RECENT NEWS
S&P Puts Ratings on 5 Classes of Opryland Hotel Trust on Watch Negative
July 15, 2002 NEW YORK – Standard & Poor's has placed its ratings on five classes of Opryland Hotel Trust, 2001-OPRY, on credit watch with negative implications.The placements reflect concerns pertaining to the declining operating financial performance of...
BRE Properties Names New COO
July 15, 2002 SAN FRANCISCO – BRE Properties Inc. (NYSE:BRE) has appointed Constance B. Moore as executive vice president and chief operating officer, effective Sept. 1.Moore, the former managing director of Security Capital Group & Affiliates, succeeds retiring...
S&P Raises 2 Classes of SASC 1995-C4
July 15, 2002 NEW YORK – Standard & Poor's raised its ratings on two classes of Structured Asset Securities Corp., 1995-C4, because of the deal's improved credit support levels from the payoff of 85 mortgages, or 80 percent...
Comercia Provides $21.8Mln Construction Loan for San Diego Apartments
July 12, 2002 SAN DIEGO – Comerica Bank has provided a roughly $21.8 million construction loan to develop the first phase of a two-phase apartment project in the northern section of the city.Phase I of the Prominence Apartment...
Fitch Upgrades 3 Classes of CSFB 1997-Spice
July 12, 2002 CHICAGO – Fitch has upgraded three classes of Credit Suisse First Boston Mortgage Securities Corp., 1997-Spice, because of significant collateral paydown and increases in subordination levels due to amortization and prepayments.The upgrades are as follows:...
Southeast Regional Digest (7/12/02): Hunton & Williams Renews/Expands Lease at BofA Plaza in NC
July 12, 2002 Hunton & Williams renews lease at Bank of America PlazaThe Atlanta Journal-ConstitutionATLANTA – Hunton & Williams has completed its lease renewal at Bank of America Plaza, where the law firm now plans to stay through...
Health Care Property Investors Makes $70Mln in Investments
July 12, 2002 NEWPORT BEACH, Calif. – Health Care Property Investors Inc. (NYSE:HCP) has made $70 million of healthcare real estate investments since the end of the first quarter.The REIT paid $38.8 million, or $44,000/bed, for nine nursing...
Mark Costello Resigns as COO at Grubb
July 12, 2002 NEW YORK – Mark Costello is leaving his post as chief operating office of Grubb & Ellis Co. (NYSE:GBE), effective immediately, to pursue other interests."Mark has brought both passion and professionalism to the job," said...
Canada Digest (7/12/02): Consolidated Properties Sells 3 Properties for C$18.3Mln
July 12, 2002 Consolidated Properties sells 3 properties for C$18.3MlnCALGARY, Alberta – Consolidated Properties Ltd. (TSE:COP) has sold two malls and an industrial property in two separate deals totaling C$18.3 million (US$12 million). The properties sold were the...
CB Names Jeffery Hipschman Senior VP of NY Tri-State Region
July 12, 2002 NEW YORK – CB Richard Ellis has named Jeffery Hipschman as senior vice president and partner of the New York Tri-State region.Hipschman will ensure that technology issues related to real estate are incorporated into every...
Countrywide Buys Office Complex in Agoura Hills, Calif.
July 12, 2002 AGOURA HILLS, Calif. – Countrywide Credit Industries Inc. has purchased a 160,500-square-foot office complex that was formerly occupied by Litton Industries.The financial services firm bought the property from Nearon Enterprises of Danville, Calif., and its...
Millennium Buys Calif. Mobile Home Park for $9.6Mln
July 12, 2002 PALM SPRINGS, Calif. – Millennium Housing has purchased the Sahara Mobile Home Park for $9.6 million, or $37,647/unit, from National Home Communities.The 255-unit property is at 1955 South Camino Real in the heart of Palm...
Large Morgan Stanley Floater Due in Market
July 12, 2002 By Thomas J. Walsh, Commercial Real Estate Direct Senior WriterCMBS market sources say that Morgan Stanley Dean Witter is readying term sheets for its anticipated new floating rate deal on the order of about $1...
PRICE TALK: $895.7Mln Credit Suisse First Boston Mortgage Securities Corp. 2002-CP3
July 12, 2002 Class Amt ($mln) Sub. Level (%) Avg. Life (yrs) Rating Fitch Rating Moody's Price Talk (bp) Bnch mark A-1 50.68 21.875 2.7 AAA Aaa +27 area Swaps A-2 127.17 21.875 7 AAA Aaa +39 area...
Nasdaq to Delist Banyan Stock
July 11, 2002 Nasdaq will delist Banyan Strategic Realty Trust's (Nasdaq:BSRTS) shares before the opening of the market tomorrow, July 12.The Nasdaq's listing qualifications panel denied Banyan's June 20 appeal. Banyan, an Oak Brook, Ill., equity REIT, was...
Trizec Signs 130,000 sf of Leases in Washington Area
July 11, 2002 Trizec Properties Inc. (NYSE:TRZ) has leased 130,000 square feet in two office buildings it owns in suburban Washington, D.C.The company leased 69,000 sf for 10 years at Sunrise Technology Park in Reston, Va., to ValueOptions,...
Department of Education to Take Potomac Center Space in DC
July 11, 2002 WASHINGTON – The U.S. Department of Education at Potomac Center has committed to lease 309,000 square feet at Potomac Center, an office building being renovated at 550 12th St. S.W.The department plans to move 1,200...
Realm to Move HQ to Dallas From NYC
July 11, 2002 DALLAS – Realm Business Solutions Inc. is relocating its corporate headquarters and its e-business development team to Dallas from New York City. The move, slated to begin in August, is expected to be completed by...
Nationwide Health Buys 38 Properties for $142.5Mln; Leases Them to Sellers
July 11, 2002 NEWPORT BEACH, Calif. – Nationwide Health Properties Inc. (NYSE:NHP) has completed the $142.5 million purchase of 38 senior housing and long-term care properties in three transactions.The three deals were structured as sale-leasebacks, where Nationwide leases...
S&P Raises Ratings on 3 Classes of CBM Funding 1996-1
July 11, 2002 NEW YORK – Standard & Poor's has raised its ratings on three classes of CBM Funding Corp., 1996-1, due to pay downs and increased subordination levels.The ratings also reflect the stable overall performance of the...
Southeast Regional Digest (7/11/02): Cousins JV a Step Closer to Approval for Perimeter Town Center
July 11, 2002 DeKalb planning board recommends approval of Perimeter Town Center projectAtlanta Journal-ConstitutionDEKALB, Ga. – The planning commission has recommended approval of plans for a 2 million-square-foot transit-oriented development adjacent to the Dunwoody Marta station. Cousins Properties...
Marriott Considers Spinning Off Senior Living Biz
July 11, 2002 WASHINGTON – Marriott International Inc. (NYSE:MAR) is thinking about spinning off its Marriott Senior Living Services unit."Over time, Marriott Senior Living Services has evolved beyond a lifestyle and hospitality product to one based more on...
Weingarten Floats $52Mln of Medium-Term Notes
July 11, 2002 HOUSTON – Weingarten Realty Investors (NYSE:WRI) has sold $52 million of medium-term notes.The Houston REIT divided the offering into three tranches:– a $10 million tranche, with a maturity of five years, that priced at a...
Great Lakes REIT to Buy Chicago-area Medical Office Properties
July 11, 2002 OAK BROOK, Ill. – Great Lakes REIT (NYSE:GL) confirmed today that it has agreed to buy a portfolio of medical office buildings from Advocate Health Care, a Chicago-area health care services provider.The portfolio consists of...
728-Unit Multifamily Portfolio in Southwest Fla. Sells
July 11, 2002 MIAMI – A portfolio of three garden apartment communities in southwest Florida has traded hands for $43.5 million.Huron Ft. Myers LLC, a Chicago-based real estate investment company, sold the 728-unit portfolio to RAIT Investment Trust,...
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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.
