RECENT NEWS
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....
Hines to Redevelop Salvation Army’s London HQ
May 9, 2002 LONDON – Hines is launching its first London office development project, a 120,000-square-foot redevelopment of The Salvation Army's international headquarters. Hines is taking a long leasehold interest in two thirds of the site at 99-101...
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,...
Canada Digest (5/9/02): S&P Stalls on REITs Over Liability Concerns
May 9, 2002 S&P stalls on REITs over liability concernsFinancial Post, May 3 TORONTO – REITs still won't be part of the S&P/TSX composite index despite a new set of rules for inclusion that begin to take effect...
Urban Retail Names R. Webber Hudson as President of Leasing
May 9, 2002 CHICAGO – Urban Retail Properties Co. has named R. Webber Hudson as president of leasing.Hudson will oversee the leasing and marketing of the company's portfolio of more than 41 million square feet of retail space.Hudson...
PRICE TALK: $950.1 Mln Wachovia Bank Commercial Mortgage Trust, 2002-C1
May 9, 2002 Class Amount Sub. Rate Rating S&P Rating Moody's Avg. Life Price talk Benchmark A1 59.1 22.75 AAA Aaa 2.75 +32 area Swaps A2 135.5 22.75 AAA Aaa 5.5 +42 area Swaps A3 135.2 22.75 AAA...
Lend Lease Secures Investor for New HQ in Sydney
May 9, 2002 SYDNEY, Australia – Deutsche Office Trust (ASX: DOT) has agreed to acquire the future headquarters of Lend Lease Group (ASX:LLC) on downtown Sydney's north western waterfront.The A$112 million (US$60.8 million) deal allows Lend Lease to...
Related Provides $20Mln of Funding for Fla. Apartments
May 9, 2002 FORT MYERS, Fla. – Related Capital Co. has provided $20 million of equity and debt to The Carlisle Group for the Oaks at Omni affordable-housing complex that it is developing at 10101 Immokalee Road.Related provided...
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...
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...
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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.
