RECENT NEWS
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...
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....
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...
Northwestern Mutual Provides $18Mln Debt for Atlanta Apartments
April 19, 2002 ATLANTA – Northwestern Mutual has provided $18 million of fixed-rate financing for AMLI at Mill Creek, an apartment complex in Gwinnett County, Ga., that it owns in partnership with AMLI Residential Properties Trust (NYSE:AML).The financing...
Kojaian Agrees to Inject $15.2Mln Into Grubb & Ellis
April 19, 2002 NEW YORK – Kojaian Ventures LLC, one of the biggest owners of Grubb & Ellis Co. (NYSE:GBE), has agreed to invest an additional $15.2 million in the brokerage company.Grubb will use the capital to retire...
Holliday Fenoglio Arranges $18.3Mln Financing for NJ Offices
April 19, 2002 A Midwest life insurance company has provided $18.3 million of financing for 100 Southgate Parkway, a 150,000-square-foot office building in Morris Township, N.J.The financing was arranged by Holliday Fenoglio Fowler's Edison, N.J., office.The collateral property...
Norfolk, Va., Office Building Sells
April 19, 2002 NORFOLK, Va. – BGK Properties Inc. has bought Main Street Tower, a Class-A office building in downtown for an undisclosed amount.Neva Properties Ltd., represented by Jones Lang LaSalle, had reportedly been asking about $18 million...
Vornado Sets April 30 as Date to Foreclose Against Reschke
April 19, 2002 Commercial Real Estate Direct Staff ReportAn ongoing legal battle between Vornado Realty Trust (NYSE:VNO) and former Prime Group Realty Trust (NYSE:PGE) chairman, Michael W. Reschke, appears to be winding down at last.Vornado has set April...
Mass Mutual Sells NJ Office Building
April 19, 2002 SECAUCUS, N.J. – A local real estate investment firm has bought 300 Harmon Meadow Blvd., a six-story office building in the Harmon Meadow Corporate Campus.Ivy Equities of Montvale, N.J., beat out 18 other offers to...
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,...
Increased Leverage Prompts Downgrade of New Plan Excel Rating
April 19, 2002NEW YORK – Moody's Investors Service has downgraded New Plan Excel Realty Trust's senior unsecured debt rating to Baa2 from Baa1 because its recent $654 million acquisition of a portfolio of shopping centers will increase its...
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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.
