RECENT NEWS
Calif. Apartments on the Sales Block for $11.3Mln
May 9, 2002 CANOGA PARK, Calif. – Marcus & Millichap has been retained to market for sale a 135-unit garden apartment complex valued at $11.3 million, or $83,519/unit.The property – constructed in 1964 and consisting of three buildings...
Southeast Regional Digest (5/9/02): Atlanta Apartments Purchased for $16.1Mln
May 9, 2002 Units to be converted to condosAtlanta Journal-ConstitutionATLANTA – An investment group that includes an entity led by Julian LeCraw & Co. has acquired Oakwood Lenox Villa apartments for $16.1 million. The group plans to convert...
Berkshire Provides $41Mln DUS Loan for Calif. Apartments
May 9, 2002 Commercial Real Estate Direct Staff ReportBerkshire Mortgage Finance has provided $41 million of financing under Fannie Mae's Delegated Underwriting and Servicing program for a recently purchased apartment complex in Southern California.The financing, which carries a...
Trizec Leases Space in Houston’s Allen Center
May 9, 2002 HOUSTON – Trizec Properties Inc. (NYSE:TRZ) has leased 116,000 square feet at the Allen Center, a 3.2 million-sf office complex it owns.The two leases alleviate some of the vacancies at the complex that resulted from...
Jamestown Wins Back 1290 Sixth From EOP
May 9, 2002 Morgan Stanley Dean Witter will still provide a large mortgage to Jamestown, which has increased its original bid to $745.5 million for 1290 Avenue of the Americas in midtown Manhattan, according to sources.Earlier this year,...
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...
Lend Lease Hyperion Capital Advisors takes on ABP as CMBS client
May 8, 2002 NEW YORK – Lend Lease Hyperion Capital Advisors has been appointed as adviser to ABP Investments US Inc. for CMBS investments. Netherlands-based ABP is one of the largest pension funds in the world.ABP hired Lend...
Equity Inns’ RevPAR Drops 7.2% in 1st Qtr, but Beats Industry
May 8, 2002 Commercial Real Estate Direct Staff ReportEquity Inns (NYSE:ENN), an owner of upscale all-suite and limited-service hotels, said revenue per available room for the first quarter fell by 7.2 percent, to $47.81/room.But that compares with an...
Fitch: Structured Bonds More Stable than Corporate Bonds
May 8, 2002 NEW YORK – FitchRatings has found that CMBS are among the least volatile financial instruments in terms of maintaining their ratings.The rating agency found that structured securities – such as CMBS, asset-backed securities and residential...
C&W Hires Away Grubb & Ellis Industrial Broker in Chicago
May 8, 2002 Cushman & Wakefield has hired Patrick Sullivan as a senior director in its Chicago financial services group.Sullivan joins C&W from Grubb & Ellis Co., where he was a senior vice president specializing in industrial investment...
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...
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...
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,...
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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.
