RECENT NEWS
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...
Weak Showing at Silicon Valley Hotels Prompts Drop in Innkeepers’ Results
May 10, 2002 Commercial Real Estate Direct Staff ReportInnkeepers USA Trust's (NYSE:KPA) saw a 40 percent drop in first quarter funds from operations and blamed the weak results on the sluggish economy and the decline in business travel.FFO...
Southeast Regional Digest (5/10/02): Panattoni Buys Bridgestone Building
May 10, 2002 Panattoni buys Bridgestone buildingAtlanta Journal-ConstitutionLAWRENCEVILLE, Ga. – Panattoni Development Co. has acquired the Bridgestone building at 1335 Old Norcross Road. The industrial development firm paid $8.3 million for the 12-year-old, 413,273-square-foot building on roughly 20...
AmeriVest to Raise $21.8Mln from Share Sale
May 10, 2002 DENVER – AmeriVest Properties (NYSE:AMV) plans to raise about $21.8 million from the sale of 3.6 million common shares at $6.05/share.The transaction is expected to close May 15.Ferris, Baker Watts is acting as sole book-runner....
Health Care REIT to Raise $84Mln to Repay Debt and Buy Properties
May 10, 2002 TOLEDO, Ohio – Health Care REIT (NYSE:HCN) plans to raise $84 million from the sale of 3 million common shares at $28/share.Proceeds will be used to repay borrowings under the REIT's revolving credit line and...
Archon Provides Financing for Ariz. Apartments
May 10, 2002 TUCSON, Ariz. – Archon Financial has provided $9.6 million of fixed-rate financing for Club Carmel Apartments, a 200-unit apartment complex.The 10-year mortgage was used to repay a construction loan on the complex, which is 93...
Deutsche to Provide Financing for Jersey Gardens Mall
May 10, 2002 Commercial Real Estate Direct Staff ReportDeutsche Bank is said to have agreed to provide a $160 million mortgage for the Jersey Gardens Mall, an outlet mall in Elizabeth owned by Glimcher Realty Trust.Though the REIT...
Prime Property Prices Notes Issue
May 10, 2002 NEW YORK – Prime Property Fund, an investment fund managed by Lend Lease Real Estate Investments, has floated $150 million of senior notes.The notes were priced at 185 basis points over five-year Treasurys and carry...
Ind. Apartments Sold for $13Mln
May 10, 2002 EVANSVILLE, Ind. – The 208-unit Cross Lakes Apartments has been purchased for $13 million, or $62,615/unit.Marcus & Millichap brokered the sale of the complex, which was built in October 2001. A St. Louis investment group...
FINAL PRICING: $1.124Bln Banc of America Commercial Mortgage Inc., 2002-PB2
May 10, 2002 Class Amt ($mln) Sub. Rate (%) Rating Moody's Rating S&P Avg. Life Price Talk Priced Bench mark A-1 63.2 22.5 Aaa AAA 2.5 +34 area +32 Swaps A-2 172.1 22.5 Aaa AAA 5.75 +42 area...
SSR Realty Pays $25.3Mln for Calif. Multifamily Property
May 10, 2002 PASADENA, Calif. – SSR Realty Advisors Inc. has bought Arpeggio, a newly developed downtown multifamily property, for $25.3 million, or about $187,407/unit.SSR bought the 135-unit, Class-A property from SNK Peabody Pasadena LLC on behalf of...
2121 Wisconsin Ave. in DC Sold for $145/sf
May 10, 2002 WASHINGTON – District Associates 2121 LLC has sold a 99,008-square-foot office building for $14.4 million, or $145/sf.An entity sponsored by Carr Capital Corp., known as 2121 Wisconsin LLC, purchased the property – also known as...
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.
