RECENT NEWS
Southeast Regional Digest (6/14/02): CNL to Open Hotel at International Plaza
June 14, 2002 CNL Hospitality to open 300-key Renaissance at International PlazaTampa (Fla.) TribuneTAMPA, Fla. – CNL Hospitality has reached a deal to open a 300-key Renaissance Hotel at the upscale International Plaza mall. Construction is expected to...
Arden Realty Closes $75Mln Unsecured Loan
June 14, 2002 LOS ANGELES – Arden Realty (NYSE:ARI) has closed on a $75 million unsecured loan with Wells Fargo.Proceeds were used to repay a $75 million unsecured credit line scheduled to mature in July.The new loan matures...
BRE Properties to Raise $75Mln From Share Sale
June 14, 2002 SAN FRANCISCO – BRE Properties (NYSE:BRE) plans to raise $75 million from the sale of 3 million shares of 8.08 percent of series B cumulative redeemable preferred stock at $25/share.The shares will be redeemable at...
California Golf Course Sold for $14.9Mln
June 14, 2002 LA HABRA, Calif. – Environmental Golf Properties has sold an 18-hole golf course and 10,000-square-foot club house to an entity called Westridge Golf Club LLC for nearly $14.9 million.The Westridge Golf Club at 1400 S....
S&P Raises Ratings on 2 Classes of Structured Asset Securities 1995-C1
June 14, 2002 NEW YORK – Standard & Poor's has raised its ratings on two classes of Structured Asset Securities Corp., 1995-C1, due to improved credit support levels resulting from the payoff of 54 mortgages representing 75 percent...
Senate Suspends Terrorism Insurance Bill Until Next Week
June 14, 2002The U.S. Senate has put off until Monday further debate on the proposed Terrorism Risk Insurance Act of 2002, the bill known as S.2600.A vote on the measure could come as early as Tuesday, but even...
Reckson Prices $50Mln of Senior Unsecured Notes
June 14, 2002 MELVILLE, N.Y. – Reckson Associates Realty (NYSE:RA) has priced $50 million of 6 percent senior unsecured notes due June 15, 2007.The notes were priced at 99.465 percent to yield 6.126 percent, a spread of 180...
Fitch Downgrades 2 Classes of ASC 1997-MDVII
June 14, 2002 NEW YORK – Fitch has downgraded two classes of Asset Securitization Corp., 1997-MDVII, because of the decline in the Fairfield Inn portfolio – which represents 32 percent of the deal.The $27.5 million class A-5 and...
Malan to Sell 15 Properties for $94Mln
June 14, 2002 BINGHAM FARMS, Mich. – Malan Realty Investors (NYSE:MAL) has contracted to sell 15 properties for $94 million.The REIT will use proceeds to retire debt including $57.9 million of securitized mortgages that mature in August and...
Macerich Gets $108.5Mln Mortgage for Calif. Mall
June 14, 2002 The Macerich Co. (NYSE:MAC) has secured a $108.5 million loan to fund its acquisition of The Oaks, a super-regional mall in Thousand Oaks, Calif.The REIT would not disclose the identity of the lender providing the...
A&B Properties Buys Retail Center in Hawaii for $30.2Mln
June 14, 2002 HONOLULU, Hawaii – A&B Properties has agreed to buy a 180,300-square-foot retail center from the Morita Co. for $30.2 million.The Mililani shopping center sits on 12.8 acres within the master-planned community of Mililani in central...
GMAC Provides $65Mln Floater for Orlando Resort
June 14, 2002 ORLANDO, Fla. – GMAC Commercial Mortgage Corp. has provided $65 million in floating-rate, interim financing for the 619,277-square-foot Sheraton World Resort.The property was developed in phases in 1980 and features 19 two- and three-story buildings...
Chelsea Unit Prices $100Mln of Senior Unsecured Notes
June 14, 2002ROSELAND, N.J. – CPG Partners LP – the principal operating partnership of Chelsea Property Group (NYSE:CPG) – has priced $100 million of 6.876 percent senior unsecured notes due June 15, 2012.The notes were priced at 99.815...
Southeast Regional Digest (6/13/02): Combined Specialty Setting Up HQ in Alpharetta, Ga.
June 13, 2002 Combined Specialty Group setting up HQ in Alpharetta, Ga.Atlanta Journal-ConstitutionALPHARETTA, Ga. – Combined Specialty Group, which will be formed when Chicago-based insurance brokerage giant Aon Corp. spins off its underwriting operations, is in final negotiations...
Correctional Properties Trust Files $250Mln Shelf Registration
June 13, 2002 PALM BEACH GARDENS, Fla. – Correctional Properties Trust (NYSE:CPV) has registered to sell up to $250 million of securities.Under the universal shelf registration filed with the SEC, the REIT may offer from time to time...
Urstadt Biddle to Sell 7Mln Shares
June 13, 2002 GREENWICH, Conn. – Urstadt Biddle Properties Inc. (NYSE:UBP) plans to sell 7 million shares of Class A common stock under a previously filed shelf registration.The shelf registration, which allows the shopping center REIT to sell...
Host Marriott to Sell Some Properties
June 13, 2002By Orest Mandzy, Commercial Real Estate Direct Managing EditorNEW YORK – Host Marriott Corp. is looking to sell a "few select properties" that it doesn't deem core to its portfolio.But the company plans to maintain a...
Toronto Firm Sells Interest in Apartment Complex
June 13, 2002 TORONTO – Revenue Properties Co. (TSE:RPC) has sold its interest in The Oaks, a 1,215-unit multifamily complex in Toronto.An Ontario limited partnership led by Berkley Properties Corp. paid about C$50,000/unit (US$32,478) for the property –...
CMSA Forms Asian Chapter
June 13, 2002 NEW YORK – The Commercial Mortgage Securities Association has formed an Asian chapter, which will be based in Tokyo.Dottie Cunningham, the CMSA's executive director and CEO, announced the chapter at the organization's 8th annual convention,...
ARCS Provides $11.1Mln Loan for Calif. Apartments
June 13, 2002 FRESNO, Calif. – ARCS Commercial Mortgage Co. has provided nearly $11.1 million for a 240-unit apartment property through its Fannie Mae Delegated Underwriting and Servicing program.The 10-year loan, which amortizes over 30 years and carries...
Fitch Places Additional Classes of Chase CMSC 2001-245 Park on Rating Watch Negative
June 13, 2002 NEW YORK – Fitch has placed classes C, D, E and F of Chase Commercial Mortgage Securities Corp. 2001-245 Park Avenue on rating watch negative because of a potential expense that would result in interest...
Correction: CDOs Coming Into Their Own In a Hurry, Study Says
June 13, 2002 In a recent report on the burgeoning commercial real estate CDO market, Deutsche Bank published a chart that showed an annualized amount of CDO activity for 2002, based on numbers from the first five months...
FelCor Names Jeff Symes as VP, Assistant Controller
June 13, 2002 IRVING, Texas – FelCor Lodging Trust (NYSE:FCH) has named Jeff Symes as vice president and assistant controller.Prior to joining the REIT, Symes was a senior manager with KPMG LLP in Dallas.Comments? E-mail Christina Caprio, or...
Fitch Removes 1345 Avenue Of The Americas From Rating Watch Negative
June 13, 2002 NEW YORK – Fitch has removed three classes of 1345 Avenue of the Americas Trust from rating watch negative, saying current insurance policies provide sufficient coverage for the certificates.The $40.8 million A-1 class, the $233.3...
Investor Pays $19.5Mln for Southern Calif. Offices
June 12, 2002 A Southern California local investor group named DEI LLC has paid $19.5 million, or $169.70/sf, for the Fairway Corporate Center, an office complex in Carlsbad, Calif., which is midway between Los Angeles and San Diego.The...
About
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.
