RECENT NEWS
CarrAmerica to Build National Association of Realtors HQ in DC
May 20, 2002 WASHINGTON – CarrAmerica will build a headquarters building for the National Association of Realtors on New Jersey Avenue.The association's current lease at 700 11th St. N.W. expires in five years.The association will use $15 million...
Wyndham to Offer $750Mln of Senior Secured Notes
May 20, 2002 DALLAS – Wyndham International (NYSE:WYN) plans to offer $750 million of senior secured notes due 2008. Proceeds of the offering, which is expected to begin in early June, will be used repay outstanding debt under...
BofA Syndicates Ventas Credits
May 20, 2002 Commercial Real Estate Direct Staff ReportBanc of America Securities is wrapping up the syndication of $350 million of debt it provided to Ventas Inc. (NYSE:VTR), a healthcare REIT.A $290 million three-year revolving credit, which was...
One Liberty, Deutsche Venture Buys Ohio Theater
May 20, 2002 A One Liberty Properties Inc. (Amex:OLP), DB Real Estate and MTC Investors LLC venture has acquired another stadium-style movie theater, this one outside of Dayton, Ohio, in Beavercreek.The theater, the third acquired by the venture,...
Wells REIT Buys Boston-area, Texas Offices
May 20, 2002Wells Real Estate Investment Trust has paid $35.15 million for 90 Central St., a 174,600-square-foot office building in Boxborough, Mass., and also has acquired 601 and 701 Experian Parkway in Allen, Texas.The three-story building in Boxborough,...
S&P Lowers Ratings on Ten Affiliates of Strategic Hotel Capital 2001-SHC1
May 20, 2002 NEW YORK – Standard & Poor's has lowered its ratings on three classes of Ten Affiliates of Strategic Hotel Capital, 2001-SHC1, due to the deterioration in the pool's operating performance.The downgrades are as follows: class...
CREIT to Pay $90.8Mln for Trophy Office Complex in Toronto
May 20, 2002 TORONTO, Ontario – Canadian Real Estate Investment Trust (TSE:REF) has agreed to buy a twin-tower office complex in midtown Toronto for C$140 million (US$90.8 million) in a deal set to close July 3.The Class-A office...
Lend Lease Launches Hunt for Chief Exec
May 20, 2002 Lend Lease Corp., the Australian parent of Lend Lease Real Estate Investments, has begun searching for a successor to David Higgins, its chief executive.Higgins, who was named chief executive of the investment management firm in...
PPM Provides $61.5Mln for Texas Apartments
May 20, 2002 HOUSTON – PPM Worldwide has provided $61.5 million in financing for 10 apartment communities totaling 1,976 units throughout Texas.Mark Sixour of Holliday Fenoglio Fowler's Houston office arranged the five-year, fixed-rate and floating-rate loans on behalf...
Southeast Regional Digest (5/20/02): Gaylord Considers Sale of Opry Mills Land in Nashville
May 20, 2002 Gaylord considers sale of Opry Mills propertyNashville (Tenn.) Business JournalNASHVILLE, Tenn. – Gaylord Entertainment, which owns the land on which the 1.2 million-square-foot Opry Mills Mall sits, is considering selling the property. Mills Corp. owns...
Canada Digest (5/20/02): O&Y REIT to Go Shopping After Meeting Forecast
May 20, 2002 O&Y REIT to go shopping after meeting forecastThe Financial Post, May 15TORONTO – O&Y Real Estate Investment Trust plans to use its cash position and debt capacity for further acquisitions. In March, O&Y REIT completed...
Banyan to Appeal Delisting From Nasdaq
May 17, 2002 OAK BROOK, Ill. – Banyan Strategic Realty Trust (Nasdaq:BSRTS) will appeal a delisting notice from Nasdaq, issued because the REIT fails to comply with the minimum bid price requirements.Banyan has requested a hearing before the...
Moody’s Downgrades 2 Classes of Asset Securitization 1997-MD VII
May 17, 2002 NEW YORK – Moody's Investors Service has downgraded two classes of Asset Securitization Corp., 1997-MD VII, because of the weaker performance of a loan that represents nearly a third of the collateral pool.The agency downgraded...
Corporate Realty Suspends 1st Qtr Distribution
May 17, 2002 NEW YORK – Corporate Realty Income Fund I has suspended first quarter distributions, because of a loss of retail and office tenants at its building at 475 Fifth Ave.The company had paid quarterly distributions of...
Debtx Adds 2 Senior Execs
May 17, 2002 BOSTON – Debtx has added two senior executives, further beefing up its loan-sale advisory operation.The Boston loan-sale adviser has hired Dan O'Leary, the former real estate division manager at Arthur Andersen, as managing director of...
GE Capital Healthcare Provides $95.7Mln to American Retirement
May 17, 2002 NASHVILLE, Tenn. – GE Capital Healthcare Financial Services has provided American Retirement Corp. (NYSE:ACR) with a $95.7 million mortgage.The three-year fixed-rate mortgage is secured by three of the company's retirement communities, in Fort Worth and...
Winn-Dixie Closures to Affect 22 CMBS Deals
May 17, 2002 Commercial Real Estate Direct Staff ReportA total of 22 CMBS deals have an exposure to Winn-Dixie stores in Texas and Oklahoma that are slated to be closed.The grocery retailer had said that competitive forces had...
S&P Raises Ratings on 3 Classes of JP Morgan 1997-SPTL-C1
May 17, 2002 NEW YORK – Standard & Poor's has raised its ratings on three classes of J.P. Morgan Commercial Mortgage Finance Corp., 1997-SPTL-C1, due to improved debt service coverage and pay downs.The upgrades are as follows: class...
Marriott Sells Assisted-Living Properties to CNL for $59Mln
May 17, 2002WASHINGTON – Marriott International (NYSE:MAR) has sold five assisted living communities – two Brighton Gardens and three Maple Ridge properties – to CNL Retirement Corp. for about $59 million.Under the terms of the transaction, Marriott obtained...
Ramco Buys Ga. Shopping Center for $11.3Mln
May 17, 2002 SUWANEE, Ga. – Ramco-Gershenson Properties Trust (NYSE:RPT) has purchased the Horizon Village retail center for $11.3 million.The 97,000-square-foot shopping center is anchored by a Publix Supermarket.Horizon Village is at 2855 Lawrenceville Suwanee Road, southeast of...
Kramont Raises $31.3Mln From Share Sale to Cohen & Steers
May 17, 2002 PLYMOUTH MEETING, Pa. – Kramont Realty Trust (NYSE:KRT) has raised $31.3 million from the sale of 2.3 million common shares to Cohen & Steers Capital Management.Proceeds will be used for acquisitions, debt reduction and general...
Southeast Regional Digest (5/17/02): Orlando’s Sandy Lake Towers Transaction Snagged by Lack of Fina
May 17, 2002 Sandy Lake Towers transaction snagged by lack of financingOrlando (Fla.) SentinelORLANDO, Fla. – The group planning to buy the troubled Sandy Lake Towers hotel complex in south Orlando is warning that it probably won't be...
Fog Cutter Buys Piece of Mortgage Bank
May 17, 2002 PORTLAND, Ore. – Fog Cutter Capital Group Inc. (Nasdaq:FCCG) has moved into the commercial mortgage business by acquiring a 51 percent stake in George Elkins Mortgage Banking Co. of Los Angeles.The Elkins acquisition gives Fog...
Calif. Retail Center Sold for $14.9Mln
May 17, 2002 FAIRFIELD, Calif. – Gateway Courtyard has sold a retail center for roughly $14.9 million to the Demartini Joint Account.Marcus & Millichap's San Francisco office arranged the sale of the Fairfield shopping community at 1580, 1586-1590...
Evergreen Orchard Buys Calif. Retail Center for $18.3Mln
May 17, 2002 CHICO, Calif. – Rich Development has sold the Pheasant Run retail center to Evergreen Orchard for roughly $18.3 million, or $170.24/sf. The 107,200-square-foot retail complex was developed in 1992.The property, at East 20th and Forest...
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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.
