RECENT NEWS
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...
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...
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...
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...
Wamu Consolidates Servicing, Eyes Servicing Ratings
May 17, 2002 Commercial Real Estate Direct Staff ReportWashington Mutual Bank, which has been expanding its presence in the commercial mortgage business, is consolidating its five servicing offices in a new office outside of Dallas, in Coppell, Texas.The...
Assisted Living Concepts Names Matthew Patrick as CFO
May 17, 2002 PORTLAND, Ore. – Assisted Living Concepts Inc. (OTCBB:ASLC) has named Matthew G. Patrick as chief financial officer, senior vice president and treasurer.Patrick previously served as vice president and treasurer of Sun Healthcare Group Inc., a...
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...
Boston TV Station Pays $44.7Mln for New Offices
May 16, 2002 BOSTON – WGBH Educational Foundation has paid $44.7 million, or about $247/sf, for the West Tower at Brighton Landing.The public-broadcasting company will occupy all the floors in the seven-story building except for the third, which...
Prime Retail Expresses Doubt of Remaining ‘Going Concern’
May 16, 2002 Commercial Real Estate Direct Staff ReportPrime Retail Inc., an embattled outlet center REIT, said it has "substantial doubt about its ability to continue as a going concern" if it is unable to resolve its mounting...
Manhattan’s Capitol Building Could Fetch $194Mln
May 16, 2002NEW YORK – The 39-story Capitol building in Chelsea that is owned by Steven Witkoff is on the sales block.Lehman Brothers, the lender on the property, is marketing the 387-unit apartment building at 55 W. 26th...
Brooklyn Group Pays $40Mln for Office Buildings
May 16, 2002 Blackacre Capital Group has sold two Brooklyn, N.Y., office buildings for more than $40 million, or $80/sf, to Berkshire Equities LLC, which is led by a Brooklyn family.The two buildings, 141 and 250 Livingston St.,...
Southeast Regional Digest (5/16/02): Mixed-use Project Could Catapult Charlotte, NC, Westside Develo
May 16, 2002 Project could catapult westside developmentThe Charlotte (N.C.) ObserverCHARLOTTE, N.C. – One of the oldest industrial sites on Charlotte's Wilkinson Boulevard will likely become a 20-acre showplace of midrise offices, shops and residences within two years....
RFS to Exchange All Outstanding 9.75% Series B Senior Notes
May 16, 2002 MEMPHIS, Tenn. – RFS Hotel Investors (NYSE:RFS) and its affiliates will offer for exchange all outstanding 9.75 percent senior notes due 2012.RFS is offering to exchange up to $125 million of their 9.75 percent series...
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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.
