RECENT NEWS
Fitch Places 7WTC Securitization on Negative Watch
Correction (April 4, 2002): Fitch Ratings, which yesterday put Banc of America Large Loan Inc., 2001-7WTC, on its rating watch negative list, expects a replacement to 7 World Trade Center to be as much as 25 percent smaller...
Wells REIT Buys Mich. Properties for $42.7Mln
April 2, 2002 Wells Real Estate Investment Trust has purchased two Michigan office/research and development properties for a total of $42.7 million.The properties, in Kalamazoo and Farmington Hills, are leased for 20 years to Dana Corp., a large...
Nationwide Life Provides $19.7Mln Financing for Va. Center
April 2, 2002 Nationwide Life Insurance Co. has provided $19.7 million of financing for Festival at Manchester Lakes, a retail property in Springfield, Va.The five-year financing pays interest only and was arranged by Legg Mason Real Estate Services'...
Southeast Regional Digest (4/2/02): Banyan Sells Ala. Property for $8.5Mln
April 2, 2002 Banyan sells Huntsville, Ala., propertyHUNTSVILLE, Ala. – Banyan Strategic Realty Trust has closed on the sale of its University Square Business Center for roughly $8.5 million to USBC LL C. University Square is a six-building...
Chelsea Buys 2 Outlet Properties for $103.3Mln
April 2, 2002 ROSELAND, N.J. – Chelsea Property Group Inc. (NYSE:CPG) has purchased two retail properties in Florida and Indiana in separate deals totaling $103.3 million.The REIT paid Simon Property Group Inc. (NYSE:SPG) $76.3 million for a 50...
Capital Automotive REIT Buys 14 Properties for $87Mln
April 2, 2002 MCLEAN, Va. – Capital Automotive REIT (Nasdaq:CARS) has purchased 14 properties for about $87 million.The transactions were financed through the issuance of $19 million in operating partnership units, at $21.86/share, and $48.6 million of 10-year,...
Five Star Completes Buy of Senior Communities for $45.5Mln
April 2, 2002 NEWTON, Mass. – Five Star Quality Care (AMEX:FVE) has completed its acquisition of five senior-living communities for $45.5 million from an affiliate of ILM-II Senior Living.The communities contain 704 units, consisting of 531 independent-living apartments...
S&P Downgrades Hilton Hotels Pool Trust’s 2000-HLT
April 2, 2002 NEW YORK – Standard & Poor's has lowered its ratings on five classes of Hilton Hotels Pool Trust's 2000-HLT because of the deterioration in the deal's overall operating performance, including a decrease in debt service...
Kearny Real Estate Sold Property to BentleyForbes
April 2, 2002 LOS ANGELES – Kearny Real Estate Co. sold the 412,580-square-foot industrial property in Temecula, Calif., to BentleyForbes.As previously reported, BentleyForbes paid $30 million for the property, which includes light manufacturing space, a warehouse and office...
Secured Capital Advised MaguirePartners on Library Tower Deal
April 2, 2002 Commercial Real Estate Direct Staff ReportSecured Capital Corp. advised MaguirePartners on the recent recapitalization of Library Tower in Los Angeles.The Los Angeles firm was hired last fall after Maguire's efforts to sell the office property...
Fitch Upgrades 2 Classes of Sasco 1995-C1
April 2, 2002 NEW YORK – Fitch has upgraded Structured Asset Securities Corp.'s 1995-C1 because of increased subordination levels due to amortization and loan pay offs.The $5.1 million class D was upgraded to triple-A from double-A-plus, and the...
Wells Buys Ga. Office Building for $15Mln
April 2, 2002 DULUTH, Ga. – Wells REIT has purchased a 100,087-square-foot Class-A office building in Duluth, a suburb of Atlanta, for $15 million.The property is 100 percent leased to Novartis Corp. through July 2011.The four-story building was...
Ventas to Offer $400Mln of Senior Notes
April 2, 2002 LOUISVILLE, Ky. – Ventas Inc. (NYSE:VTR) plans to raise about $400 million from the sale of senior notes due 2009 and 2012.Proceeds will be used to repay all outstanding debt under the REIT's credit line.Comments?...
PRICE TALK: $714.6Mln J.P. Morgan Chase Commercial Mortgage Securities Corp., 2002-FL1
April 2, 2002 Class Amount ($mln) Avg. Life Rating S&P Price Talk (bp) Benchmark A-1 325.8 1.59 AAA +34-36 Libor A-2 139.6 2.64 AAA +44-46 Libor B 46.5 2.18 AA +75-80 Libor C 43.8 2.18 A +125 area...
Transwestern Pays $42.6Mln for Houston Office building
April 2, 2002 HOUSTON – J.P. Morgan Fleming Asset Management has sold 3D/International Tower, a Class-A office building.Transwestern Investment Co. bought the 21-story tower at 1900 West Loop South for what locals say was $42.6 million, or about...
ARCS Provides $35Mln for Philly Apartments
April 2, 2002 PHILADELPHIA – ARCS Commercial Mortgage has provided $35 million of financing through its Fannie Mae Delegated Underwriting and Servicing program for a 412-unit apartment property.The 10-year loan, which amortizes over 30 years and carries an...
Glenborough Buys Encino, Calif., Office Building
April 2, 2002 ENCINO, Calif. – Glenborough Realty Trust Inc. (NYSE:GLB) has paid $47.3 million for First Financial Plaza, an office in the Los Angeles suburb of Encino.The REIT bought the six-story office building at 16830 Ventura Blvd....
JV Buys Calif. Office Building, Hotel
April 2, 2002 LONG BEACH, Calif. – A joint venture between Ensemble Investments and AEW Partners IV has purchased the World Trade Center Office and Hilton Hotel from CDI West for an undisclosed sum.The 550,000-square-foot, 27-story building at...
S&P Affirms Library Tower Trust I 1998-I
April 2, 2002 NEW YORK – Standard & Poor's has affirmed its ratings on Library Tower Trust I 1998-I despite the additional leverage placed on the CMBS deal's collateral property.The deal has a balance of $190.4 million. But...
Developers Diversified Sells Illinois Center for $28Mln
April 1, 2002 CLEVELAND – Developers Diversified Realty (NYSE:DDR) has funneled the inline space at Shops at Kildeer shopping center to a venture that is 90 percent owned by DRA Advisors Inc. in a deal valued at $28...
Fitch Survey: Pros Don’t Like Notching
April 1, 2002 NEW YORK – Most structured finance executives believe that the rating agency practice of notching bond ratings is not justified, according to a survey.The survey, conducted by Greenberg Quinlan Rosner Research, was commissioned by Fitch...
Crescent Capital Launches $203Mln JV
April 1, 2002 ATLANTA – Crescent Capital Investments has closed on a $203.4 million joint venture with Sunrise Assisted Living – giving the company and its affiliates 80 percent ownership in 12 properties comprising 940 assisted-living units. Sunrise...
CVS Hires Adviser to Sell Leases on 51 Stores
April 1, 2002 CVS Corp. has hired DJM Asset Management LLC of Melville, N.Y., to sell the leases on 51 CVS stores.The stores, which range in size from 2,800 square feet to nearly 25,000 sf, are in 16...
BentleyForbes Buys Scotts Headquarters in Calif.
April 1, 2002 LOS ANGELES – BentleyForbes has acquired the Temeculah, Calif., regional headquarters and distribution center of Scotts Co., which will lease back the property for 15 years.BentleyForbes, a Los Angeles investor specializing in sale-leasebacks, said the...
Taubman Centers to Pay $88Mln for Half Stake in Calif. Mall
April 1, 2002 CONCORD, Calif. – Taubman Centers Inc. (NYSE:TCO) has agreed to pay $88 million for a 50 percent stake in Sunvalley, a 1.3 million square-foot shopping center.The Bloomfield Hills, Mich., REIT is buying the stake from...
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