RECENT NEWS
Moody’s Upgrades Salomon Brothers, 2000-FL1
April 30, 2002 NEW YORK – Moody's Investors Service has upgraded two classes of Salomon Brothers Mortgage Securities VII Inc., 2000-FL1, because of increased subordination resulting from loan payoffs and amortization.The rating agency upgraded the deal's $10.6 million...
Mills to Buy Out Simon’s Interests in Malls for $430Mln
April 30, 2002 ARLINGTON, Va. – The Mills Corp. (NYSE:MLS) has agreed to buy the interest held by Simon Property Group (NYSE:SPG) in five properties they jointly own for $430 million.Mills will pay $175 million of cash and...
IRT Property Raises $33.3Mln From Stock Offering
April 30, 2002 ATLANTA – IRT Property Co. (NYSE:IRT) last night priced a public offering of 3 million common shares at $11.79/share, resulting in net proceeds to the REIT of $33.3 million.Salomon Smith Barney was sole bookrunning manager...
Cohen Financial Buys Acme Realty of Fla.
April 30, 2002 CHICAGO – Cohen Financial has acquired Acme Realty Funding Inc., a three-year-old mortgage brokerage firm in Fort Lauderdale, Fla.Acme was founded by Paul Whalen, a former Holliday Fenoglio Fowler executive, and Don Stevens, who was...
Moody’s Downgrades 3 Classes of Strategic Hotel, 2001-SHC
April 29, 2002 NEW YORK – Moody's Investors Services has downgraded three classes of Ten Affiliates of Strategic Hotel Capital LLC, 2001-SHC, because the value it places on the collateral pool has dropped by 10 percent.The deal is...
Prime Group Gets Offer from Dallas Investment Firm
April 29, 2002 CHICAGO – Prime Group Realty Trust (NYSE:PGE) said it has received an offer of $7.50 in cash plus 0.2 preferred shares of American Realty Investors Inc. (NYSE:ARL) for every outstanding common share of Prime Group...
Woody Heller Joins Insignia/ESG
April 29, 2002 NEW YORK – Woody Heller, a 21-year veteran of Jones Lang LaSalle's investment-sales operation, has joined Insignia/ESG Inc. as an executive managing director in the firm's Capital Advisors Group. Most recently, Heller was responsible for...
Teachers to Offer Chicago Tower; Seeks Broker
April 29, 2002 Teachers Insurance has apparently decided to market for sale the trophy office tower at 311 S. Wacker Drive in downtown Chicago.According to Crain's Chicago Business, the insurer is looking to hire a broker to market...
S&P Downgrades 2 Classes of Merrill Lynch, 1996-C2
April 29, 2002 NEW YORK – Standard & Poor's has downgraded two classes of Merrill Lynch Mortgage Investors Inc., 1996-C2, as a result of high delinquency levels and appraisal reductions in the collateral pool.The agency downgraded the deal's...
Southeast Regional Digest (4/29/02): Atlanta Biz Park May Get Seventh Tower
April 29, 2002 Peachtree Corners may get another office towerAtlanta Business ChronicleATLANTA – Developers of the Corners Office Park have plans for a seventh office building in the complex. The Corners is a string of office buildings sandwiched...
Canada Digest (4/29/02): Quebec Pension Fund Snaps Up Post-Sept. 11 Deals in U.S.
April 29, 2002 Caisse realty arm snaps up post-Sept. 11 dealsThe National PostMONTREAL (The Canadian Press) – Caisse de depot et placement du Quebec is hunting for cheap real estate deals in U.S. cities that were the most...
SSR Realty Pays $46.5Mln for Manhattan Apartments
April 29, 2002 NEW YORK – SSR Realty Advisors has paid $46.5 million for a recently constructed apartment building with 97 units in Manhattan's Murray Hill neighborhood.SSR bought the 22-story building, the Montrose, on behalf of an institutional...
Jacqueline Brady Joins GMAC Institutional as Investment Banker
April 29, 2002 HORSHAM, Pa. – GMAC Institutional Advisors has named Jacqueline V. Brady as vice president.Brady will serve as an investment banker on financing and capital markets transactions. She will also launch an effort to review commercial...
Calif. Group Nears Deal for Shuwa Debt
April 29, 2002 King Capital, a San Juan Capistrano, Calif., investor group, has apparently struck a deal to buy the debt on four Los Angeles properties owned by Shuwa Investment Corp.According to the Los Angeles Business Journal, the...
Brandywine Sees 2002 FFO of $2.72-$2.82/share
April 29, 2002 NEWTOWN SQUARE, Pa. – Brandywine Realty Trust (NYSE:BDN) estimates that its funds from operations for the year will be between $2.72 and $2.82/share – about $.03 cents more than the $2.69/share it reported for 2001.The...
Acadia Sells 17 Shopping Centers for $52.7Mln
April 29, 2002 NEW YORK – Acadia Realty Trust (NYSE:AKR) has sold a portfolio of 17 shopping centers for $52.7 million.The sale completes the shopping center REIT's disposition of non-core assets, though Acadia will be retaining a senior,...
RK Properties Buys Apartments in Calif. for $12.3Mln
April 26, 2002 LOMA LINDA, Calif. – RK Properties has purchased a 166-unit apartment complex from Village Investment for $12.3 million.The Sierra Vista apartments, at 10558 Mountain View Ave., were constructed in 1985 and comprise 146,220-square-feet on four...
Ore. Office Complex on the Sales Block for $14.5Mln
April 26, 2002 PORTLAND, Ore. – Marcus & Millicahp has been retained to market for sale the $14.5 million Jantzen Park office complex.The Class-B property at 541 N.E. 20th Ave. is comprises of three buildings totaling 115,436 square...
One Liberty to Raise $41.3Mln From Share Sale
April 26, 2002 Commercial Real Estate Direct Staff ReportOne Liberty Properties (Amex:OLP) plans to raise roughly $41.3 million from the sale of 2.5 million shares of common stock at $16.51/share. Of the 2.5 million shares, 125,000 shares is...
RAIT to Raise $20.5Mln From Common Share Sale
April 26, 2002 PHILADELPHIA – RAIT Investment Trust (NYSE:RAS) plans to raise $20.5 million from the sale of 1 million shares of common stock at $20.5/share.Proceeds of roughly $19.6 million will be used to originate and acquire loans...
Westfield American Completes Purchase of 9 Retail Centers From Richard E. Jacobs
April 26, 2002 LOS ANGELES – Westfield America has completed its purchase of nine regional shopping centers from the Richard E. Jacobs Group.The transaction is valued at $756 million: $41 million in cash; $210 million in equity; and...
Furniture Maker Selling Assets
April 26, 2002 GREAT NECK, N.Y. – Meadowcraft, the outdoor furniture maker, has retained Keen Realty and CB Richard Ellis to market two industrial sites for sale.The properties being sold are a 610,412-square-foot industrial facility on 67 acres...
BofA Names David S. Fallick as Managing Director of CMBS Group
April 26, 2002 NEW YORK – Banc of America Securities has hired David S. Fallick as managing director of its CMBS group, focusing on large loan origination.Prior to joining, he was managing director and co-head of the CMBS...
S&P Raises 3 Classes, Lowers 2 Others, on Asset Securitization Corp. 1995-D1
April 26, 2002 NEW YORK – Standard & Poor's has raised its ratings on three classes of Asset Securitization Corp.'s 1995-D1 and lowered two classes.The raised ratings are class A-2 to triple-A from double-A-plus; class A-3 to double-A...
FINAL PRICING: G-Star, 2002-1 (GMAC, TIAA)
April 25, 2002 Note: Price talk and date of final pricing not available. Class Amount Rating Moody's Rating S&P Rating Fitch Avg. Life Priced Benchmark A-1MM 161.9 P1 A1+ F1+ 0.5 +6 Libor A-2 72.8 Aaa AAA AAA...
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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.
