks Mall for $11.4 million. The property, which sits at the northeast corner of Good Homes...
Cendant HQ in NJ Sells for $81.1Mln
August 6, 2002 PARSIPPANY, N.J. – A partnership led by The Gale Co. and Morgan Stanley Real Estate Fund IV in June sold the Cendant headquarters building in Parsippany-Troy Hills for $81.1 million, or about $215/sf.The venture sold...
Pru Provides $24.3Mln Mortgage for Texas Retail
August 6, 2002 DALLAS – Prudential Mortgage Capital has provided $24.3 million of financing for Citiview Centre, a recently redeveloped shopping center in Fort Worth, Texas.The 10-year mortgage, which carries a rate of less than 7 percent, was...
Correction: Fitch Downgrades 2 Classes of Nomura Asset 1994-MD1
August 5, 2002 Fitch Ratings downgraded the $26.7 million class B-1 of Nomura Asset Securities Corp., 1994-MD1, to triple-C from triple-B-plus and the $24.6 million class B-2 to single-C from single-B. A story published earlier today, "Fitch Downgrades...
Kennedy Wilson to Sell Shares in Japan Unit to Cargill
August 5, 2002 BEVERLY HILLS, Calif. – Kennedy Wilson (Nasdaq:KWIC) has agreed to sell 2,000 shares of stock in Kennedy Wilson Japan (Nasdaq Japan: symbol 4321) to Cargill International Trading Pte Ltd., a wholly owned subsidiary of Cargill...
Kimco Prices $102Mln of Medium Notes
August 5, 2002 Kimco Realty Corp. (NYSE:KIM) has priced $102 million of medium term notes in two separate transactions.The REIT has priced $85 million of two-year series-C medium notes at 50 basis points over Libor. The floaters are...
Salomon Provides $12.3Mln for Fla. Retail Center
August 5, 2002 ROYAL PALM BEACH, Fla. – Salomon Smith Barney has provided $12.3 million to Ramco-Gershenson Properties for the purchase of a 109,000-square-foot shopping center on the northeast corner of Okeechobee and Royal Palm Beach Boulevards.The REIT...
Sunrise Assisted Living to Sell Calif. Facility
August 5, 2002 MCLEAN, Va. – Sunrise Assisted Living Inc. (NYSE:SRZ) has structured a venture with Beach Cities Health District to which it will sell an 80 percent interest in a 96-unit assisted-living facility in Hermosa Beach, Calif.The...
Freddie Mac Provides $28Mln for Atlanta’s Lindbergh Apartments
August 5, 2002 ATLANTA – Freddie Mac has provided $28 million for a 324-unit apartment property on Garson Drive at Piedmont Road.Paul House in the Houston office of L.J. Melody & Co. arranged the funding on behalf of...
Small DC Office Building Fetches $210/sf
August 5, 2002 A joint venture led by Harbor Group International has paid $21 million, or about $210/sf, for a 100,000-square-foot office building in Washington, D.C.The Norfolk, Va.-based pension fund adviser teamed with an undisclosed corporate investor to...
Goldstar Seller of Md. Office Building
August 5, 2002 NORTH SILVER SPRING, Md. – The Goldstar Group, a commercial real estate investment firm based in Bethesda, Md., sold 11800 Tech Road, the office/flex building in Washington, D.C., that Corporate Office Property Trust (NYSE:OFC) bought.Dek...
Fitch Downgrades 2 Classes of Nomura Asset 1994-MD1
Correction (Aug. 5, 2002): Fitch Ratings downgraded the $26.7 million class B-1 of Nomura Asset Securities Corp., 1994-MD1, to triple-C from triple-B-plus and the $24.6 million class B-2 to single-C from single-B. The story below reported the wrong...
JER Partners Names Deborah Harmon Chief Investment Officer
August 5, 2002MCLEAN, Va. – JER Partners has named Deborah Harmon chief investment officer, replacing Jonathan Kern, who left the company in July. A member of the executive team for the past 11 years, Harmon oversaw $7.4 billion...
Staubach Hires August Napolitano to Expand Industrial Effort
August 5, 2002 The Staubach Co. has hired August 'Augie' Napolitano to oversee a nationwide expansion of its industrial real estate practice from the firm's Irvine, Calif., office.Napolitano has joined the Dallas-based real estate services firm as executive...
FINAL PRICING: $816.7 Mln J.P. Morgan Chase Commercial Mortgage Securities Corp., 2002-C1
August 5, 2002 Class Amt ($mln) Sub. Level (%) Avg. Life (yrs) Rating S&P Rating Moody's Price Talk (bp) Priced (bp) Benchmark A-1 50 22.25 2.6 AAA Aaa +28-30 +30 Swaps A-2 174 22.25 7 AAA Aaa +43-44...
Southeast Regional Digest (8/5/02): Leonard Miller, Chairman of Lennar Corp., Dies at 69
August 5, 2002 Lennar's founder dies at 69South Florida Business JournalMIAMI – Leonard Miller, chairman of homebuilder Lennar Corp., died July 28 after a lengthy battle with liver cancer. Miller was 69. He co-founded Miami-based Lennar, South Florida's...
Lend Lease Pays $460Mln for UK Property Company
August 5, 2002 A subsidiary of Lend Lease Real Estate Investments has acquired Akeler Holdings SA, a U.K.-based real estate investment and development company, for 294 million pounds ($460.2 million).Lend Lease Global Properties Sicaf, the Luxembourg-based opportunistic real...
REIT Pays $27.3Mln for Md. Office Building
August 5, 2002 NORTH SILVER SPRING, Md. – Corporate Office Properties Trust (NYSE:OFC) has paid $27.3 million, or about $115/sf, for a 236,441-square-foot office building at 11800 Tech Road.The property, near MD Route 29 and New Hampshire Avenue,...
FDIC Taps Deloitte for Loan Sale
August 5, 2002 The Federal Deposit Insurance Corp. has hired a team led by Deloitte & Touche to handle the whole-loan sale of $198 million of residential mortgages.The mortgages are what's left of a 1995 securitization that is...
LTC to Sell Participation in $58Mln of Mortgages
August 2, 2002 OXNARD, Calif. – LTC Properties Inc. (NYSE:LTC) has agreed to sell a non-recourse senior participation interest in 22 LTC first mortgages that total $58 million.LTC is selling the interest in these mortgages to a private...
Essex Sells Hawaii Apartments for $44.1Mln, Refinances Debt on Calif. Property
August 2, 2002Commercial Real Estate Direct Staff ReportHONOLULU – Essex Fidelity I Corp., a subsidiary of Essex Property Trust (NYSE:ESS), has sold a 700-unit multifamily community here for $44.1 million.The REIT purchased the Moanalua Hillside apartments, which sit...
MeriStar Sells Hotels in Texas, NJ
August 2, 2002 WASHINGTON – MeriStar Hospitality Corp. (NYSE:MHX) has sold three hotels in Texas and New Jersey to an undisclosed buyer.The REIT sold the 293-unit Hilton Houston Southwest in Houston, the 139-unit Ramada Inn in Mahwah, N.J.,...
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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.
