RECENT NEWS
Principal Capital Provides $21.8Mln Purchase of Calif. Apartments
April 25, 2002 CHATSWORTH, Calif. – Principal Capital has provided $21.8 million of fixed-rate financing for the purchase of a 348-unit multifamily project on Lurline Avenue.The five-year loan amortizes over 30 years.The loan was used by Sares-Regis Group...
NERA Sets Scope of Notching Study for Moody’s
April 25, 2002 National Economic Research Associates – the private, independent firm hired by Moody's Investors Service to research its structured finance ratings comparability – says it has finalized its plans for the study, due out later this...
Heritage to Raise $450Mln in IPO
April 25, 2002Commercial Real Estate Direct Staff ReportHeritage Property Trust plans to raise $450 million from the sale of 18 million common shares at $25/share in an initial public offering.The offering consists of 14 million shares held by...
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...
Arbor Commercial Sells Stake in Manhattan Apartments
April 25, 2002 Commercial Real Estate Direct Staff ReportArbor Commercial Mortgage has sold its 26 percent interest in the Vanguard Chelsea, a 300-unit luxury apartment building in Manhattan's Chelsea neighborhood.Arbor, a mortgage bank, sold its stake to an...
Inland Buys Canton, Ga. Retail Center for $32Mln
April 25, 2002 CANTON, Ga. – Inland Retail Real Estate Trust has purchased the 302,024-square-foot Riverstone Plaza shopping center for $32 million, or about $106/sf, from Bright-Sasser Canton LLC of Chattanooga, Tenn. The center, which has 49 tenants,...
Md. Office Complex Sells for $85Mln
April 25, 2002 Rockwood Capital Corp. has paid $85 million, or about $257/sf, for a two-building office complex in North Bethesda, Md.Rockwood bought the Executive Plaza Office Park from a partnership headed by Realty Capital Partners, which last...
FASB 94 Exposure Draft Due April 30; CMSA Poised to Respond
April 25, 2002 Commercial Real Estate DirectThe Financial Accounting Standards Board is due to issue its exposure draft soon regarding FAS 94, the "Consolidation of all Majority-owned Subsidiaries."The rules have to do with identifying and accounting for special...
Midas to Sell Portion of its Real Estate to Realty Income
April 25, 2002 ITASCA, Ill. – Midas Inc. (NYSE:MDS) is selling 25 percent of its real estate portfolio as a way to pay down some of its $150 million of debt.The automotive service provider has agreed to sell...
Lend Lease Buys Major Retail Center in Mass.
April 25, 2002 METHEUN, Mass. – A pension fund advised by Lend Lease Real Estate Investments Inc. has bought The Loop, a grocery-anchored power retail center in this suburb 27 miles north of Boston.Terms were not disclosed.The 338,034-square-foot...
PRICE TALK: $918.1 Mln Credit Suisse First Boston Mortgage Securities Corp. 2002-CKN2
April 25, 2002 Class Amount Sub. Rate Rating S&P Rating Moody's Avg. Life Price talk Benchmark A-1 45.7 18.5 AAA Aaa 2.5 +34 area Swaps A-2 130.2 18.5 AAA Aaa 7.5 +43-44 Swaps A-3 572.4 18.5 AAA Aaa...
Upscale London Site Marketed for Possible Retail Use
April 25, 2002 LONDON – Prudential Property Investment is looking to sell a mixed-use project site in London's prestigious Knightsbridge Green for 50 million pounds ($72.5 million).The firm has hired Jones Lang LaSalle and FPD Savills to market...
Arthur Andersen Backs Out of Times Square Development
April 25, 2002 NEW YORK – NEW YORK – Arthur Andersen has backed out of a deal to be the anchor tenant in Boston Properties' Times Square building.Boston Properties executives confirmed to analysts that the Andersen deal had...
Southeast Regional Digest (4/25/02): Trammell Crow Leaving Nashville Market
April 25, 2002 Trammell Crow leaving marketTennesseanNASHVILLE, Tenn. – Trammell Crow Co., once one of the largest commercial real estate brokerage firms in Nashville, has decided to take its name out of the market. ProVenture Commercial Real Estate...
Deutsche Bank Closes $490Mln Acquisition of Rreef
April 24, 2002Deutsche Bank has closed on its deal to buy RoPro U.S. Holding Inc., a holding company for real estate investment manager Rreef, from Haslemere NV, Rodamco Europe NV, Rodamco North America NV and Robeco Groep NV.Deutsche...
S&P Downgrades 3 Classes of Merrill Lynch 1997-C1
April 24, 2002NEW YORK – Standard & Poor's has downgraded three classes of Merrill Lynch Mortgage Investors Inc., 1997-C1, because of expected losses from 12 loans that are with the deal's special servicer.The rating agency, meanwhile, affirmed the...
WP Carey Names Sean Sovak Head of Acquisitions
April 24, 2002NEW YORK – W. Sean Sovak, executive director of strategy and operations for W.P. Carey & Co. (NYSE:WPC), has been named managing director and chief acquisitions officer of the firm.The firm's acquisition activities were previously overseen...
Debtx Establishes Broker-Dealer Unit
April 24, 2002BOSTON – Debtx Securities Inc., a unit of Debtx, has become a registered broker-dealer in the National Association of Securities Dealers.The designation allows the company, which sells whole loans for its clients, to market loan syndications,...
Southeast Regional Digest (4/24/02): Offshore Investor Buys Cingular Wireless Complex in Alpharetta,
April 24, 2002Investor buys Cingular Wireless complex in Alpharetta, Ga.Atlanta Journal ConstitutionALPHARETTA, Ga. – An offshore investor has acquired the Cingular Wireless office campus in Alpharetta. The buyer, said to be a wealthy American family with ties to...
Bob Sulentic Named Chairman of Trammell Crow
April 24, 2002DALLAS – Robert E. Sulentic, chief executive of Trammell Crow Co. (NYSE:TCC), has been named to the added post of chairman.J. McDonald Williams, chairman of the firm since 1994, will become chairman emeritus.Comments? E-mail Orest Mandzy,...
Calif. Retail Center Purchased for $11.5Mln
April 24, 2002UNION CITY, Calif. – KPDT Enterprises Ltd. has paid $11.5 million, or $169/sf, for the 67,788-square-foot Empire Point shopping center that was owned by Empire Hanover, a joint venture between Empire Development of San Francisco and...
Sterling Buys Atlanta Apartment Complex
April 24, 2002 ATLANTA – Sterling American Property III, an opportunistic investment fund managed by Sterling American Property Inc. and American Securities Capital Partners, has purchased Park Crossing Apartments in Gwinnett County, Ga.The 280-unit property was purchased for...
Essex/AEW Venture Sells Apartments for $52Mln
April 24, 2002 A venture between Essex Property Trust Inc. (NYSE:ESS) and AEW Capital Management has recovered $52 million, or $160,000/unit, from the sale of two Southern California apartment complexes.The two properties, Casa Mango, which has 96 units...
FINAL PRICING: $805.4 Mln J.P. Morgan Chase Commercial Mortgage Securities Corp., 2002-CIBC4
April 24, 2002 Class Amount Sub. Rate Rating Fitch Rating Moody's Avg. Life Price talk Revised talk Priced Benchmark A-1 55 22 AAA Aaa 2.75 +35-37 +37 area +37 Swaps A-2 165 22 AAA Aaa 7 +42-44 +44-45...
FINAL PRICING: $684.9 Mln Salomon Bros. Mortgage Securities VII Inc./CDC Securitization Corp. 2002-C
April 24, 2002 Class Amount Sub. rate Rating S&P Rating Fitch Rating Moody's Avg. Life Price Talk Priced Benchmark A-1 280 31.8 AAA AAA Aaa 1.6 +30 area +28 Libor A-2 187.2 31.8 AAA AAA Aaa 2 +35...
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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.
