RECENT NEWS
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...
Canada Digest (7/10/02): Vancouver’s Bental Five Tower Being Built in 2 Stages
July 10, 2002 Vancouver's Bental Five tower being built in 2 stagesFinancial PostVANCOUVER, British Columbia – Real estate developer BTC Properties Inc. is building the Bentall Five tower, a 630,000-square-foot, C$170 million (US$111.8 million) project, in the heart...
S&P Adds GMAC Unit to Select Servicer List
July 10, 2002 NEW YORK – Standard & Poor's has added GMAC Commercial Mortgage Servicing (U.K.) Ltd. to the July 2002 version of its select servicer list.Within commercial servicing, the GMAC unit is now listed as a select...
Health Care REIT Made $124Mln of Investments in 2Q 2002
July 10, 2002 TOLEDO, Ohio – Health Care REIT Inc. (NYSE:HCN) made $124 million of investments during the second quarter of 2002.The investments were about 87 percent real property investments and 13 percent loans.The properties that the REIT...
General Growth Completes Buy of JP Realty
July 10, 2002 CHICAGO – General Growth Properties (NYSE:GGP) has closed on the purchase of JP Realty, a Salt Lake City REIT that has an interest in 50 properties, primarily in the Mountain region.The REIT paid $440 million...
HQ Global Workplaces Names J. Thomas Lynn as COO
July 10, 2002 DALLAS – HQ Global Workplaces has named J. Thomas Lynn its chief operating officer. Lynn will manage the operations of HQ's 16 area businesses and will also join the company's executive operating committee. He will...
RioCan/Kimco JV Buying 4 Properties in Canada for $139Mln
July 10, 2002 VICTORIA, B.C. – A joint venture between RioCan Real Estate Investment Trust (TSX:REI.UN) and Kimco Realty Corp. (NYSE:KIM) has completed the purchase of the Tillicum Shopping Centre and has agreed to buy three more retail...
Southeast Regional Digest (7/10/02): Inland Buys Disney Buildings
July 10, 2002 Inland buys Disney buildingsOrlando (Fla.) SentinelOSCEOLA COUNTY, Fla. – Walt Disney Co. has sold the three signature office buildings at the entrance to its Celebration community to Inland Real Estate Acquisitions, which is part of...
Acadia JV Buys 3 Ohio Retail Centers for $26.7Mln
July 10, 2002 CLEVELAND – Acadia Realty Trust's (NYSE:AKR) joint venture partnership is buying three supermarket-anchored shopping centers in Ohio that total 325,000 square feet for $26.7 million.Two of the centers, which are in Cleveland, are anchored by...
Related Capital Provides $12Mln of Equity for Miami Apartments
July 10, 2002 Related Capital Co. has provided $12 million of equity for the Santa Clara Apartments, a 208-unit affordable housing complex that will be constructed in Miami.The property is being developed by the Carlisle Group, a Miami...
Ariz. Tech Firm Sells, Leases Back Offices
July 10, 2002 CHANDLER, Ariz. – SpeedFam-IPEC Inc., a supplier to semiconductor manufacturers, has sold its 252,066-square-foot headquarters to a local group for $25 million.The local group, Phoenix Industrial Investment Partners, has at the same time agreed to...
Gables to Redeem Series A Shares
July 10, 2002 BOCA RATON, Fla. – Gables Residential Trust (NYSE:GBP) plans to redeem all outstanding shares of its 8.3 percent series A cumulative redeemable preferred shares at $25/share.The redemption agent is EquiServe Trust Co.Comments? E-mail Christina Caprio,...
Canada Digest (7/9/02): Clarica Sells Half Stake in Ottawa Complex
July 9, 2002 Clarica sells half stake in Ottawa complexOTTAWA – Clarica has sold 50 percent of its interest in the Clarica Centre, a 1 million-square-foot retail and commercial office and condominium complex, to an unidentified Canadian institutional...
Bank of NY Provides $9.9Mln Floater for Deer Park, NY, Retail Property
July 9, 2002 DEER PARK, N.Y. – Bank of New York has provided $9.9 million in construction financing to renovate and expand a Waldbaum's supermarket-anchored shopping center that is owned by Wharton Pryce Realty Co.Robert Delitsky of Holliday...
Fitch Downgrades 2 Classes of Prudential Securities 1995-MCF2
July 9, 2002 CHICAGO – Fitch has downgraded two classes of Prudential Securities Secured Financing Corp., 1995-MCF2, due to the deterioration of the pool due to expected losses on specially serviced loans and interest shortfalls.The $12.2 million class...
Corus Provides $32.7Mln Construction Loan for Calif. Apartments
July 9, 2002 SACRAMENTO, Calif. – Corus Bank has provided a $32.7 million construction loan to develop a 285-unit apartment project at Del Paso Road and Broadgate.The Westlake Villas, being constructed by Meer Capital Partners, will be on...
Moody’s Places 7 World Trade CMBS Deal on Watch, ‘Direction Uncertain’
July 9, 2002 NEW YORK – Moody's Investors Service has placed Banc of America Large Loan Inc., 2001-7WTC, on review, but is uncertain whether the CMBS transaction will ultimately be downgraded or upgraded.Placing a bond under review, "direction...
S&P Raises Ratings on Senior Housing’s Senior Notes
July 9, 2002 NEW YORK – Standard & Poor's has raised its rating on Senior Housing Properties Trust's $250 million of senior unsecured notes because of the company's reduced encumbrance level.The 8.625 percent notes were raised to double-B-plus...
Calif. Apartments Hit the Block
July 9, 2002 OXNARD, Calif. – A Los Angeles-based private investor is looking to sell the Ocean Villa Townhomes and has hired Marcus & Millichap to market the complex for $13.9 million, or about $116,807/unit.The 119-unit complex at...
JH Snyder Hires Gary Weiss as Senior VP
July 9, 2002 LOS ANGELES – J.H. Snyder Co. has hired commercial real estate executive Gary Weiss as senior vice president.Weiss will play a lead role in the firm's expanding portfolio of development projects as well as oversee...
Moody’s Affirms Securitization Backed by Puerto Rico Resort
July 9, 2002 NEW YORK – Moody's Investors Services has affirmed the ratings of Bear Stearns Commercial Mortgage Securities Inc., 2000-LCON, which is backed by a mortgage on El Conquistador Resort & Country Club in Puerto Rico.The rating...
Fitch Downgrades 1 Class From Prudential 1995-C1
July 9, 2002 CHICAGO – Fitch Ratings has downgraded the $4.2 million class D of Prudential Securities Secured Financing Corp., 1995-C1, because of a deterioration in the collateral pool's performance.The rating agency downgraded the bond class to single-A...
Option One Signs Big Lease in Irvine, Calif.
July 9, 2002 IRVINE, Calif. – Option One Mortgage Corp. has leased 250,000 square feet at Irvine Spectrum, a massive master-planned development in Southern California.The lease, which was valued at $32 million, allows Option One, an H&R Block...
Mountain Funding Provides $16.5Mln Loan for Dallas Apartments
July 9, 2002 DALLAS – Mountain Funding has provided a $16.5 million loan for the Williamsburg Apartments at Hillcrest.The three-year, floating-rate loan covers 93 percent of the cost to buy, improve, market and sell the project.The borrower, a...
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