RECENT NEWS
FINAL PRICING: $1.04 Bln GE Capital Commercial Mortgage Corp., 2002-1
April 5, 2002 Class Amount Sub. Rate Rating Fitch Rating Moody's Avg. Life Price talk Priced Benchmark A1 77.6 20 AAA Aaa 3 +39 area +36 Swaps A2 158 20 AAA Aaa 7.05 +43 area +42 Swaps A-3...
PREIT Buys Pa. Mall From CalPERS for $61.3Mln
April 5, 2002Pennsylvania REIT (NYSE:PEI) has paid $61.3 million for a 1.1 million-square-foot enclosed regional mall in suburban Pittsburgh.PREIT bought the Beaver Valley Mall from the California Public Employees' Retirement System at a capitalization rate, or initial yield,...
Crescent to Offer $375Mln of Senior Notes
April 5, 2002 FORT WORTH, Texas – Crescent Real Estate Equities Co. (NYSE:CEI) plans to offer $375 million of senior notes due 2009.Proceeds will be used to repay existing debt and to redeem preferred units of one of...
FelCor to Issue $25Mln of Perpetual Preferred Stock
April 4, 2002 IRVING, Texas – FelCor Lodging Trust Inc. (NYSE:FCH) plans to issue about $25 million of its 9 percent series B cumulative redeemable preferred stock.The Cohen & Steers Quality Income Realty Fund and two FelCor board...
Canada Digest (4/4/02): Plazacorp Retail May Switch to REIT
April 4, 2002 Plazacorp Retail may switch to REITThe Financial Post TORONTO – Strip mall owner Plazacorp Retail Properties Ltd. would like to convert to REIT status to see its stock rise. The company's shares (CDNX:PLZ) closed at...
S&P Assigns BB- Rating to Ventas
April 4, 2002 NEW YORK – Standard & Poor's has assigned its double-B-minus corporate credit rating to Ventas Inc. and its operating partnership Ventas Realty LP. The outlook is stable.The ratings reflect the REIT's portfolio of health care...
Correction: Fitch Places 7WTC Securitization on Negative Watch
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 than...
Southeast Regional Digest (4/4/02): AEW JV to Develop Apartments Near Atlanta
April 4, 2002 AEW, Wood Partners to develop apartments near AtlantaATLANTA – On behalf of an institutional client, AEW has entered into a joint venture with Wood Partners to develop Alta West, a 265-unit loft-style apartment community near...
Nortel Lease-Backed Deal Downgraded Again
April 4, 2002 NEW YORK – Nortel Networks Lease Pass-Through Trust, 2001-1, has been downgraded yet again and now carries a below investment-grade rating.Moody's Investors Service has downgraded the lease-backed notes to Ba3 from Baa3 following its downgrade...
Lincoln Property/Pension Fund JV to Buy Industrial Properties
April 4, 2002 PARSIPPANY, N.J. – Lincoln Property Co. and a state pension fund will join forces to buy industrial properties in New Jersey and throughout the nation.Lincoln will buy distribution, R&D and flex properties from $3 million...
Interstate to Evaluate Shaner Tender Offer
April 4, 2002 PITTSBURGH – Interstate Hotels Corp. (Nasdaq:IHCO) is evaluating the Shaner Hotel Group LP's most recent tender offer.Shaner yesterday offered to acquire nearly 2.5 million shares of Interstate's Class A common stock for $3/share in cash....
Regal Entertainment to Raise $345Mln in IPO, Pay Down Debt
April 4, 2002 Commercial Real Estate Direct Staff ReportENGLEWOOD, Colo. – Regal Entertainment Group, which recently emerged from Chapter 11 bankruptcy , has filed to raise $345 million in an initial public offering.The company plans to use a...
Deutsche Provides $31Mln for Ore. Retail Property
April 4, 2002 BEAVERTON, Ore. – Deutsche Banc has provided $31 million in permanent, fixed-rate financing to Gramor Development for its Murray Scholls Town Center.The 10-year loan, which amortizes over 30 years, was used to refinance construction debt...
PRICE TALK: $1.04 Bln GE Capital Commercial Mortgage Corp., 2002-1
April 4, 2002 Class Amount Sub. Rate Rating Fitch Rating Moody's Avg. Life Price talk Benchmark A1 77.6 20 AAA Aaa 3 +39 area Swaps A2 158 20 AAA Aaa 7.05 +43 area Swaps A-3 595.2 20 AAA...
FINAL PRICING: $714.6Mln J.P. Morgan Chase Commercial Mortgage Securities Corp., 2002-FL1
April 4, 2002 Class Amount ($mln) Avg. Life Rating S&P Price Talk (bp) Priced Benchmark A-1 325.8 1.59 AAA +34-36 +35 Libor A-2 139.6 2.64 AAA +44-46 +44 Libor B 46.5 2.18 AA +75 +75 Libor C 43.8...
Lehman Provides $10.7Mln for Calif. Retail Center
April 4, 2002 SUNLAND, Calif. – Lehman Brothers has provided roughly $10.7 million of fixed-rate financing for the Sunhill Shopping Center.The mortgage has a 30-year amortization schedule with an interest rate of 7.34 percent.The 150,961-square-foot property, which is...
Massive Memphis Industrial Portfolio Fetches $75Mln-plus
April 4, 2002 Commercial Real Estate Direct Staff ReportUSAA Real Estate has paid more than $75 million for a 2.5 million-square-foot portfolio of Class-A bulk distribution buildings in Memphis, Tenn.The six fully leased buildings were sold by a...
Developer Seeks $21Mln Financing for New Orleans Hotel
April 4, 2002 A unit of R.P. Carbone Co., an old-line developer, is looking to raise $21 million of renovation and construction financing for the redevelopment of the Audubon Building in New Orleans' French Quarter into a high-end...
Kmart Retains Firms to Market 283 Leases
April 4, 2002TROY, Mich. – Kmart Corp. (NYSE:KM) is hiring DJM Asset Management LLC and ChainLinks Retail Advisors Inc. to assist in the disposition of leases for 283 Kmart locations it is closing.The deal is subject to approval...
Capital Automotive Gets $60Mln Credit Line
April 4, 2002 MCLEAN, Va. – Capital Automotive REIT has raised a $60 million unsecured credit facility from a group of lenders led by Comerica Bank.The three-year revolving facility carries a rate pegged to Libor plus 200 basis...
Fitch Upgrades JP Morgan 1995-C1
April 3, 2002 CHICAGO – Fitch has upgraded J.P. Morgan Commercial Mortgage Finance Corp.'s 1995-C1 because of loan prepayments and pay down.The upgrades are as follows: the $12.1 million class C to triple-A from double-A-minus; the $6.9 million...
Hotel Performance Improves in March
April 3, 2002 Commercial Real Estate Direct Staff ReportHotels continued to improve their performance and might no longer be in as dire straits as they had been.Revenue per available room for the industry fell 5.3 percent in March,...
Oxford Properties Sells Stake in Mass. Office Building
April 3, 2002 Commercial Real Estate Direct Staff ReportOxford Properties Group has sold its majority interest in One Financial Plaza, a 340,000-square-foot office building at 1350 Main St. in Springfield, Mass.Affiliates of Merchant Equity Group and the Penner...
Prime Retail Makes $9.2Mln Payment on Mezzanine Loan
April 3, 2002 BALTIMORE – Prime Retail Inc. said it has used $9.2 million of proceeds from the sale of Prime Outlets at Edinburgh to pay down a mezzanine loan that was provided by Fortress Investment Fund and...
Southeast Regional Digest (4/3/02): Cushman & Wakefield Reports Ga. Apartment Sales of $43.5Mln
April 3, 2002 4 apartment communities in Ga. sold for $43.5MlnATLANTA – Cushman & Wakefield's apartment group has arranged the sale of four apartment communities. Developer W. Greg Howington has sold the 200-unit St. Clair apartment property in...
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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.
