RECENT NEWS
S&P Raises Ratings on PS Business Parks
July 22, 2002 NEW YORK – Standard & Poor's has raised its ratings on PS Business Parks and its operating partnership because of the company's solid credit measures, sustained operating stability and improved tenant/lease credit quality.The ratings were...
Fitch Downgrades One Class in ASC 1996-D2
July 19, 2002 CHICAGO – Fitch has downgraded the $35.2 million class A-4 in Asset Securitization Corp., 1996-D2, to triple-B-minus from triple-B. The rating agency affirmed the other classes it rates in the series.The downgrade is primarily the...
Ariz. Office Building Fetches $32Mln
July 19, 2002 SCOTTSDALE, Ariz. – Carlye Realty has sold a 146,700-square-foot, Class-A office property to MSB Gainey Center for $32 million.Gainey Center II, at 9501 N. Scottsdale Road, is a three-story structure set in the heart of...
Southeast Regional Digest (7/19/02): Development Planned in Orlando Area
July 19, 2002 Development planned in Orlando areaOrlando (Fla.) SentinelORLANDO, Fla. – The Wilder Cos. plan to build a 320,000-square-foot shopping center with entertainment, services and restaurants at the northwest corner of John Young and Osceola parkways, about...
Dutch CMBS Deal Hits European Market
July 19, 2002Commercial Real Estate Direct Staff ReportA 1.4 billion euro (US$1.42 billion) mortgage-backed securitization was issued this week from the Netherlands by a group of pension funds.Vesteda Residential Funding I B.V., which has already successfully priced, contains...
FINAL PRICING: $523.4 Mln Fannie Mae Grantor Trust, 2002-T11 (MAST)
July 19, 2002 Class Amount Rating Priced Benchmark A 68.2 FNMA +28 Swaps B 455.2 FNMA +18 Swaps IO* 523.4 FNMA +10 B class * Notional amount, interest only.
Charter MAC Provides $13Mln for Fla. Apartment Project
July 19, 2002 POMPANO BEACH, Fla. – Charter Municipal Acceptance Co. (AMEX:CHC) has provided more than $13 million to develop the Laguna Pointe Apartments being constructed by Cornerstone Group Development Corp.The 188-unit family property will be at 901...
Dechert Formally Announces Hiring of Forte, Others
July 19, 2002NEW YORK – Dechert formally announced today that Joseph Philip Forte joined the firm's finance and real estate group as a partner. Also joining the group as partners are Ellen M. Goodwin and Joseph B. Heil,...
Shorenstein Closes Purchase of NYC’s 450 Lexington
July 19, 2002 NEW YORK – Shorenstein Co. has completed its purchase of the leasehold interest in 450 Lexington Ave., a 911,000-square-foot office building built above the Grand Central Post Office in midtown Manhattan.Shorenstein bought the office building...
Clarification: Ashforth, GE Venture Buys Majority Interest in Philly Office Tower
July 18, 2002 The Ashforth Co. and an affiliate of GE Asset Management have teamed to buy a majority interest in the limited liability company that owns 1818 Market St., a 37-story office tower in downtown Philadelphia. A...
Pan Pacific Buys 2 Centers for $47.1Mln; Sells 3
July 18, 2002 SAN DIEGO - Pan Pacific Retail Properties (NYSE:PNP) has purchased two grocery-anchored neighborhood retail centers in Southern California for $47.1 million in two separate transactions.The properties, which total 324,709 square feet, are the Larwin Square...
Fitch Downgrades Class N of CSFB 1999-C1
July 18, 2002 CHICAGO - Fitch has downgraded class N in Credit Suisse First Boston Mortgage Securities Corp., 1991-C1, because of weakening in the pool performance, expected losses and interest shortfalls.The $7.1 million class N was downgraded to...
Southeast Regional Digest (7/18/02): Coral Gables, Fla., Mall Opening in September Now 85% Leased
July 18, 2002 Mall opening in September now 85% leasedMiami HeraldCORAL GABLES, Fla. - It's just about two months until the Sept. 27 opening of the Village of Merrick Park, and the long-awaited retail project is starting to...
FINAL PRICING: $895.7Mln Credit Suisse First Boston Mortgage Securities Corp. 2002-CP3
July 18, 2002 Class Amt ($mln) Sub. Level (%) Avg. Life (yrs) Rating Fitch Rating Moody's Price Talk (bp) Priced (bp) Bnch mark A-1 50.68 21.875 2.7 AAA Aaa +27 area +28 Swaps A-2 127.17 21.875 7 AAA...
CWCapital Provides $23.4Mln for Renovation of Ore. Apartment Property
July 18, 2002 PORTLAND, Ore. - CWCapital has provided $23.4 million through its Federal Housing Administration loan program for a multifamily property.The 40-year loan, which has a 40-year amortization schedule and a 90 percent loan-to-value ratio, was used...
Lowe Enterprises Sells NC Hotel
July 18, 2002 SOUTHPARK, N.C. – A pension fund client of Lowe Enterprises sold the SouthPark Suite Hotel, a 208-unit property adjacent to the SouthPark Mall. Secured Capital arranged the sale.As earlier reported, Felcor Lodging Trust (NYSE:FCH) paid...
Weak Apartment Market Forces Camden Property to Lower FFO Estimates
July 18, 2002 HOUSTON - Camden Property Trust (NYSE:CPT) expects funds from operations of about $0.83/share for the second quarter, due to weaker than expected apartment market conditions.As a result, the REIT expects 2002 FFO to range from...
Host Marriott’s RevPAR Declines 9.8% in 2nd Qtr
July 17, 2002 BETHESDA, Md. – Host Marriott Corp.'s (NYSE:HMT) revenue per available room declined by 9.8 percent in the second quarter of 2002, while operating profit margins declined by 2.7 percentage points.The REIT's second quarter RevPAR decline...
Southeast Regional Digest (7/17/02): Law Firm Leases Space in Atlantic Station
July 17, 2002 Law firm switches HQ in AtlantaThe Atlanta Journal-ConstitutionATLANTA – Atlantic Station has lured away Arnall Golden Gregory from one of Atlanta's prestigious office buildings. The law firm has signed a lease for about 135,000 square...
2 UK Property Firms Consider Merger
July 17, 2002 Two London-based commercial real estate firms have confirmed that they are in preliminary negotiations that could lead to a merger.Donaldsons and GVA Grimley will explore a merger over the next two months. A decision should...
FINAL PRICING: $512.4 Mln GS Mortgage Securities Corp. II, 2002-GSFLV
July 17, 2002 Class Amount ($mln) Sub. Level (%) Avg. Life Rating S&P Rating Moody's Price Talk (bp) Priced (bp) Benchmark A 368.9 28 1.7 AAA Aaa +27 area +27 Libor B 30.7 22 2.45 AAA Aa1 +32...
New Investors Buy Into Lend Lease Retail Partnership
July 17, 2002 Ten new investors – a mixture of pension funds and institutions – have invested in Lend Lease Retail Partnership through secondary market share purchases.The shares that the investors bought, valued around 75 million pounds ($118...
PRICE TALK: $1.35 Bln Lehman Brothers Floating-Rate Commercial Mortgage Trust 2002-LLF C3
July 17, 2002 Class Amount Sub. rate Rating S&P Rating Fitch Avg. Life Price Talk Benchmark A 990.6 26.5 AAA AAA 1.5 +26 area Libor B 23.6 24.75 AAA AAA 2.2 +30 area Libor C 52.2 20.875 AA+...
Bear Provides $64Mln of Fixed-Rate Financing for Fla. Outlet Center
July 17, 2002 ORLANDO, Fla. – Bear Stearns Commercial Mortgage has provided $64 million in fixed-rate financing for the 640,000-square-foot Belz Factory Outlet World, which sits across the I-4 – Kirkman Road interchange from Universal Studios.Proceeds of the...
11 Manhattan Apartment Properties Fetch $280Mln
July 17, 2002 NEW YORK – Greystar Real Estate Partners LLC has bought a portfolio of nine Manhattan apartment buildings from Thurcon Properties Inc. for about $240 million.Separately, family-run Thurcon Properties sold two other properties for $40 million...
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