RECENT NEWS
Canada Digest (7/5/02): CAP REIT Buys 418 Apartment Units for C$29.8Mln
July 5, 2002 CAP REIT buys 418 apartment units for C$29.8MlnTORONTO, Ontario – Canadian Apartment Properties REIT has closed on its purchase of an apartment property in Toronto and two in Montreal from Maestro Real Estate Advisors. The...
Fitch Upgrades Sasco 1996-C3
July 5, 2002 NEW YORK – Fitch Ratings has upgraded class F of Structured Asset Securities Corp., 1996-C3, because loan payoffs and amortization have resulted in improved subordination levels. The rating agency upgraded the $12.6 million tranche to...
S&P Downgrades Merrill Lynch Financial Assets Deals
July 5, 2002 TORONTO – Standard & Poor's lowered its ratings on Merrill Lynch Financial Assets Inc.'s 2000-BMCC and 2002-BC2P to single-A from single-A-plus.As of the June, outstanding balances on the notes were C$115.3 million (US$76.7 million) and...
Glimcher Raises $58.4Mln From Stock Offering
July 3, 2002 COLUMBUS, Ohio – Glimcher Realty Trust (NYSE:GRT) has raised $58.4 million from the public offering of 3.45 million common shares at $17.82/share.The stock offering was underwritten by Deutsche Bank Securities and co-manager McDonald Investments Inc.Glimcher...
United Dominion Sells Vegas Apartments for $20.8Mln
July 3, 2002 LAS VEGAS – United Dominion Realty Trust (NYSE:UDR) has sold a 384-unit apartment complex for $20.8 million.The property sold for a capitalization rate of 8.5 percent, using trailing 12-month net operating income less a capital...
Southeast Regional Digest (7/3/02): Solution Property Buys Atlanta Industrial Park Building, Land fo
July 3, 2002 Industry news: Solution Property Group buys Villa Rica building, landAtlanta Journal-ConstitutionATLANTA – Solution Property Group paid $14 million for a 610,000-square-foot distribution and manufacturing building and 100 acres at Villa Rica Industrial Park. The building...
Fitch Upgrades Sasco 2000-C2
July 3, 2002 NEW YORK – Fitch Ratings has upgraded 13 classes of Structured Asset Securities Corp., 2000-C2, because loan payoffs have resulted in improved subordination levels.In addition, the deal has seen an increase of overcollateralization to $36.2...
Mid-America, Crow Holdings Form JV
July 3, 2002MEMPHIS, Tenn. – Mid-America Apartments (NYSE:MAA) has formed a partnership with Crow Holdings to buy multifamily properties that are in need of redevelopment.The venture is expected to acquire about $150 million of apartment properties throughout the...
CB Hires Patrick Murphy as Head of NJ Ops
July 3, 2002NEW YORK – CB Richard Ellis has retained Patrick Murphy as executive managing director and partner of the New York Tri-State Region – the first step in the firm's $100 million plus investment plan in the...
Wells REIT Buys Atlanta Office Complex
July 3, 2002 ATLANTA – Wells REIT has paid $40.5 million, or about $170/sf, for a recently constructed two-building office complex in the Perimeter Center.The Atlanta-based REIT is buying the Class-A office complex from Mount Vernon Place Partners....
Glimcher Sells Pa. Shopping Center for $18.3Mln
July 3, 2002 WILLIAMSPORT, Pa. – Glimcher Realty Trust (NYSE:GRT) has sold Loyal Plaza, a 293,270-square-foot community shopping center, for $18.3 million.The Columbus, Ohio, REIT sold the shopping center to a partnership between Cedar Income Fund Ltd. (Nasdaq:CEDR)...
FDIC Plans $250Mln Offering of Loans From Failed Bank
July 2, 2002 Commercial Real Estate Direct Staff ReportThe Federal Deposit Insurance Corporation will soon bring to market a portfolio of about $250 million of loans that it assumed from the failed Connecticut Bank of Commerce in Stamford,...
Southern Calif. Office Property Fetches $21.5Mln
July 2, 2002 By Susanna Potter, Commercial Real Estate Direct Staff WriterCrown Realty & Development has closed on its purchase of Carlton Plaza, a four-story office building in Woodland Hills, Calif.The Irvine, Calif.-based commercial property developer/investor paid $21.5...
Lowe Enterprises Fund Makes $29.5Mln Investment in Calif. Hotel
July 2, 2002 LOS ANGELES – Lowe Enterprises has raised $52 million for Destination Hospitality Development LLC, an investment fund that provides equity for hotels and resorts it develops.The fund has already made a $29.5 million investment in...
Calif. Offices Under Contract
July 2, 2002 By Susanna Potter, Commercial Real Estate Direct Staff WriterKearny Real Estate Co. is close to selling Calabasas Courtyard, a three-building office campus in Calabasas, Calif.An unknown private investor has beat out at least eight other...
Mills Takes Full Ownership of Tenn. Mall
July 2, 2002The Mills Corp. (NYSE:MLS) has bought out its partner's 33.3 percent interest in Opry Mills Shopping Center in Nashville for about $87 million.Arlington, Va.-based Mills bought the ownership stake from Opryland Attractions Inc., a subsidiary of...
Shamrock Sells Calif. Office Park for $90Mln
July 2, 2002 LOS ANGELES – Shamrock Holdings of California Inc., a private investment vehicle for the Roy E. Disney family, has sold a 560,000-square-foot office park it developed to Multi-Employer Property Trust for $90 million.The West Hills...
S&P Lowers Ratings on 3 Classes of DLJ Mortgage Corp. 1997-CF2
July 2, 2002NEW YORK – Standard & Poor's has lowered its ratings on three classes of DLJ Mortgage Acceptance Corp., 1997-CF2, and removed them from credit watch negative.The downgrades are: class B-3OC to single-B from double-B; class B-4...
Simon Property Group Completes Common Stock Offering
July 2, 2002 INDIANAPOLIS – Simon Property Group Inc. (NYSE:SPG) netted about $322 million from its offering of 9 million shares of common stock.The shopping center REIT held the offering to partially meet the demand of index funds...
Equity to Raise $200Mln From Share Sale
July 2, 2002 CHICAGO – Equity Office Properties Trust (NYSE:EOP) has priced 8 million of its 7.75 percent series G cumulative redeemable preferred shares for $25/share.The issue is expected to close on July 29.Proceeds of $200 million will...
Hammerson Lines Up $329Mln Credit Facility
July 2, 2002 Hammerson PLC has secured a 215 million pound ($329 million) revolving credit facility from a syndicate of 13 banks.The five-year facility, which carries a rate of 62.5 basis points over Libor, will be used for...
Stonehaven Hires Financial Adviser
July 2, 2002 MINNEAPOLIS, Minn. – Stonehaven Realty Trust (NYSE:RPP) has retained Friedman, Billings, Ramsey & Co. to serve as financial adviser.Friedman will assist the company with evaluating capital raising and other strategic options.The company has also engaged...
Southeast Regional Digest (7/2/02): Schrager in Final Stages to Become Partner in Miami’s Shore Club
July 2, 2002 Schrager in final stages to become partner in Shore ClubMiami HeraldMIAMI – Delano Hotel owner Ian Schrager is in the final stage of talks to manage and become an equity owner in Miami Beach's exclusive...
FINAL PRICING: $292 Mln GNR 2002-53 (CSFB, Ginnie Mae)
July 2, 2002 ClassAmount($mln)Avg. LifePricedBenchmark A1203.47NANA A268.83.47+30Swaps B129.947.5+50Swaps C44.0711.2NANA Z29.217.6NANA IO292.049.22NANA
Post Closes on $38.5Mln of Debt Issuance
July 2, 2002ATLANTA – Post Properties (NYSE:PPS) has closed on two debt issuances totaling $38.5 million.The company issued a $25 million unsecured five-year note, rated Baa3 by Moody's and triple-B by S&P, at par with a coupon of...
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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.
