RECENT NEWS
Konover Agrees to Sweetened Kimco/Prometheus Buyout
June 24, 2002 RALEIGH, N.C. – A venture between Kimco Realty Corp. (NYSE:KIM) and an investment fund operated by Lazard Freres has reached agreement to acquire Konover Property Trust (NYSE:KPT).The agreement calls for the venture to pay $2.10/share...
Related Capital Provides Funding for 2 Houston Apartments
June 24, 2002 NEW YORK – Related Capital Co. has provided $30 million of debt and equity financing for two affordable housing complexes in Houston.The complexes total 516 apartment units. The larger of the two, Clearwood Villas Apartments...
Moody’s Downgrades 7 Classes of DLJ 1998-STF2
June 24, 2002 NEW YORK – Moody's Investors Service has downgraded seven classes of DLJ Commercial Mortgage Corp., 1998-STF2, because the deal's collateral mortgage pool has deteriorated since issuance.The rating agency downgraded the transaction's:– $10.7 million class A-3...
MeriStar Sees Weaker 2nd Qtr Results
June 21, 2002 WASHINGTON – MeriStar Hospitality Corp. (NYSE:MHX) has lowered its earnings forecast for the second quarter because of the effects of a soft economy and especially weakness in the business travel sector.The company said it expects...
Southeast Regional Digest (6/21/02): 2 Ga. Apartments Sold
June 21, 20022 Ga. apartment properties soldATLANTA – Strand Properties Co. has sold the Retreat at Stone Mountain apartments to First Worthing for $15.3 million. The property has 360 units. Prominent Realty has purchased the Wesleyan Corners for...
Related Provides $11Mln for Fla. Apartments
June 21, 2002 Related Capital Co. has provided $11 million of equity and debt for the development of Colonial Park Apartments, a 160-unit complex in Margate, Fla.The senior-housing property, which is being developed by Triad Housing Partners, will...
Fitch Upgrades Sasco 1999-C3
June 21, 2002 NEW YORK – Fitch Ratings has upgraded Structured Asset Securities Corp., 1999-C3, because the deal's subordination levels have improved as a result of substantial loan paydowns.The floating-rate transaction's pool balance is now $665.7 million, down...
Lennar Snags JP Morgan Chase Conduit B-piece
June 21, 2002 Commercial Real Estate Direct Staff ReportLennar Partners has continued its big year for CMBS B-piece investing by claiming the subordinate bonds on the upcoming J.P. Morgan Chase conduit (designated 02-C1), which will be in the...
Investor Group Pays $190Mln for Marriott’s Laguna Beach Colony
June 21, 2002 An investor group led by the former vice president of operations for the Bellagio in Las Vegas has paid $190 million to Marriott International Inc. (NYSE:MAR) for the Laguna Beach Colony, a high-end resort that's...
Washington REIT Pays $41.7Mln for Md. Shopping Center
June 21, 2002 ROCKVILLE, Md. – Washington Real Estate Investment Trust (NYSE:WRE) has paid $41.7 million for the Centre at Hagerstown, a 327,000-square-foot shopping center in Hagerstown, Md., in the northwestern part of the state.The property, at the...
S&P Downgrades Taubman Centers Ratings
June 21, 2002 NEW YORK – Standard & Poor's has downgraded the corporate credit rating of Taubman Centers Inc. (NYSE:TCO) and its affiliated operating partnership to double-B-plus from triple-B-minus.In addition, the agency lowered Taubman's $200 million of preferred...
Cigna Provides $108Mln to Macerich for The Oaks Mall in Calif.
June 21, 2002THOUSAND OAKS, Calif. – Cigna Investments Inc. has provided the $108 million mortgage that Macerich Co. used for its purchase of the Oaks Mall.As previously reported, the loan carries a rate of 115 basis points over...
CNL Discloses Details on Hotel Portfolio Purchase
June 21, 2002Commercial Real Estate Direct Staff ReportCNL Hospitality Properties Inc. has disclosed details about the eight-property hotel portfolio it agreed to buy in December from Marriott International (NYSE:MAR).In March, CNL paid $35.75 million for the Courtyard by...
FINAL PRICING: $637.5 Mln CDC Commercial Mortgage Trust 2002-FX1
June 21, 2002 Class Amt ($mln) Sub. Level (%) Avg. Life (yrs) Rating Fitch Rating Moody's Rating S&P Price Talk (bp) Final Pricing (bp) Bnch mark A-1 178 24.25 5.7 AAA Aaa AAA +45 area +50 Swaps A-2...
Nationwide Provides $40Mln for Upstate NY Apartment Portfolio
June 20, 2002 FINGER LAKES, N.Y. – Nationwide Life Insurance Co. has provided $40 million in fixed-rate permanent financing for a five-property portfolio of garden apartments in the Finger Lakes region in upstate New York.The properties in total...
FelCor Lowers 2nd Qtr Earnings Guidance
June 20, 2002IRVING, Texas – Felcor Lodging Trust (NYSE:FCH) has lowered its second quarter earnings guidance due to slower economic recovery than originally anticipated.The REIT estimates second quarter funds from operation per share of $0.65 to $0.70, compared...
Kennedy Wilson Lines Up $30Mln Credit Line
June 20, 2002 BEVERLY HILLS, Calif. – Kennedy Wilson (Nasdaq:KWIC) has lined up a $30 million unsecured line of credit that would allow it to expand its fund management business.The three-year line was provided by a group of...
GMAC Conduit Due to Price
June 20, 2002 By Thomas J. Walsh, Commercial Real Estate Direct Senior WriterGMAC Commercial Mortgage, with underwriters Deutsche Bank and Goldman Sachs, are readying their $737.7 million conduit to price shortly after noon, EST.The pricing is coming at...
Southeast Regional Digest (6/20/02): Ford Searching Atlanta for Distribution Center
June 20, 2002 Ford searching Atlanta for distribution centerAtlanta Journal-ConstitutionATLANTA – Ford Motor Co. is searching metro Atlanta for a smaller parts distribution center. The Dearborn, Mich., automaker is seeking a space as large as 300,000 square feet....
Malan Realty Shareholders to Vote on Liquidation Plan on Aug. 28
June 20, 2002 BINGHAM FARMS, Mich. – Malan Realty Investors Inc. (NYSE:MAL) will be seeking shareholder approval for a complete liquidation at its annual meeting on Aug. 28.The REIT's board approved such a plan earlier this month.Malan, which...
Holliday Fenoglio Fowler Marketing 3 Residential Properties in Fla., Iowa
June 20, 2002 Holliday Fenoglio Fowler LP is marketing for sale three apartment properties – each under different ownership – in Florida and Iowa.Matthew D. Lawton, a senior managing director in the firm's Chicago office, is leading the...
Health Care Property Prices $250Mln of Senior Notes
June 20, 2002NEWPORT BEACH, Calif. – Health Care Property Investors (NYSE:HCP) has priced $250 million of 6.45 percent senior unsecured notes due June 25, 2012.The notes priced at 99.702 percent to yield 6.491 percent, or 169 basis points...
Vornado Prices $500Mln of Senior Notes
June 20, 2002PARAMUS, N.J. – Vornado Realty Trust (NYSE:VNO) has priced $500 million of 5.25 percent senior unsecured notes due June 15, 2007.The notes priced at 99.856 percent to yield 5.659 percent or 168 basis points over the...
FINAL PRICING: $737.7 Mln GMAC Commercial Mortgage Securities Inc., 2002-C2
June 20, 2002 Class Amt ($mln) Sub. Level (%) Avg. Life (yrs) Rating S&P Rating Moody's Price Talk (bp) Priced (bp) Bnch mark A-1 56.9 21.875 3 AAA Aaa +27 area +27 Swaps A-2 122.8 21.875 7 AAA...
Suburban Boston Office Complex Fetches $49Mln
June 19, 2002 BOXBOROUGH, Mass. – A venture between Lend Lease Real Estate Investments and Wells Real Estate Funds has paid $48.95 million, or nearly $151/sf, for Tech Central, a two-building office campus at 80 and 90 Central...
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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.
