RECENT NEWS
Southeast Regional Digest (4/10/02): Will Smith to Build 500-Key Hotel in Fla.
April 10, 2002 Hollywood star making plans to build 500-key hotel in Broward County, Fla.Sun-SentinelBROWARD COUNTY, Fla. – Hollywood film star Will Smith has resurfaced in Broward County's effort to build a minority-owned convention center hotel as a...
Calif. Center Fetches $35.3Mln
April 10, 2002 LANCASTER, Calif. – Passco Real Estate Enterprises has purchased the Lancaster Commerce Center from an investment partnership for $35.3 million.The 554,432-square-foot property, which sits at 43501 13th St. W., was developed in 1985 and comprises...
S&P Upgrades 2 Classes, Downgrades 1 of Merrill Lynch, 1996-C1
April 10, 2002 NEW YORK – Standard & Poor's has upgraded two classes of Merrill Lynch Mortgage Investors Inc., 1996-C1, while downgrading another.The upgrades were due to the deal's improved subordination, while the downgrade was prompted by a...
Corrections Corp. to Get $695Mln Credit Line; Sell $150Mln of Senior Notes
April 10, 2002 NASHVILLE, Tenn. – Corrections Corporation of America (NYSE:CXW) has raised a $695 million secured credit facility from Lehman Brothers and plans to sell $150 million of unsecured notes.The notes will have a seven-year term.Lehman will...
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April 10, 2002 NEW YORK – Fitch has withdrawn its ratings on all classes of Westfield Portfolio Mortgage Trust, 2000-C1C, because the certificates have been paid in full.Comments?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...
S&P Lowers Rating of Merrill Lynch 1998-C3
April 10, 2002 NEW YORK – Standard & Poor's has lowered the ratings of four classes of Merrill Lynch Mortgage Investors Inc., 1998-C3, because of expected losses stemming from four collateral loans that are in special servicing.The rating...
General Growth Properties to Buy Real Estate Firm for $250Mln
April 9, 2002 HONOLULU – General Growth Properties (NYSE:GGP) has agreed to buy Victoria Ward Ltd., a private real estate company, for about $250 million.The transaction consists of the assumption of roughly $50 million of existing short-term debt....
HRPT Prices $200Mln Offering of Senior Notes
April 9, 2002NEWTON, Mass. – HRPT Properties Trust (NYSE:HRP) has priced a $200 million offering of 6.95 percent senior notes due 2012.Wachovia Securities is the underwriter for the offering, which is set to close on April 10.HRPT plans...
Prime Group Realty Trust’s Chairman, CEO Resign
April 9, 2002CHICAGO – Michael W. Reschke has resigned from his position as chairman of Prime Group Realty Trust (NYSE:PGE), while Richard S. Curto resigned from his position as chief executive officer of the REIT.Stephen J. Nardi, who...
Southeast Regional Digest (4/9/02): Offices Under Way in Charlotte, NC
April 9, 2002 Offices under way at ArboretumCharlotte (N.C.) ObserverCHARLOTTE, N.C. – First Colony Corp. is starting its fifth office building in south Charlotte near Providence Road and N.C. 51 across from the Arboretum shopping center. The 21,950-square-foot,...
Dallas-area Apartments Fetch $20Mln
April 9, 2002 NORTH RICHLAND HILLS, Texas – The Haverhill Apartments, a 302-unit apartment complex in this suburb of Dallas, has traded hands for about $20 million, or $66,225/unit.Merit Acquisitions LLC of New York City bought the Class-A...
Boston Office Building Offered for Sale
April 9, 2002 BOSTON – Modern Continental Enterprises Inc., a Boston developer, is putting 470 Atlantic Ave., a 350,000-square-foot office building, up for sale.The company, which renovated the 14-story brick building, has hired Cushman & Wakefield to orchestrate...
LJ Melody Arranges $20.5Mln in Financing for Calif. Hotel Project
April 9, 2002 SAN DIEGO, Calif. – San Diego National Bank has provided $14.5 million in construction financing and Midtown Niki Capital Partners is funding $6 million in equity for the new Scripps Ranch Marriott.Huntington Hotel Development is...
Starwood to Offer $1Bln of Senior Notes
April 9, 2002WHITE PLAINS, N.Y. – Starwood Hotels and Resorts Worldwide Inc. (NYSE:HOT) is planning to raise $1 billion through a private offering of senior notes.The notes will have five- and 10-year maturities.The company expects to use the...
Corporate Office Properties Hires VP of Finance
April 9, 2002 COLUMBIA, Md. – Corporate Office Properties Trust (NYSE:OFC) has named Mary Ellen Fowler as vice president for finance and investor relations.Fowler will manage Corporate Office Properties' public market communication among investors, analysts and the news...
Weingarten Realty Pays $94.9Mln for NC Shopping Centers
April 9, 2002 RALEIGH-DURHAM, N.C. – Weingarten Realty Investors (NYSE:WRI) has purchased seven supermarket-anchored shopping centers for $94.9 million.The REIT bought the 1.15 million-square-foot portfolio from Bob Hughes and Associates, which was represented by Wachovia Securities in the...
GMAC’s David Creamer Outlines Impact of Lack of Terror Insurance
April 9, 2002 The following was issued by David Creamer, chairman and chief executive officer of GMAC Commercial Holding Corp.Creamer was among a group of industry executives and government officials who met with President George W. Bush yesterday...
Granite Arranges Sale of Beaver Valley Mall
April 8, 2002Granite Partners arranged the sale of the Beaver Valley Mall outside Pittsburgh.Lend Lease Corp. hired the investment-sales firm to market the 1.3 million-square-foot mall on behalf of its client, the California Public Employees' Retirement System.As reported,...
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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.
