RECENT NEWS
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...
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...
JV Buys San Diego Complex for $62.5Mln
April 24, 2002 SAN DIEGO, Calif. – The Shidler Group and Angelo, Gordon & Co. have teamed to buy Seaview Corporate Center in Sorrento Mesa for $62.5 million.The partnership, called AGRRI Seaview LLC, bought the 353,067-square-foot office and...
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...
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...
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...
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....
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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.
