RECENT NEWS
Sun International to Change Name
May 21, 2002 PARADISE ISLAND, The Bahamas – Sun International Hotels Limited (NYSE:SIH) is planning to change its name to Kerzner International Limited.The change, expected to take place by July 1, will mean the resort company's stock symbol...
Southeast Regional Digest (5/21/02): Clearwater, Fla., May Get SuperTarget
May 21, 2002 Clearwater mall may get SuperTarget, Costco WholesaleSt. Petersburg TimesCLEARWATER, Fla. – A SuperTarget and a Costco Wholesale Membership warehouse appear likely to become prime tenants in a rebuilt Clearwater Mall that would open for business...
Ramco-Gershenson Redeems Preferred Held by Morgan Stanley
May 21, 2002 SOUTHFIELD, Mich. – Ramco-Gershenson Properties Trust (NYSE:RPT) has redeemed 1.2 million series A convertible preferred shares that were held by affiliates of Morgan Stanley Dean Witter.The shares were redeemed at $27.14/share. The redemption was prompted...
RAIT Names Kenneth R. Frappier as Senior VP
May 21, 2002 PHILADELPHIA – Resource Asset Investment Trust (NYSE:RAS) has named Kenneth R. Frappier as senior vice president of portfolio and risk management.Frappier will oversee all aspects of risk management to ensure the adequacy of policies and...
Prudential Closes $246.5Mln Loan Package for General Motors Pension Plans
May 21, 2002 NEWARK, N.J. – Prudential Mortgage Capital Co. (NYSE:PRU) has provided a $246.5 million mortgage package to General Motors Investment Management Corp. on behalf of the General Motors Pension Plans.General Motors was advised by AEW Capital...
Vestin Group’s Fund II Starts Lending
May 21, 2002 LAS VEGAS – Vestin Group Inc. (Nasdaq:VSTN) has so far raised about $200 million for its Vestin Fund II since it launch last June.The fund aims to raise $500 million by June 2003.Fund II and...
United Dominion Buys Va. Apartments for $30.2Mln
May 21, 2002 ALEXANDRIA, Va. – United Dominion Realty Trust (NYSE:UDR) has purchased the Presidential Greens apartments for $30.2 million at a capitalization rate, or initial yield, of 8.9 percent.The property, which was constructed in 1938 and renovated...
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...
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...
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...
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...
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...
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...
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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.
