RECENT NEWS
WorldCom Effect on CMBS Minimal, Studies Say
July 1, 2002 The CMBS market will be minimally affected by the downsizing or possible bankruptcy filing of WorldCom Inc., which is being investigated for accounting fraud.But "the market is not immune to the issue," according to recent...
Manhattan Apartments Near Ground Zero Hit the Block
July 1, 2002 NEW YORK – Marcus & Millichap has begun marketing a 15-story apartment building one block from ground zero in Manhattan's financial district, with a $20 million asking price.The building at 9 Maiden Lane is owned...
WorldCom/MCI is Reckson’s Second Largest Tenant
July 1, 2002 MELVILLE, N.Y. – Reckson Associates Realty Corp. (NYSE:RA) said it leases about 547,000 square feet to WorldCom/MCI in 15 buildings in the New York metro area, including Stamford, Conn.WorldCom/MCI is Reckson's second largest tenant based...
Ventas Exec Resigns
July 1, 2002 LOUISVILLE, Ky. – John C. Thompson, executive vice president of Ventas Inc. (NYSE:VTR), has resigned from the healthcare REIT.Ventas has initiated a search for a new investment executive. The company is looking for investment opportunities...
FINAL PRICING: $416 Mln LNR CDO 2002-1
July 1, 2002 Class Amount ($mln) Avg. Life Rating S&P Rating Fitch Rating Moody's Priced (bp) Benchmark A 98.1 8.1 AAA AAA Aaa +47 Libor B 80 -- AA AA Aa2 -- -- C 25 8.8 A A...
Entertainment Properties Pays $53Mln for 3 Megaplex Theaters
July 1, 2002 KANSAS CITY, Mo. – Entertainment Properties Trust (NYSE:EPR) has paid $53 million for three megaplex movie theater properties in Michigan, Kansas and South Carolina.The REIT bought the properties, which includes the land and the buildings...
Southeast Regional Digest (7/1/02): JP Morgan Buying 80% of Miami Center; 2 Other Miami Buildings fo
July 1, 2002 First Union Financial Center, 801 Brickell for saleMiami HeraldMIAMI – The Texas-based owner of Miami Center is selling 80 percent of the 35-story tower to investment banker J.P. Morgan Chase, according to several sources familiar...
Urstadt to Raise $76.3Mln From Share Sale
July 1, 2002 GREENWICH, Conn. – Urstadt Biddle Properties (NYSE:UBP) plans to raise $76.3 million from the sale of 7 million shares of class A common stock at $10.90/share.Ferris, Baker, Watts Inc. is acting as lead underwriting in...
Tanger Sells Bass Pro Shops Outlet for $18.2Mln
July 1, 2002 GREENSBORO, N.C. – Tanger Factory Outlet Centers Inc. (NYSE:SKT) has sold a Fort Lauderdale, Fla., retail property for $18.2 million, which will result in a gain of $450,000.The property, Bass Pro Shops Outdoor World, has...
Sunrise Sells Facilities to CalPERS Venture for $29.7Mln
July 1, 2002 MCLEAN, Va. – Sunrise Assisted Living Inc. (NYSE:SRZ) has sold two assisted living facilities for $29.7 million to a venture it formed with the California Public Employees' Retirement System.CalPERS, which is advised by AEW Capital...
Salomon Provides $90.4Mln Financing for Apartment Portfolio
July 1, 2002 Salomon Smith Barney has provided $90.4 million of fixed-rate financing to Northland Investment Corp. for a portfolio of 11 apartment complexes in Texas, Florida and North Carolina.The financing, which carries a 10-year term and pays...
Pharmacia Closes $200Mln Purchase of AT&T Campus in NJ
July 1, 2002 BERNARDS TOWNSHIP, N.J. – Pharmacia Corp. (NYSE:PHA) has closed on its $200 million purchase of AT&T's headquarters facility and conference center in the Basking Ridge section of the township.Under the deal, first disclosed in April,...
Kennedy Wilson Retires Debt By Issuing Stock
July 1, 2002 BEVERLY HILLS, Calif. – Kennedy Wilson Inc. (Nasdaq:KWIC) has converted $4 million of convertible subordinate debt into 749,000 newly floated common shares, eliminating an annual debt service requirement of $280,000.The transaction allows the real estate...
Nationwide Prices $100Mln of Notes
June 28, 2002 Commercial Real Estate Direct Staff ReportNationwide Health Properties (NYSE:NHP) has priced $100 million of 8.25 percent senior unsecured notes due July 2012. The 10-year securities priced at 350 basis points over Treasurys, and were rated...
Gables Prices $180Mln of Senior Notes
June 28, 2002Commercial Real Estate Direct Staff ReportGables Residential has priced $180 million of 5.75 percent senior unsecured notes due February 2007.The five-year notes priced at 99.732 to yield 172 basis points over Treasurys.J.P. Morgan and Wachovia Securities...
Correction: Lehman Top Underwriter of Domestic CMBS in First Half
June 28, 2002 Morgan Stanley Dean Witter was the second most active lead manager of domestic CMBS transactions – with three deals totaling roughly $2.7 billion. That puts it just behind Deutsche Bank, which was lead manager on...
MuniMae, Capreit Set Up Multifamily JV
June 28, 2002 BALTIMORE – Municipal Mortgage & Equity LLC (NYSE:MMA) and Capreit Inc., a Rockville, Md., real estate investment firm, have set up a multifamily investment venture.MuniMae has committed to invest $75 million in the venture, of...
Prentiss Properties Leases 254,000 sf to WorldCom Units
June 28, 2002 DALLAS – Prentiss Properties Trust (NYSE:PP) said a total of 254,284 square feet of its portfolio is leased to WorldCom Inc. subsidiaries.The REIT said the space is rented under seven leases at four office developments.As...
Grubb & Ellis Adds 2 Execs
June 28, 2002NEW YORK – Grubb & Ellis Co. (NYSE:GBE) has named Bruce Crawford to the new position of executive vice president of operations. He will be based at the company's New York headquarters and will work closely...
FBR Asset to Raise $200.1Mln from Stock Offering
June 28, 2002 ARLINGTON, Va. – FBR Asset Investment Corp. (NYSE:FB) expects to raise $200.1 million in a follow-on offering of common shares.The REIT, a unit of Friedman, Billings, Ramsey Group Inc. (NYSE:FBR), is selling 6 million shares...
GMAC Funds $27.7Mln California Hotel Loan
June 28, 2002 HORSHAM, Pa. – GMAC Commercial Mortgage Corp. has provided $27.7 million of floating-rate financing for the Waterfront Hilton Beach Resort, a 290-unit hotel in Huntington Beach, Calif.The interim mortgage allows for the refinancing of existing...
Highwoods Leases Charlotte Warehouse
June 28, 2002 RALEIGH, N.C. – Highwoods Properties Inc. (NYSE:HIW) has leased its Twin Lakes Distribution Center in Charlotte, N.C., to Ingersoll-Rand Co. for 10 years.The property, which has 346,500 square feet, had been vacated six months ago....
Southeast Regional Digest (6/28/02): Stiles Building $27Mln Condo Tower in Fort Lauderdale, Fla.
June 28, 2002 Stiles building $27Mln condo tower in Fort Lauderdale, Fla.Sun SentinelFORT LAUDERDALE, Fla. – Stiles plans to build a $27 million, 30-story condo tower downtown. Plans for the high-rise quietly and quickly eased through the city's...
Canada Digest (6/28/02): Morguard to Buy 23Mln Shares of Revenue Properties from Shareholder
June 28, 2002 Morguard to buy 23Mln shares of Revenue Properties from shareholderTORONTO – Morguard Corp., formerly known as Acktion Corp., has agreed to buy 23 million common shares of Revenue Properties Co. Ltd. (TSX:RPC) from Mark M....
HPT Prices $125Mln Senior Notes Offering
June 28, 2002 NEWTON, Mass. – Hospitality Properties Trust (NYSE:HPT) has priced a $125 million offering of 6.85 percent senior notes due 2012. The 10-year notes priced at 210 basis points over Treasurys. They were rated Baa3 by...
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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.
