RECENT NEWS
Moody’s Affirms 13 Affiliates of General Growth
June 19, 2002 NEW YORK – Moody's Investors Services has affirmed the ratings of 13 Affiliates of General Growth Properties Inc., a $560 million transaction backed by mortgages on 13 properties owned by the Chicago REIT.Moody's is the...
FINAL PRICING: $785 Mln Morgan Stanley Dean Witter Capital I Trust 2002-IQ2
June 19, 2002 Class Amt ($mln) Sub. Level (%) Avg. Life (yrs) Rating S&P Rating Fitch Price Talk (bp) Priced(bp) Bnch mark A-1 118 14.875 2.89 AAA AAA +28 area +30 Swaps A-2 131.5 14.875 5.75 AAA AAA...
HPT to Redeem $115Mln of Senior Notes Due 2005
June 19, 2002 NEWTON, Mass. – Hospitality Properties Trust (NYSE:HPT) will redeem all of its outstanding $115 million 8.25 percent senior notes due in November 2005.The redemption is expected to occur on July 18.The REIT plans to fund...
President Bush Urges Congress to Act Swiftly With Insurance Legislation
June 19, 2002 President George W. Bush today urged both houses of Congress to work quickly on a proposed bill that would provide a federal backstop to the insurance industry."They need to get it to conference,...
Shorenstein Buys Philadelphia’s Two Liberty Place
June 19, 2002 Shorenstein Co. has acquired its first Philadelphia office building.The San Francisco company has acquired Two Liberty Place, a distinctive 1.2 million-square-foot office building in the city's central business district.Shorenstein acquired the property for about $200...
Moody’s Upgrades, Downgrades Classes of Chase Commercial 1998-1
June 19, 2002 NEW YORK – Moody's Investors Service has upgraded two classes and downgraded two others of Chase Commercial Mortgage Securities Corp., 1998-1.The rating agency upgraded the deal's $32.7 million class B to Aa1 from Aa2 and...
Md. Apartments Fetch $90Mln
June 19, 2002 COLLEGE PARK, Md. – Seven Springs Village, a 983-unit apartment community near the University of Maryland, has traded hands for $90 million, or $91,556/unit.A joint venture between ROSS Development & Investment and GMAC Commercial Mortgage...
Rreef Buys Va. Office Building
June 19, 2002 By Susanna Potter, Commercial Real Estate Direct Staff WriterRreef Funds has purchased 1310 N. Courthouse Road, a 12-story office building in Arlington, Va., from Carlyle Group.While no sales price for the deal, which closed on...
Shorenstein to Buy Manhattan’s 450 Lexington for $300Mln
June 19, 2002 Shorenstein Co., which last night announced that it had completed its purchase of Philadelphia's Two Liberty Place, has also agreed to buy the leasehold interest in Manhattan's 450 Lexington Ave.The San Francisco investment firm is...
Hotel to Sell for $42.2Mln in Calgary, Alberta
June 19, 2002 Legacy Hotels REIT (TSE:LGY) has agreed to pay about C$65 million (US$42.2 million) to buy the Sheraton Suites Calgary Eau Claire in Calgary, Alberta.The 323-suite hotel is being sold by its developer and manager, Pacrim...
Rob Cestari Joins CIBC World Markets
June 19, 2002 Commercial Real Estate Direct Staff ReportRobert M. Cestari, the former co-head of CMBS trading at Nomura Securities, has joined CIBC World Markets.Cestari, who spent a brief period with CapitalEngine, a startup affiliated with Greenwich Group...
Blackacre Makes Investment in Insignia Financial
June 19, 2002 NEW YORK – Blackacre Capital Management LLC has provided $12.5 million of fresh capital to Insignia Financial Group's (NYSE:IFS) principal investment program.In addition, Blackacre, an opportunistic investment firm, has committed to provide up to $37.5...
Sam Guss Leaves Kennedy-Wilson
June 19, 2002 Commercial Real Estate Direct Staff ReportSamuel Guss, a senior investment sales broker at Kennedy-Wilson Inc. (Nasdaq:KWIC), has left the firm – just weeks after the departure of his former boss.Guss, who left his position as...
GMAC Names Donald Glitz VP/Risk Manager
June 19, 2002 HORSHAM, Pa. – GMAC Commercial Mortgage Corp. has appointed Donald R. Glitz vice president - Risk Manager in its loan administration unit.Glitz will be responsible for implementing insurance training programs and ensuring compliance with investor...
America First Apartment Investors to Convert to a REIT
June 19, 2002 OMAHA, Neb. – America First Apartment Investors LP (Nasdaq:APROZ) has decided to become a REIT.The company will merge with America First Apartment Investors Inc., a newly formed Maryland company that will operate as a REIT....
New Kan. Multifamily Property Gets $19.3Mln Mortgage
June 19, 2002 TOPEKA, Kan. – GMAC Commercial Mortgage Corp. has arranged a $19.33 million Fannie Mae loan for an apartment complex.The 318-unit Summit Woods complex is being built on 16 acres at NWQ 21st and Wanamaker Street.The...
Southeast Regional Digest (6/19/02): Construction of Centergy’s 2nd Atlanta Building to Start June 2
June 19, 2002 Construction of Centergy's 2nd building to start June 27The Atlanta Journal-ConstitutionATLANTA - The University Funding Foundation, Kim King Associates and Gateway Development Services will start construction next week on the second building at the Centergy...
Ventas Files to Sell Up to $750Mln in Securities
June 19, 2002 LOUISVILLE, Ky. – Ventas Inc. (NYSE:VTR) has filed to sell up to $750 million of common stock, preferred stock, debt securities, depositary shares and warrants.The shelf registration, which has been filed with the SEC but...
Fitch Upgrades Fair Oaks Mall Securitization
June 19, 2002 CHICAGO – Fitch Ratings has upgraded the $19 million class B of Fairfax Funding to double-A-plus from double-A because an improvement in the collateral mall's performance.The rating agency said it also affirmed the deal's triple-A...
Wells REIT Pays $25.8Mln for Phoenix Office Building
June 19, 2002PHOENIX – Wells REIT has paid $25.8 million, or nearly $174/sf, for a Class-A office building at 2411 West Peoria Ave, in the Desert Canyon Corporate Campus.The Atlanta-based real estate investment firm bought the 148,605 square-foot...
Crown American to Sell 750,000 More Shares in Public Offering
June 19, 2002 JOHNSTOWN, Pa. – Crown American Realty Trust (NYSE:CWN) plans to sell an additional 750,000 common shares at a public offering price per share of $8.75.The $6.6 million offering is being made to cover over-allotments in...
Security Capital Injects $15Mln Into Prime Group Realty
June 18, 2002 CHICAGO – Prime Group Realty Trust (NYSE:PGE) has lined up a $15 million investment from Security Capital Preferred Growth Inc., which it says resolves a short-term liquidity issue.In addition, Prime Group has agreed to redeem...
Fitch Places Morgan Stanley 1995-GAL-1 on Watch Negative
June 18, 2002 NEW YORK – Fitch Ratings has placed the ratings of certain classes of Morgan Stanley Capital I Inc., 1995-GAL-1, on its rating watch negative list because of interest shortfalls.The rating agency said the deal incurred...
Omega Repays $125Mln of Notes Due This Month
June 18, 2002 TIMONIUM, Md. – Omega Healthcare Investors (NYSE:OHI) has repaid all of its outstanding $125 million 6.95 percent notes due this month.The repayment of the notes reduces the REIT's debt to $343 million. The company's senior...
Southeast Regional Digest (6/18/02): Miami’s First Union Financial Center on Sales Block
June 18, 2002 Shorenstein puts Miami's First Union Financial Center on sales blockMiami HeraldMIAMI – The owner of downtown Miami's First Union Financial Center has put the state's tallest office building back on the market. The Shorenstein Co....
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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.
