RECENT NEWS
Mack-Cali Sells Dallas Buildings for $34Mln
May 14, 2002 CRANFORD, N.J. – Mack-Cali Realty Corp. (NYSE:CLI) has sold four Dallas office properties for $34 million, or $69.50/sf.The properties were sold to Brookview Properties LP, whose principals include Paul A. Nussbaum, a former Mack-Cali director...
FINAL PRICING: $1.06 Bln iStar Asset Receivables Trust, 2002-1
May 14, 2002 Class Amount Sub. rate Rating Fitch Rating Moody's Avg. Life Final Pricing Benchmark A-1 250 40.75 AAA Aaa 1.5 +26 Libor A-2 381.4 40.75 AAA Aaa 4.9 +38 Libor B 39.96 37 AA+ Aa1 8.05...
Macfarlan Pays $13.5Mln for Colo. R&D Facility
May 14, 2002 BOULDER, Colo. – Macfarlan Real Estate Investment Management has paid $13.5 million for Arapahoe Park East, a 129,400-square-foot research and development complex.The five-building complex, which is triple-net leased to two tenants, was purchased from Teachers...
Fitch Upgrades 1 Class of Merrill Lynch 1995-C1
May 14, 2002 NEW YORK – FitchRatings has upgraded Merrill Lynch Mortgage Investors Inc., 1995-C1, because loan payoffs and amortization have resulted in higher subordination levels.The rating agency upgraded the deal's $17.3 million class E to single-A from...
Miami Apartments Sell for $10.2Mln
May 14, 2002 MIAMI – The Club Kendall Apartments complex was purchased for $10.2 million, or $57,670/unit, by BF at Club Kendall LLC.The Class-B apartments at 9950 North Kendall Drive, southwest of downtown Miami, consist of 176 units...
ING Provides $14.5Mln for Houston Office Buildings
May 14, 2002 HOUSTON – ING Investment Management has provided $14.5 million for a pair of office buildings totaling more than 300,000 square feet in the northwest section of the city.Grady Roberts, senior managing director of Holliday Fenoglio...
S&P Raises Ratings on Morgan Stanley 1998-WF2
May 14, 2002 NEW YORK – Standard & Poor's has upgraded nine classes of Morgan Stanley Capital I Inc., 1998-WF2, because of the improved performance of the deal's mortgage collateral and an increase in subordination levels.The loan pool...
Correctional Properties Sells Louisiana Facility for $15.5Mln
May 14, 2002Correctional Properties Trust (NYSE:CPV) has agreed to sell the Jena Juvenile Justice Center to the State of Louisiana for $15.5 million.Proceeds from the sale eventually will be used for new acquisitions.In addition, Wackenhut Corrections Corp. (NYSE:WHC),...
Allied Capital Invested $19.3Mln in CMBS in 1st Qtr
May 14, 2002 Commercial Real Estate Direct Staff ReportAllied Capital Corp. (NYSE:ALD) said that it invested $19.3 million in CMBS during the first quarter.The Washington company, among a handful of active players in the B-piece market, had purchased...
LNR Bought $47.1Mln of Bonds in 1st Qtr
May 14, 2002 Commercial Real Estate Direct Staff ReportLNR Property Corp. (NYSE:LNR) said it bought $47.1 million of CMBS during the three months ended Feb. 28. The company, whose fiscal year ends Nov. 30, is among the market's...
GE Completes Purchase of Security Capital
May 14, 2002 STAMFORD, Conn. – GE Capital has completed its purchase of Security Capital Group Inc. (NYSE:SCZ).The transaction is valued at $4 billion.Comments? E-mail Christina Caprio, or call her at (267) 247-0112, Ext. 214.
Essex Sells Marbrisas Apartments in Calif. for $69Mln
May 14, 2002 CHULA VISTA, Calif. – Essex Apartment Value Fund, an entity of Essex Property Trust (NYSE:ESS), has sold the 500-unit Marbrisas apartment community for about $69 million.As part of the transaction, the buyer assumed $40 million...
Boykin’s 1st Qtr RevPAR Falls 16%
May 14, 2002 Revenue per available room for Boykin Lodging Co.'s (NYSE:BOY) 33 hotels fell 16 percent in the first quarter of 2002 to $50.21/room.The drop in revPAR was the result of a seven point drop in occupancy,...
GE Financial Provides $28.5Mln for Tenn. Industrial Portfolio
May 14, 2002 LA VERGNE, Tenn. – GE Financial Assurance has provided $28.5 million of fixed-rate financing for a portfolio of three industrial buildings within the Mid South Logistec Center in this submarket of Nashville.Holliday Fenoglio Fowler's Boca...
Glimcher Sells Ariz. Shopping Center
May 13, 2002 SIERRA VISTA, Ariz. – Glimcher Realty Trust (NYSE:GRT) has recovered $9.9 million from the sale of Plaza Vista Mall, a 214,000-square-foot shopping center.The property is among those that Glimcher considered a non-strategic asset. The property's...
Kramont to Raise $31Mln in Share Sale
May 13, 2002 PLYMOUTH MEETING, Pa. – Kramont Realty Trust (NYSE:KRT) plans to offer 2.3 million common shares at $14.4/share to clients of Cohen & Steers Capital Management.Proceeds of $31.3 million will be used for acquisitions, debt reduction...
Related Provides $24Mln for Ga. Apartments
May 13, 2002 SAVANNAH, Ga. – Related Capital Co. has provided $24 million of debt and equity financing for The Oaks at Brandlewood, an affordable housing complex that Capitol Development Group is constructing.Related provided $9.9 million of equity...
Southeast Regional Digest (5/13/02): Diversified Property Plans $120Mln Industrial Project in Atlant
May 13, 2002 Diversified plans 4Mln-sf park in HenryAtlanta Journal-ConstitutionATLANTA – Diversified Property Group and White Oak Investment plan to develop a $120 million industrial park on Ga. 155, about a half-mile from the defunct Amazon distribution center....
Hilton Team Wins Rights to Build San Diego Hotel
May 13, 2002 By Orest Mandzy, Commercial Real Estate Direct Managing EditorThe team of Hilton Hotels Corp. and Portman Holdings has been selected to construct a 1,200-unit hotel next to the San Diego Convention Center.The Hilton/Portman team beat...
S&P Lowers Ratings on NationsLink Fund 1999-LTL-1
May 13, 2002 NEW YORK – Standard & Poor's has lowered its ratings on two classes of NationsLink Funding Corp.'s 1999-LTL-1 and removed them from credit watch with negative implications.The lowered ratings reflect the weak performance of one...
Fed Survey Finds Few Lenders Affected by Terrorism Issue
May 13, 2002 Commercial Real Estate Direct Staff ReportMost lenders responding to a survey by the Federal Reserve said that the current lack of affordable terrorism insurance coverage has not affected them because so little of their commercial...
Michael Wirth CFO of Aegis Resigns
May 13, 2002 NEW YORK – Michael Wirth has resigned as chief financial officer of Aegis Realty Inc. (AMEX:AER), effective May 15, in order to pursue another opportunity.The REIT has begun a search for his replacement and anticipates...
Trepp Broadens Relationship with PPR
May 10, 2002 NEW YORK – Trepp LLC has struck a deal that gives its subscribers ready access to real estate research reports from Property and Portfolio Research.In addition, Trepp has further enhanced its CMBS analytical system by...
LJ Melody Provides $228.2Mln of Freddie Mac Financing for Portfolio
May 10, 2002 Commercial Real Estate Direct Staff ReportL.J. Melody & Co. has provided $228.2 million of financing through a Freddie Mac program for a large apartment portfolio owned by a group of German investment funds.The financing package...
Bridger Commercial Sees 2002 Conduit Volume of $400Mln
May 10, 2002 Commercial Real Estate Direct Staff ReportSAN FRANCISCO – Bridger Commercial Funding, a mortgage bank that helps community banks tap the CMBS market, expects to originate a total of up to $400 million of conduit mortgages...
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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.
