RECENT NEWS
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April 10, 2002 NEW YORK – Fitch has withdrawn its ratings on all classes of Westfield Portfolio Mortgage Trust, 2000-C1C, because the certificates have been paid in full.Comments?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...
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...
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...
United Dominion Pays $17.4Mln for Texas Apartments
April 8, 2002AUSTIN, Texas – United Dominion Realty Trust Inc. (NYSE:UDR) has paid $17.4 million for Barton Creek Landing, a 250-unit apartment community.The $69,500/unit price represents a capitalization rate, or initial yield, of 8.8 percent, based on 2002...
Ramco-Gershenson Says Stock Offering Lowers 2002 FFO Projection
April 8, 2002SOUTHFIELD, Mich. – Ramco-Gershenson Properties Trust (NYSE:RPT) has lowered its projection for 2002 funds from operation because of its expectation that it will have more shares outstanding at the end of the year due to a...
GMAC, Amalgamated Provide $40Mln Loan for NY Offices
Correction (April 8, 2002): GMAC Commercial Mortgage has provided $40 million of financing, while Amalgamated Bank has provided $14 million for the purchase of 50 Broadway. The story below relied on a news release and understated the amount...
Southeast Regional Digest (4/8/02): $40Mln Retirement Community Planned for Madison, Tenn.
April 8, 2002Buyer plans retirement community for MadisonNashville Business JournalMADISON, Tenn. – A 105-acre land tract adjacent to the Breckenridge Apartment complex here has been rezoned to accommodate an unnamed $40 million, 340-unit retirement community. The land is...
Correction: GMAC, Amalgamated Provide Loan for NY Offices
April 8, 2002GMAC Commercial Mortgage has provided $40 million of financing, while Amalgamated Bank has provided $14 million for the purchase of 50 Broadway.A story published today – "GMAC, Amalgamated Provide $40Mln Loan for NY Offices" – relied...
Ross Glickman Named CEO of Urban Retail Properties
April 8, 2002CHICAGO – Ross B. Glickman, the president of leasing at Urban Retail Properties Co., has been named chief executive of the operation, which is affiliated with Rodamco North America NV.Urban Retail will be owned by Westfield...
Boutique Office in Midtown Manhattan Back on the Block
April 8, 2002 By Susanna Potter, Commercial Real Estate Direct Staff WriterA boutique office building in Manhattan is back on the market after a planned sale recently fell through.A deal to sell the 23,000-square-foot town house at 4...
Boardwalk to Buy Multifamily Portfolio in Montreal for C$180Mln
April 8, 2002 MONTREAL, Quebec – Boardwalk Equities Inc. (TSE:BEI) has contracted to pay about C$180 million (US$112.8 million) for a portfolio of high-quality multifamily properties.The company is reviewing various financing alternatives for the portfolio, which totals more...
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