RECENT NEWS
LandAmerica Buys Due Diligence Firm
August 1, 2002 RICHMOND, Va. – LandAmerica Financial Group, which operates a series of title companies, has acquired National Assessment Corp., moving it into the commercial real estate due diligence sector.Terms were not disclosed.National Assessment, which is based...
Ashner Group One-Ups Icahn in Battle for Shelbourne REITs
August 1, 2002 JERICHO, N.Y. – HX Investors LP has increased its offer for shares of the three Shelbourne Properties REITs.It is now offering $59/share for Shelbourne I, $69/share for Shelbourne II and $54.50/share for Shelbourne III, exceeding...
Scott Latham, Jon Caplan Move to Cushman
July 31, 2002 Scott Latham and Jonathan Caplan, investment-sales brokers with CB Richard Ellis, have moved over to Cushman & Wakefield, according to the New York Post.The two were the chief investment-sales brokers for CB's New York operation....
Southeast Regional Digest (7/31/02): Lehman Provides $3.8Mln for Madison, Tenn., Apartments
July 31, 2002 Lehman provides $3.8Mln for apartmentsMADISON, Tenn. – Lehman Brothers has provided $3.8 million in fixed-rate financing for the Falcon View Apartments, a 170-unit multifamily community owned by Freeman Webb Investments. Constructed in 1966 and renovated...
Fortress/Greenhill Close in on Reorganization of Pinnacle
July 31, 2002 SARASOTA, Fla. – Pinnacle Holdings Inc., a troubled operator of wireless communications towers, has received United States Bankruptcy Court confirmation of its reorganization plan – bringing it close to its emergence from bankruptcy.That plan calls...
Brookfield Finds Buyer for Half Stake in Calgary Office Property
July 31, 2002 Commercial Real Estate Direct Staff ReportBrookfield Properties Corp. (NYSE:BPO) has contracted to sell a 50 percent stake in another Calgary office property.The Toronto-based real estate company said yesterday in its quarterly conference call that it's...
Criimi Disposes of Distressed Loans From 2 CMBS Deals
July 31, 2002 By Orest Mandzy, Commercial Real Estate Direct Managing EditorCriimi Mae has sold $52 million of distressed loans from the collateral pools of two CMBS deals for which it is special servicer: Merrill Lynch Mortgage Investors,...
Real Estate Roundtable Elects New Officers
July 31, 2002 WASHINGTON – The Real Estate Roundtable, which represents a broad spectrum of commercial real estate interests on federal policy matters, has re-elected California real estate executive Nelson C. Rising as chairman and elected Los Angeles-based...
Developers Diversified, Coventry Pay $81.7Mln for Retail Properties
July 31, 2002 Commercial Real Estate Direct Staff ReportA venture between Developers Diversified Realty (NYSE:DDR) and Coventry Real Estate Partners has paid $81.7 million for a portfolio of five retail properties from Lehman Brothers.The venture, which paid cash,...
September Auction Set for Houston’s Enron Center South
July 31, 2002 HOUSTON – Holliday Fenoglio Fowler LP has been retained to handle the sale of Enron Center South, a newly built office tower in downtown Houston, as a result of Enron Corp.'s Chapter 11 bankruptcy case.Over...
Aimco to Redeem $42Mln in Preferred Equity Securities
July 31, 2002 DENVER – Apartment Investment and Management Co. (NYSE:AIV) is redeeming $41.947 million class B cumulative convertible preferred stock that it issued in August 1997 to Security Capital Preferred Growth Inc.Security Capital may elect to convert...
Inland Buys Virginia Shopping Center for $11.6Mln
July 30, 2002 RICHMOND, Va. – Inland Retail Real Estate Trust has purchased 68,934 square feet of inline store space at the Chesterfield Crossing Shopping Center for $11.6 million.The 431,947-sf community shopping center is anchored by a 219,000...
Murray Hill, Olympus Complete Buy of 417 Fifth
July 30, 2002 NEW YORK – Murray Hill Properties has teamed with Olympus Real Estate Partners to buy 417 Fifth Avenue, a 412,000-square-foot office building in Manhattan's Grand Central submarket.Murray Hill, a New York real estate owner and...
Southeast Regional Digest (7/30/02): Financing Delays North Carolina Condo Project
July 30, 2002 Financing delays condo projectCharlotte Observer CHARLOTTE, N.C. – Charlotte general contractor Pete Verna wants to build uptown's tallest residential tower, at Third and Caldwell streets near the Government Center. But his 25-story condominium project is...
Key Provides $15Mln to Shurgard Storage Centers
July 30, 2002 CLEVELAND – Key Commercial Mortgage has provided roughly $15 million in financing for a portfolio of three self-storage facilities in California owned by a joint venture of Shurgard Storage Centers.The 10-year mortgage has a 25-year...
Fitch Adds Trustee Capabilities in CMBS Evaluations
July 30, 2002 NEW YORK – Fitch Ratings said it has started taking into account trustee capabilities when figuring out the ratings of CMBS transactions.The rating agency said it was "enhancing its internal ratings analysis by acknowledging the...
Starwood to Sell Ciga Properties in Sardinia for $345Mln
July 30, 2002 Starwood Hotels & Resorts Worldwide Inc. (NYSE:HOT) has agreed to sell its portfolio of properties in Sardinia, Italy, to a consortium of Italian investors for EUR 350 million ($345.3 million).Starwood's Sardinian assets, part of the...
Moody’s Downgrades Steiner Properties
July 30, 2002 NEW YORK – Moody's Investors Service has downgraded to Baa2 from A3 Steiner Properties LLC 7.482% Secured Notes due March 31, 2012.The notes are backed by lease obligations of AT&T Corp., whose senior unsecured rating...
Wachovia Provides $9.5Mln for Houston Building
July 30, 2002 Wachovia Securities has provided more than $9.5 million of fixed-rate financing to Parkway Properties (NYSE:PKY) for a 161,616-square-foot office property in Houston.The 10-year mortgage has an interest rate of 7.1 percent and amortizes over 30...
BofA Gets Fitch Rating as Special Servicer for Large Loans
July 30, 2002 NEW YORK – Fitch Ratings has given Bank of America a CSS2-minus rating as a special servicer for large loans.The rating is a new one for BofA and allows it to be special servicer on...
Lend Lease Names Don Miller Head of Real Estate
July 30, 2002 Don Miller, head of Lend Lease Real Estate Investments' Midwest region and Hotel Investment Group, has been named head of the company's overall real estate operations.In his new role, Miller, who joined Lend Lease in...
PRICE TALK: $816.7 Mln J.P. Morgan Chase Commercial Mortgage Securities Corp., 2002-C1
July 30, 2002 Class Amt ($mln) Sub. Level (%) Avg. Life (yrs) Rating S&P Rating Moody's Price Talk (bp) Benchmark A-1 50 22.25 2.6 AAA Aaa +28-30 Swaps A-2 174 22.25 7 AAA Aaa +43-44 Swaps A-3 411...
Pru Names Shaun Donovan Head of FHA Lending Unit
July 30, 2002 Prudential Mortgage Capital Co. has named Shaun Donovan managing director for its FHA business and affordable housing investments. Donovan previously was a Congressionally appointed consultant to the Millennial Housing Commission, where he helped write recommendations...
Hines Buys Leasehold Interest in London Office Site
July 30, 2002 Hines has acquired the leasehold interest in London's Cannon Centre from the Marylebone Warwick Balfour Group for 53.5 million pounds ($84.2 million).The 15-story complex consists of two office buildings totaling 150,000 square feet that were...
PRICE TALK: $976.3 Mln Morgan Stanley Dean Witter Capital I Inc., 2002-XLF
July 30, 2002 Note: Price talk reflects the deal's A/B note structure, with the eight "G" classes representing the junior, or "B" portion of the transaction's pooled loans. Class Amt ($mln) Sub. Level (%)* Avg. Life (yrs) Rating...
About
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.
