RECENT NEWS
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...
National Golf Properties President Resigns
April 23, 2002 SANTA MONICA, Calif. – James M. Stanich has resigned as president of National Golf Properties (NYSE:TEE) but will remain on the company's board of directorsA company spokesperson was not immediately available for comment. Comments? E-mail...
GMAC Provides $38.7Mln for Fla. Student Housing
April 23, 2002 GAINESVILLE, Fla. – GMAC Commercial Mortgage Corp. has provided a $38.7 million loan for a Class-A student property two miles from the University of Florida through its Fannie Mae Student Lending Pilot Program.The 10-year loan...
Mass Mutual Provides $34Mln for Office Building in Pa.
April 23, 2002CONSHOHOCKEN, Pa. – Mass Mutual has provided a $34 million first mortgage for the Five Tower Bridge office building.Legg Mason Real Estate Services arranged the financing for the 11-story, 225,000-square-foot structure on behalf of the building's...
Owners of Midtown Manhattan Hotel Seek $45Mln of Financing
April 23, 2002 NEW YORK – Carlton Group has been retained to help the owners of the On the Ave Hotel in midtown Manhattan refinance the upscale hotel.The property, a 16-story hotel at Broadway and 77th Street with...
Calif. Mall Fetches $24.2Mln
April 23, 2002 ORANGE, Calif. – Newman Properties has sold the Mall of Orange for $24.2 million.A joint venture between Buchanan Urban Investors of Newport Beach and San Francisco retail developer Rawson, Blum & Leon bought the regional...
Related Capital Invests in Fla. Affordable Apartments
April 23, 2002 NEW YORK – Related Capital Co. has provided $13 million of equity and debt financing to Triad Housing Partners for a 160-unit senior affordable housing complex it is developing in Hollywood, Fla.Related provided $4.4 million...
$621Mln CMBS IO Bid List Due at 2 p.m.
April 23, 2002Commercial Real Estate Direct Staff ReportThe blitz of CMBS interest-only bonds hitting the secondary market has continued this week, evidenced by the latest bid list to come to market.About $621 million of IOs from two 1999...
Solly-CDC Deal to Price Wednesday
April 23, 2002 Commercial Real Estate Direct Staff ReportThe $684.9 million Salomon Brothers-CDC Securitization Corp. CMBS deal now in the market will price Wednesday at midday, sources close to the transaction say.The deal is a securitization of 13...
Allied Partners Taps Carlton to Raise Lending Fund
April 23, 2002 Commercial Real Estate Direct Staff ReportAllied Partners, which is controlled by New York investors Eric and Richard Hadar, is looking to raise an investment fund that will focus on originating the junior participations of large...
CAP REIT to Buy Three Residential Properties in Ontario
April 22, 2002 TORONTO – Canadian Apartment Properties Real Estate Investment Trust (TSE:CAR) has agreed to buy two apartment buildings from GWL Realty Advisors Inc. as well as a townhouse complex from a private owner. CAP REIT is...
AmeriVest Files 3Mln Share Offering
April 22, 2002 DENVER – AmeriVest Properties Inc. (NYSE:AMV) has registered to sell 3 million shares of its common stock.The lead underwriter for the offering is Ferris, Baker, Watts Inc. and the co-managers are Morgan Keegan & Co....
NorthStar-Controlled REITs Hire Lazard as Adviser
April 22, 2002 NEW YORK – Three REITs controlled by NorthStar Capital Investment Corp. have retained Lazard Freres & Co. as financial adviser to evaluate strategic alternatives.The three REITs, Shelbourne Properties I, II and III, were created from...
Pension Fund Adviser Buys Orange County, Calif., Offices
April 22, 2002NEWPORT BEACH, Calif. – A pension fund advised by American Realty Advisors has bought 4100 Newport Place, a class-A office building near the John Wayne International Airport, for about $44 million.TA Associates Realty sold the 189,450...
Southeast Regional Digest (4/22/02): Beers Expects Deal for Charlotte, NC, Tower
April 22, 2002 Beers expects deal for tower Charlotte (N.C.) Business JournalCHARLOTTE, N.C. – Beers Skanska Inc. appears to be edging out two other construction companies to complete work on the Arlington condominium tower. Work on the South...
Westrust Sells Calif. Retail Center for $107/sf
April 22, 2002 CATHEDRAL CITY, Calif. – Donohue Schriber, a Southern California-based investment group, has bought the Cathedral City Marketplace for $19.3 million, or $107/sf.Alan Krueger, a senior investment associate in Marcus & Millichap's Ontario, Calif., office, arranged...
Hammerson Sells London Office Building for $317Mln
April 22, 2002 LONDON – Hammerson PLC has sold 280 Bishopsgate, its recently completed London office development, to a private client of HSBC Republic for 219 million pounds ($317.2 million).Hammerson acquired the development site for 280 Bishopsgate in...
Post Sells 3 Properties for $86Mln
April 22, 2002 ATLANTA – Post Properties (NYSE:PPS) has sold three properties, two in Dallas and one in Tampa, Fla., for about $86 million.Proceeds from the sales will be used to reduce debt.The three properties sold are Post...
Canada Digest (4/22/02): Madison Pacific sells 3 British Columbia properties
April 22, 2002 Madison Pacific sells 3 British Columbia propertiesVANCOUVER – Madison Pacific Properties Inc. (TSE:MPC) has sold three more Lower Mainland properties for C$13.9 million (US$8.8 million). On April 15, the Vancouver-based company sold its only residential...
S&P Raises Banc One/FCCC Commmercial Mortgage Loan Trust 2000-C1
April 22, 2002 NEW YORK – Standard & Poor's has raised its rating on five classes of the Banc One/FCCC Commercial Mortgage Loan Trust, 2000-C1, because of the large increases in credit support since origination as well as...
Calif. Apartments Sell for $12.5Mln
April 22, 2002 UPLAND, Calif. – Pebble Grove Apartments has traded hands for $12.5 million, or $82,781/unit. The seller, a Southern California limited partnership called F & F Pebble Grove Associates, was represented by Douglas Froehlke, vice president...
Trizec Completes Sale of Carrier Hotel Company
April 22, 2002 TORONTO – TrizecHahn Corp. (NYSE:TZH) said it has completed the sale of its entire investment in Global Switch.Chelsfield PLC, a London company that had already owned 47.2 percent of the carrier-hotel company, was the buyer....
Callahan Resigns from EOP, Zell Takes Over
April 19, 2002 CHICAGO – Sam Zell, the chairman of Equity Office Properties Trust (NYSE:EOP) has added the titles of president and chief executive as a result of the resignation of Timothy H. Callahan from those positions.Callahan, who...
Angelo Gordon, Provident Hire Carlton to Refinance Dallas Building
April 19, 2002 NEW YORK – A venture between Angelo Gordon & Co. and Provident Realty Advisors is looking for $28 million of floating-rate financing for the Webb@LBJ, a 370,000-square-foot office building in Dallas.The venture has retained Carlton...
Fla. Apartment Complex Fetches $26Mln
April 19, 2002 SUNRISE, Fla. – The Isles at Sawgrass, a 368-unit apartment community at 673 Vista Isle Drive, has traded hands for $26 million, or $70,652/unit.Chicago-based Equity Residential Property Trust bought the property from West Palm Beach,...
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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.
