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...
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...
Northern California Residential Complex Sells for $34Mln
June 28, 2002SANTA ROSA, Calif. – The Stonypointe Villa Royale, a 149-unit apartment complex off highways 101 and 12, has traded hands for $34 million, or about $228,188/unit.Pacifica Cos., a San Diego-based real estate investment group, bought the...
Red Mortgage Provides $22Mln for Ohio Apartment Property
June 28, 2002 COLUMBUS, Ohio – Red Mortgage Capital has provided $22 million of fixed-rate financing through its Fannie Mae Delegated Underwriter and Servicing program for a multifamily property here.The 10-year loan has an 80 percent loan-to-value ratio...
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...
Glimcher to Raise $53.5Mln From Share Sale
June 27, 2002 COLUMBUS, Ohio – Glimcher Realty Trust (NYSE:GRT) plans to raise about $53.5 million from the sale of 3 million common shares at $17.82/share.The shopping center REIT will use proceeds to purchase the equity of joint...
RFS Expects RevPar to Decline 10%
June 27, 2002 MEMPHIS, Tenn. – RFS Hotel Investors (NYSE:RFS) has lowered its second quarter earnings guidance due to continued weakness in business travel as well as the short-term dilution from the sale of 2 million common shares.The...
Prime Group Realty Completes Office Sale to Blackstone
June 27, 2002 CHICAGO – Prime Group Realty Trust (NYSE:PGE) said it has completed the sale of nine office properties to Blackstone Real Estate Advisors LP.The sale eliminates 1.4 million square feet, or 15.7 percent, from Prime Group's...
Prologis Fund Goes Public in Australia
June 27, 2002 Common shares in Macquarie ProLogis Trust, a property investment fund formed by ProLogis (NYSE:PLD) and Macquarie Bank, an Australian lender, have begun trading on the Australian Stock Exchange.Macquarie ProLogis raised $200 million through its initial...
Hammerson Sells UK Shopping Center for $150.5Mln
June 27, 2002 Hammerson has contracted to sell its freehold interest in Freshney Place Shopping Centre – a prime shopping center in the old town center of Grimsby in North East Lincolnshire – to Grosvenor for 98.9 million...
Southeast Regional Digest (6/27/02): Investment Group to Buy Atlanta Hard Rock Building
June 27, 2002 Investment group to buy Hard Rock buildingAtlanta Journal-ConstitutionATLANTA – Atlanta investors Manny and Stacy Fialkow will close Friday on their acquisition of the Cornerstone Building in downtown. The building, at Peachtree and Andrew Young International...
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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.
