May 31, 2002 Homburg pays $2.2Mln for New Brunswick apartment complex DIEPPE, New Brunswick – Homburg Invest Inc. has agreed to pay C$3.4 million (US$2.2 million) for a 72-unit apartment complex in a deal set to close today....

May 31, 2002 CRANFORD, N.J. – Mack-Cali Realty Corp. (NYSE:CLI) said it has agreed to sell three Houston office properties for $27.2 million.The three properties, which total 413,000 square feet, are being sold to Parkway Properties Inc. (NYSE:PKY),...

May 31, 2002 Investcorp International Inc. has acquired a 70 percent interest in 233 N. Michigan Ave. in Chicago for $125 million.The New York firm, which makes real estate investments on behalf of clients in the Arabian Gulf...

May 31, 2002 ATLANTA – Craig Macnab is stepping down as chief executive office of JDN Realty Corp. (NYSE:JDN).Macnab will continue to serve as chief executive officer until the company finds his successor.JDN develops and manages shopping centers...

May 31, 2002 ALEXANRIA, Va. – Chandler Management has sold a 397-unit apartment home to United Dominion Resources for $29.8 million, or $75,063/unit.Chandler Management had placed roughly $20.5 million of debt on the property, which was provided by...

May 31, 2002 DB Real Estate, the real estate investment unit of Deutsche Bank AG, has purchased a portfolio of 15 office properties in Germany from Aareal Bank AG.Terms of the deal, part of a controlled auction, were...

May 31, 2002 Lend Lease Real Estate Investments has finished raising an initial round of equity for Lend Lease U.S. Tactical Office Partners, a real estate fund that will invest in office properties in certain U.S. markets.Based on...

May 31, 2002 Class Amount ($mln) Avg. Life Rating S&P Rating Fitch Rating Moody's Priced (bp) Benchmark A-1 125 1.73 AAA AAA Aaa +24 Libor A-2 350 2.54 AAA AAA Aaa +28 Libor B 20.5 2.91 AAA AAA...

May 31, 2002 CHICAGO – Fitch Ratings has upgraded the primary and master servicer ratings of National Cooperative Bank, FSB. It also affirmed the lender's special servicer rating of CSS2 Co-op.NCB's primary servicer rating was upgraded to CPS1-minus...

May 31, 2002 Commercial Real Estate Direct Staff ReportThe first office sale this year in the Washington, D.C., market of Tysons Corner, Va., has turned out to be a particularly big one.West*Group Properties LLC, developer and owner of...

May 31, 2002 DENVER – Apartment Investment and Management Co. (NYSE:AIV) plans to raise $371.6 million from the sale of 8 million common shares at $46.45/share.Net proceeds of $369 million will be used to reduce debt.Morgan Stanley, which...

May 30, 2002 Montgomery Realty Group Inc., a San Francisco investment firm, has agreed to sell 7.4 acres of land in south San Francisco for $12 million.The company did not disclose who has agreed to buy the property,...

May 30, 2002 ANAHEIM, Calif. – Odetics has sold and leased back its headquarters property to an undisclosed Orange County, Calif., investment group for $22.6 million.Odetics, a video systems manufacturer, will lease back the complex for 10 years.Odetics...

May 30, 2002 BEVERLY HILLS, Calif. – A real estate fund managed by Kennedy-Wilson Japan has sold three office buildings in Japan for more than $85 million.Premiere Investment Corp., which plans to become a JREIT, acquired the three...

May 30, 2002 NEW YORK – Fitch Ratings has upgraded the primary, master and special servicer ratings of Key Commercial Mortgage.Key's primary rating went to CPS2-plus from CPS2. Its master rating went to CMS2 from CMS2-minus, and its...

May 30, 2002 Retirement REIT ready to make several acquisitionsFinancial PostTORONTO – Retirement Residences REIT is poised to announce its first major transaction since its C$850 million (US$554.3 million) merger with CPL Long Term Care REIT last month....

May 30, 2002 CBL starts construction on retail center in Fla.ST. AUGUSTINE, Fla. – CBL & Associates Properties has begun construction on the 305,000-square-foot retail center here. The Cobblestone Village, which is scheduled to open in spring 2003,...

May 30, 2002 CLEVELAND – Developers Diversified Realty (NYSE:DDR) has increased its unsecured credit facility to $650 million from $550 million and extended its term by two years and now matures May 30, 2005.The new facility carries a...

May 30, 2002 MEMPHIS, Tenn. – RFS Hotel Investors (NYSE:RFS) is offering 2 million common shares at $12.35/share.Proceeds of $24.7 million will be used to repurchase all the company's series B preferred stock, which is valued at $25.9...

May 30, 2002NEW YORK – Camden Property Trust has priced $150 million of 5.875 percent senior unsecured notes due June 1, 2007.The five-year notes were priced at 155 basis points over Treasurys. The notes are rated Baa2 by...

May 30, 2002 BETHESDA, Md. – Eric Ross, a managing director in the real estate capital markets group at Andersen Corporate Finance LLC, has been named managing director of First Washington Realty Inc.At his new post, Ross will...

May 30, 2002 NEW YORK – Moody's Investors Service has placed two lease-backed notes involving Bell Canada obligations under review for possible downgrade.The deals are Merrill Lynch Mortgage Loans Inc., 2000-BMCC, and Merrill Lynch Financial Assets Inc., 2002-BC2P,...

May 30, 2002 KANSAS CITY, Mo. – Entertainment Properties Trust (NYSE:EPR) has priced $57.5 million of series A cumulative redeemable preferred shares.The 2.3 million shares have a $25 liquidation preference per share and will pay 9.5 percent annually....

May 29, 2002Equity Office Properties Trust (NYSE:EOP) has paid $37.4 million for 1627 Eye Street N.W. in downtown Washington, D.C.The Chicago REIT bought the 170,000-square-foot building, which is commonly referred to as the Army and Navy Club Building,...

May 29, 2002CHICAGO – General Growth Properties Inc. (NYSE:GGP) has completed its $250 million acquisition of Victoria Ward Ltd., which owns some prime property in Hawaii.The Chicago REIT had earlier said it would fund its acquisition with $50...