RECENT NEWS
TGS Hires Former TrizecHahn Exec
May 8, 2002 CALGARY, Alberta – TGS Properties Ltd. has hired Arthur G. Lloyd as executive vice president of acquisitions and dispositions.Lloyd is the former senior vice president of acquisitions and asset sales for TrizecHahn Office Properties Ltd.,...
Marvin Davis Nixes Buy of Manhattan’s 450 Lexington
May 8, 2002 The Dutch Shell Pension Fund Foundation is once again shopping for a buyer for 450 Lexington Ave., a 905,000-square-foot office building in midtown Manhattan.According to a report in the New York Post, Eastdil Realty, which...
Southeast Regional Digest (5/8/02): Construction Begins on $80Mln Retail/Entertainment Complex in Mi
May 8, 2002 Construction begins on $80Mln Miami retail/entertainment complexThe Miami HeraldMIAMI - Work has begun on the Mary Brickell Village, a 192,000-square-foot retail/entertainment center between Ninth and 10th streets. The nearly $80 million project is expected to...
S&P Raises Ratings on GE Capital Mall Finance 1998-1
May 8, 2002NEW YORK – Standard & Poor's has raised its rating on class A-2 of GE Capital Mall Finance Corp.'s 1998-1 because of the improved financial operating performance of the portfolio's mall collateral.Class A-2 was raised to...
Marc Rosenberg Named Exec VP at Cushman
May 8, 2002 Cushman & Wakefield of New Jersey has named Marc Rosenberg executive vice president.Rosenberg has for each of the last six years been among the firm's top-10 producing brokers. He oversees Cushman's AT&T corporate account.Rosenberg serves...
Health Care REIT Offering 3Mln Shares of Common Stock
May 8, 2002 TOLEDO, Ohio – Health Care REIT (NYSE:HCN) is offering 3 million common shares of stock.The underwriters for the offering are Deutsche Bank Securities, UBS Warburg, Legg Mason Wood Walker Inc. and Raymond James.The net proceeds...
Rodamco Sale to Simon, Rouse, Westfield Completed
May 7, 2002 Rodamco NA has completed its $5.3 billion sale of assets to Simon Property Group Inc. (NYSE:SPG), the Rouse Co. (NYSE:RSE) and Westfield America (ASX:WFA).Simon said its share of the deal was $1.59 billion. It assumed...
Southeast Regional Digest (5/7/02): HomeBanc Leases 2 Office Spaces in Atlanta Area
May 7, 2002 HomeBanc leases 3 office spacesAtlanta Journal-ConstitutionATLANTA – HomeBanc Mortgage Corp. will move and expand three metro offices this summer as it takes advantage of the soft office market to secure lease rates that allow it...
Town and Country Ups Fannie Facility to $439Mln
May 7, 2002 BALTIMORE – The Town and Country Trust (NYSE:TCT) said it has increased the size of its Fannie Mae credit facility to $439 million from $382 million.The facility was originated through Prudential Mortgage Capital Co.Town and...
GMAC Units Team to Provide Financing for Calif. Apartments
May 7, 2002 DENVER – Three units of GMAC Commercial Holding Corp. collaborated in an effort to structure $33.7 million of tax-exempt bond financing for the purchase and rehabilitation of the Valley Palm Apartments in San Jose, Calif.The...
Prime Property Fund Issuing $150Mln of Notes; Mulls REIT Status
May 7, 2002 NEW YORK – Prime Property Funding II, an investment fund managed by Lend Lease Real Estate Investments, is selling $150 million of senior unsecured notes, which have received a single-A rating from Standard & Poor's.Proceeds...
BofA Provides $14.5Mln for Ariz. Apartment Acquisition
May 7, 2002 TUCSON, Ariz. – Bank of America has provided roughly $14.5 million in permanent, fixed-rate financing for the 225-unit Pinnacle Canyon garden apartments.The Hayman Co. used the proceeds of the 10-year mortgage, which carries an about...
Wachovia’s Strong Servicer Ranking Affirmed
May 7, 2002 NEW YORK – Standard & Poor's has affirmed its strong commercial master and primary servicer ranking for Wachovia Bank as well as its above average commercial special servicer ranking for the bank.A story published last...
Met Life Provides $43Mln for Miami High-Rise
May 7, 2002MIAMI – Metropolitan Life Insurance Co. has provided $43 million of permanent financing for a Class-A residential high-rise at 701 Brickell Key Boulevard.Terms were not disclosed.The financing was arranged by Holliday Fenoglio Fowler. The property is...
Center Trust Shuffles Executive Management Roles
May 6, 2002 MANHATTAN BEACH, Calif. – Center Trust Inc. (NYSE:CTA) has realigned its executive team and made two key executive promotions.Edward D. Fox will relinquish his title as president but continue to serve as chairman of the...
Investor Buys Massive Montreal Apartment Portfolio
May 6, 2002 CALGARY – Boardwalk Equities Inc., a large Canadian owner of apartment properties, has paid C$180.2 million (US$115.2 million) for a portfolio of 3,100 units outside of Montreal's downtown.The properties, on Nunss Island, are comprised of...
ProLogis Buys 1.8Mln sf of French Warehouses
May 6, 2002 PARIS – ProLogis (NYSE:PLD) said its ProLogis European Properties Fund has purchased four industrial properties, totaling 1.8 million square feet, in France.The company did not disclose a purchase price. It said the properties are leased...
HypoBank Provides $75Mln Facility to Shelbourne REITs
May 6, 2002 NEW YORK – Bayerische Hypo-und Vereinsbank AG has led a syndicate that provided a $75 million secured revolving credit facility to Shelbourne Properties I, II and III Inc., three REITs that are controlled by NorthStar...
Max Capital Gets President, Chief Investment Officer
May 6, 2002 NEW YORK – Anthony Westreich has been named president and Bruce R. McLean has been named chief investment officer of Max Capital Management Corp.Adam C. Hochfelder, who last month acquired full ownership of Max Capital,...
Details of iStar Securitization Emerge
May 6, 2002 Commercial Real Estate Direct Staff ReportThe $1.1 billion securitization of iStar Financial mortgages that is being marketed by underwriters Deutsche Bank, Lehman Brothers and Greenwich Capital Markets is secured by 41 mortgages on 58 properties.The...
Southeast Regional Digest (5/6/02): Grubb & Ellis Atlanta Chief Lacks Real Estate License
May 6, 2002 Grubb chief's lack of license spurs some talkAtlanta Journal-ConstitutionATLANTA – The man hired to stabilize the local Grubb & Ellis office might end up causing another flap at the services firm. Wayne Etheridge, hired this...
Joseph Accurso Joins Greenwich Capital
May 6, 2002 GREENWICH, Conn. – Joseph Accurso, a project loan trader with Merrill Lynch, has joined Greenwich Capital Markets as vice president handling the trading of Ginnie Mae and FHA project loans and securities.Accurso was part of...
PRICE TALK: $1.124Bln Banc of America Commercial Mortgage Inc., 2002-PB2
May 6, 2002 Class Amt ($mln) Sub. Rate (%) Rating Moody's Rating S&P Avg. Life Price Talk Bench mark A-1 63.2 22.5 Aaa AAA 2.5 +34 area Swaps A-2 172.1 22.5 Aaa AAA 5.75 +42 area Swaps A-3...
RioCan, Kimco JV Paying C$133Mln for 3 Canada Shopping Centers
May 6, 2002 A joint venture between RioCan REIT (TSE:REI) and Kimco Realty Corp. (NYSE:KIM) is buying three shopping centers in Canada for C$133 million (US$84.8 million).The venture has bought Strawberry Hill Shopping Centre in Surrey, British Columbia,...
Staubach Helps Fleming Foods with $30Mln Sale-Leaseback Deal
May 6, 2002 DALLAS – Cypress Equities, the development/acquisition arm of Staubach Retail Services, has, on behalf of Fleming Foods, bought six grocery stores in the Dallas-Fort Worth area from Brookshire Grocery Co. of Tyler. The stores, valued...
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.
