RECENT NEWS
PRICE TALK: $737.7 Mln GMAC Commercial Mortgage Securities Inc., 2002-C2
June 18, 2002 Class Amt ($mln) Sub. Level (%) Avg. Life (yrs) Rating S&P Rating Moody's Price Talk (bp) Bnch mark A-1 56.9 21.875 3 AAA Aaa +27 area Swaps A-2 122.8 21.875 7 AAA Aaa +41-42 Swaps...
Moody’s Again Downgrades Asset Securitization 1997-MDVII
June 18, 2002 NEW YORK – Moody's Investors Service has downgraded two classes of Asset Securitization Corp., 1997-MD VII, primarily because of the deterioration in the performance of the collateral pool's largest loan.The agency downgraded the deal's $40...
Senate Vote on Terrorism Bill Is Imminent
June 18, 2002Commercial Real Estate Direct Staff ReportThe U.S. Senate is preparing to vote shortly on S.2600, its version of the terrorism insurance bill that would provide a federal backstop to providers of insurance and re-insurance.The body is...
S&P Raises Ratings on 4 Classes of Chase Commercial Mortgage Securities 1997-1
June 18, 2002 NEW YORK – Standard & Poor's has raised its ratings on four classes of Chase Commercial Mortgage Securities Corp., 1997-1, due to improved financial operating performance of the pool's collateral and the increase in subordination...
Essex Sells Calif. Apartments for $20Mln
June 18, 2002 TARZANA, Calif. – Essex Property Trust (NYSE:ESS) has sold a 168-unit multifamily community for $20 million.Essex plans to use proceeds from the sale to purchase another multifamily asset within one of its targeted West Coast...
Capstead Pays $144.1Mln for Senior Living Portfolio
June 18, 2002 Commercial Real Estate Direct Staff ReportCapstead Mortgage Corp. has paid $144.1 million for a portfolio of seven senior living properties from Apartment Investment and Management Co. (NYSE:AIV).The purchase price includes about $3.4 million in closing...
Related Makes $11Mln Investment in NY Senior Complex
June 18, 2002 Related Capital Co. has made an $11 million equity investment in phase 1 of Seton Village, a 106-unit senior housing complex that the Sisters of Charity of Saint Vincent de Paul is developing in Rockland...
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....
United Dominion Prices $200Mln of Senior Notes
June 18, 2002RICHMOND, Va. – United Dominion Realty Trust (NYSE:UDR) has priced $200 million of senior unsecured notes.The REIT originally intended to issue $150 million of notes. The seven-year notes priced at 203 basis points over Treasurys.Proceeds will...
PRICE TALK: $637.5 Mln CDC Commercial Mortgage Trust 2002-FX1
June 18, 2002 Class Amt ($mln) Sub. Level (%) Avg. Life (yrs) Rating Fitch Rating Moody's Price Talk (bp) Bnch mark A-1 178 24.25 5.7 AAA Aaa +45 area Swaps A-2 304.9 24.25 8.6 AAA Aaa +47 area...
Southeast Regional Digest (6/17/02): Centrum at Glenridge in Fulton County, Ga., Fetches $24.5Mln
June 17, 2002 Centrum at Glenridge sells for $24.5MlnAtlanta Journal-ConstitutionATLANTA – Ackerman & Co. and Northwestern Mutual Life have closed on their acquisition of the Centrum at Glenridge building on Johnson Ferry Road in Fulton County. The Ackerman/Northwestern...
Canada Digest (6/17/02): Sterling Centrecorp to Acquire Levinsky Realty Corp.
June 17, 2002 Sterling Centrecorp to acquire Levinsky Realty Corp.TORONTO – Sterling Centrecorp Inc. (TSE:SCF) has agreed to acquire Levinsky Realty Corp., a Toronto-based, private real estate brokerage firm that specializes in all aspects of leasing and sales...
Mariott Sells 2 Hotels for $143Mln
June 17, 2002 Marriott International Inc. (NYSE:MAR) has sold a hotel in Bridgewater, N.J., and another in San Francisco for $143 million to CNL Hospitality Corp.Marriott signed long-term agreements to manage both hotels for Orlando-based CNL.Marriott, which developed...
S&P Raises Ratings on BKB Commercial Mortgage 1997-C1
June 17, 2002 NEW YORK – Standard & Poor's has raised its rating on class G of BKB Commercial Mortgage Trust, 1997-C1, because the collateral pool has had significant loan paydowns resulting in increased subordination levels.The class G...
Ariz. Resort Hits the Sales Block
June 17, 2002 SCOTTSDALE, Ariz. – Amstar Group Ltd. has retained Jones Lang LaSalle Hotels to market for sale the SunBurst Resort.The resort property has 210 rooms and suites, 13,000 square feet of meeting space, an award winning...
Wells Fargo Opens European Trust Services Office
June 17, 2002 LONDON – Wells Fargo Corporate Trust Services, a unit of the banking subsidiaries of Wells Fargo & Co., has opened a European securitization office in London.Wells Fargo will offer portfolio administration, bond administration and advanced...
Prudential Mortgage Provides $13.3Mln for La. Office Property
June 17, 2002 BATON ROUGE, La. – Prudential Mortgage Capital Co. has provided $13.3 million for the United Plaza XII office complex.The seven-year loan was used to refinance existing debt on the property. The Class-A complex is owned...
Host Marriott Gets New $400Mln Credit Facility
June 17, 2002 BETHESDA, Md. – Host Marriott Corp. (NYSE:HMT) has lined up a new $400 million credit facility from a syndicate of 14 lenders led by Deutsche Bank and Bank of America.The floating-rate loan matures in June...
Glimcher Names Melinda Janik CFO
June 17, 2002 COLUMBUS, Ohio – Glimcher Realty Trust (NYSE:GRT) has named Melinda A. Janik senior vice president and chief financial officer.Janik, who was previously vice president and treasurer of NCR Corp., succeeds William G. Cornerly, who will...
S&P Defends Stance on Rating Deals Post 9-11
June 17, 2002 Commercial Real Estate Direct Staff ReportStandard & Poor's repeated that it was not planning to watchlist any CMBS deals because of issues concerning terrorism insurance."We don't think the risk of loss is greater than it...
PRICE TALK: $785 Mln Morgan Stanley Dean Witter Capital I Trust 2002-IQ2
June 17, 2002 Class Amt ($mln) Sub. Level (%) Avg. Life (yrs) Rating S&P Rating Fitch Price Talk (bp) Bnch mark A-1 118 14.875 2.89 AAA AAA +28 area Swaps A-2 131.5 14.875 5.75 AAA AAA +37 area...
Pan Pacific Sells $55Mln of 5.75% Senior Notes Due 2007
June 14, 2002 SAN DIEGO – Pan Pacific Retail Properties (NYSE:PNP) has priced $55 million of 5.75 percent senior notes due June 29, 2007.The notes priced at 99.458 percent.Proceeds from the offering will be used to repay a...
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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.
