RECENT NEWS
Prime Group Cuts 13% of Staff
April 12, 2002 CHICAGO – Prime Group Realty Trust (NYSE:PGE) has decided to reduce its corporate management and certain support staff by about 13 percent, effective immediately.The decision is due to the company's business plan to concentrate on...
Calif. Apartments up for Sale
April 11, 2002 MONTEREY PARK, Calif. – Marcus & Millichap has been retained to market for sale the 152-unit Bella Vista Apartments for roughly $11.3 million, or $74,013 per unit.The property at 505-665 W. Pomona Blvd. was built...
Inland Buys Phase II of Ga. Retail Center for $13.2Mln
April 11, 2002 MACON, Ga. – Inland Retail Real Estate Trust has purchased Phase II of the Eisenhower Crossing Shopping Center for $13.2 million.The 103,007 square feet of space includes a Kroger Food Store, Hobby Town, Cingular Wireless...
Salomon/CDC Float $685Mln Participated Loans Deal
April 11, 2002 Commercial Real Estate Direct Staff ReportSalomon Smith Barney and CDC Mortgage Capital have launched a $684.9 million securitization of 13 floating-rate loans on 60 commercial properties. Only investment-grade loan participations are included in the collateral...
Starwood to Sell $1.5Bln Senior Notes
April 11, 2002 WHITE PLAINS, N.Y. – Starwood Hotels and Resorts Worldwide has agreed to sell $1.5 billion of senior notes in two tranches.The two tranches consist of: $700 million, 7.375 percent notes due 2007 that have a...
ACE to Provide Terrorism Insurance to Commercial Real Estate Industry
April 11, 2002 PHILADELPHIA – ACE USA will provide terrorism insurance to commercial real estate industry throughout the United States and Canada.Terrorism insurance has been an issue in the industry since Sept. 11. While difficult to obtain for...
AEW, Alchemy to Redevelop Manhattan Building into Apartments
April 11, 2002 An AEW Capital Management fund has formed a joint venture to buy and redevelop a 62,000-square-foot commercial loft building in Manhattan's Gramercy Park neighborhood into high-end loft condominium apartments.The fund, AEW Partners IV, teamed with...
Calif. Flex/Office Buildings Sell for $95/sf
April 11, 2002 LOS ANGELES – Pacifica Real Estate Group has purchased a portfolio of three buildings in Lakewood, Calif., on behalf of a client for $12.3 million, or $95/sf.The Santa Barbara, Calif., real estate firm purchased the...
FDIC Starts Marketing $700Mln Portfolio of Bank Loans Via First Financial
April 11, 2002 MIAMI – The FDIC has hired First Financial Network Inc. to market for sale a portfolio of $700 million of loans that were on the books of Hamilton Bank of Miami.Hamilton, which has been placed...
Edens & Avant Names Terry Brown CEO
April 11, 2002 COLUMBIA, S.C. – Terry S. Brown, the former chief executive of Andersen Corporate Finance, has been named chief executive of Edens & Avant, a large owner of grocery-anchored shopping centers.Brown replaces Joe Edens, the company's...
S&P Lowers 5 Classes of Asset Securitization Corp.’s 1996-D2
April 11, 2002 NEW YORK – Standard & Poor's has lowered its ratings on five classes of Asset Securitization Corp.'s 1996-D2 because of anticipated losses from the eventual disposition of some specially serviced assets.The downgrades are as follows:–...
Burnham Sells Last Asset to Pacific Retail for $10.5Mln
April 11, 2002 BELL GARDENS, Calif. – Burnham Pacific Propertiest (NYSE:BPP) has closed on the sale of the Bell Gardens Marketplace to Pacific Retail for about $10.5 million.The sale of the 160,00-square-foot property is the final transaction with...
Prudential Names Jack Frost as Senior VP, Eastern Sales Division
April 11, 2002 IRVINE, Calif. – Prudential Real Estate Affiliates has named Jack Frost as senior vice president of its eastern region sales and service division.Frost will be responsible for all franchise sales and service functions in the...
Ramco-Gershenson Sells Shopping Center in NC
April 11, 2002 HICKORY, N.C. – Ramco-Gershenson Properties Trust (NYSE:RPT) has closed on the sale of a 178,000-square-foot community shopping center for about $10.7 million.The sale price represents a 9.9 percent capitalization rate, or initial yield.The Hickory Corners...
Crescent Prices $375Mln Senior Notes Offering
April 11, 2002FORT WORTH, Texas – Crescent Real Estate Equities Co. (NYSE:CEI) has priced $375 million of senior unsecured notes due 2009 at 9.25 percent.The notes priced at 400 basis points over Treasury. Moody's rated them BA3, while...
Foothills Mall in Tucson Fetches $54Mln
April 11, 2002 TUCSON – An investment group led by Larry Feldman has closed on its $54 million acquisition of the Foothills Mall, a 482,351-square-foot entertainment and retail center.Feldman acquired Foothills Mall with his long-time Arizona partners, Scott...
Fla. Mall Fetches $20.7Mln
April 11, 2002 SEMINOLE, Fla. – Bluffs Retail Associates has sold the Seminole Mall to a Lakewood, N.J., company for $20.7 million, or $49/sf.The 425,292-square-foot retail center is at 7858 113th St. N., with Kmart, Beall's Department Store,...
Philadelphia Office Building Trades Hands
April 10, 2002 Commercial Real Estate Direct Staff ReportPHILADELPHIA – A consortium of pension funds has provided a five-year mezzanine loan for the acquisition of 260 S. Broad St., an office building in Center City.The loan, when combined...
RFC Names Execs for Resort Finance Unit
April 10, 2002 MINNEAPOLIS – Jeff Owings, a former senior vice president with Finova Capital Corp., has been named managing director of GMAC-RFC Resort Finance, a unit established by Residential Funding Corp. to originate financing to resort developers.In...
Fitch Withdraws Ratings on Westfield Portfolio Mortgage Trust 2000-C1C
April 10, 2002 NEW YORK – Fitch has withdrawn its ratings on all classes of Westfield Portfolio Mortgage Trust, 2000-C1C, because the certificates have been paid in full.Comments? E-mail
Builders Bank Provides $13.2Mln to New Zealand Co. for Multifamily Complex
April 10, 2002 LOS ANGELES – Builders Bank has provided $13.2 million of financing to Pacific Northstar Property Group for a 39-unit condo project under way in the city's Brentwood section.The 15-month, adjustable-rate loan carries a 15-month extension.The...
Greenwich Capital Provides $10Mln for Conn. Retail Center
April 10, 2002 TORRINGTON, Conn. – Greenwich Capital has provided $10 million of fixed-rate financing for a retail center at Route 202 and Route 183.The 10-year loan will be used to refinance existing debt on the Torrington Fair...
Pan Pacific Buys 3 Grocery-anchored Centers for $60Mln
April 10, 2002 SAN DIEGO, Calif. – Pan Pacific Retail Properties Inc. (NYSE:PNP) has purchased three grocery-anchored neighborhood centers since January in separate transactions totaling nearly $60 million.The centers, which together total about 600,000 square feet, are in...
New Boston Fund Builds $48.5Mln Mixed-use Project
April 10, 2002 BOSTON – New Boston Fund has begun construction on a $48.5 million mixed-use building on Huntington Avenue.One Brigham Circle will comprise of 115,000 square feet of office space and about 61,000 sf of retail space....
Fitch Downgrades CSFB 1997-C1
April 10, 2002 NEW YORK – Fitch Ratings has downgraded three classes of Credit Suisse First Boston Mortgage Securities Corp., 1997-C1, because of potential losses from loans that are in special servicing.The rating agency downgraded the deal's:– $27.1...
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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.
