RECENT NEWS
BoNY, Allied Irish Fund $700Mln Construction Loan
Bank of New York and Allied Irish Bank have provided $700 million of construction financing for II River Place, a proposed 1,359-unit apartment property in midtown Manhattan.The financing, arranged by Cushman & Wakefield Sonnenblick-Goldman, allows developer Larry Silverstein...
Dallas Building Nears Leases; Asking Price Rises
By Jeff Mordock, Commercial Real Estate Direct Staff WriterThanks to the expected signing of a number of leases at 600 E. Las Colinas, a 509,829-square-foot office building in the Dallas suburb of Las Colinas, Texas, the property's owner...
FINAL PRICING: $2.3Bln Lehman Brothers Floating-Rate Commercial Mortgage Trust, 2007-LLF C5
ClassAmt$mlnSubLevel%AvgLife (yrs)*RatingS&PRatingFitchRatingMoody'sFinalPricing (bp)BnchmarkA-11,419.8638.401.37AAAAAAAaa+30LiborA-2473.2917.871.76AAAAAAAaa+35LiborA-381.9014.321.81NRAAAAaa+40LiborB53.4212.001.81AAAAAa2+50LiborC48.999.881.81AA-AA-Aa3+60LiborD31.698.501.81A+A+A1+80LiborE28.817.251.81AAA2+90LiborF28.816.001.81A-A-A3+100LiborG28.814.751.81BBB+BBB+Baa1+125LiborH51.862.502.36BBBBBBBaa2+160LiborJ57.630.002.48BBB-BBB-Baa3+230LiborX-12,305.10**NANAAAAAAAAaaNALiborX-22.305.10**NANAAAAAAAAaaNALibor*assumes no extension**Notional amount, interest onlyCollateral balance: $2,305.09 millionBookrunner(s): Lehman BrothersLead Managers: Lehman BrothersCo-managers: RBS Greenwich Capital MarketsMaster Servicer: KeyCorp Real Estate Capital Markets Inc.Special Servicer: TriMont Real Estate Advisors Inc.Trustee: LaSalle BankOriginators: Lehman Brothers...
KBS Sells N.J. Office for $33.7Mln
An affiliate of KBS Realty Advisors has sold a two-building office complex in Florham Park, N.J., for $33.7 million, or $149/sf.The Newport Beach, Calif., investment manager sold the property, 25 A&B Vreeland Road, to a venture between the...
CIT Opens West Coast Office; Hires Mary Ann Jones
Mary Ann Jones, senior vice president of originations at Centerline Capital Group, has joined CIT Commercial Real Estate as senior director to oversee the expansion of the lender's structured finance operation.CIT Group Inc. launched its commercial real estate...
BoNY, Allied Irish Fund $700Mln Construction Loan
Bank of New York and Allied Irish Bank have provided $700 million of construction financing for II River Place, a proposed 1,359-unit apartment property in midtown Manhattan.The financing, arranged by Cushman & Wakefield Sonnenblick-Goldman, allows developer Larry Silverstein...
Wells to Create Funds for Institutional Investors
Commercial Real Estate Direct Staff ReportWells Real Estate Funds has created a unit to develop new investment vehicles that will raise equity from institutional investors.David Steinwedell has moved from his role as chief investment officer of the Atlanta...
FINAL PRICING: $2.3Bln Lehman Brothers Floating-Rate Commercial Mortgage Trust, 2007-LLF C5
ClassAmt$mlnSubLevel%AvgLife (yrs)*RatingS&PRatingFitchRatingMoody'sFinalPricing (bp)BnchmarkA-11,419.8638.401.37AAAAAAAaa+30LiborA-2473.2917.871.76AAAAAAAaa+35LiborA-381.9014.321.81NRAAAAaa+40LiborB53.4212.001.81AAAAAa2+50LiborC48.999.881.81AA-AA-Aa3+60LiborD31.698.501.81A+A+A1+80LiborE28.817.251.81AAA2+90LiborF28.816.001.81A-A-A3+100LiborG28.814.751.81BBB+BBB+Baa1+125LiborH51.862.502.36BBBBBBBaa2+160LiborJ57.630.002.48BBB-BBB-Baa3+230LiborX-12,305.10**NANAAAAAAAAaaNALiborX-22.305.10**NANAAAAAAAAaaNALibor*assumes no extension**Notional amount, interest onlyCollateral balance: $2,305.09 millionBookrunner(s): Lehman BrothersLead Managers: Lehman BrothersCo-managers: RBS Greenwich Capital MarketsMaster Servicer: KeyCorp Real Estate Capital Markets Inc.Special Servicer: TriMont Real Estate Advisors Inc.Trustee: LaSalle BankOriginators: Lehman Brothers...
Suburban Boston Retail Property Sells for $20.6Mln
An affiliate of ACG Equities paid $20.6 million for TJ Maxx Plaza, a 136,270-square-foot retail property in Tyngsborough, Mass.The New York investment firm purchased the property from an affiliate of Stavins & Axlerod Properties of Washington, D.C. Jones...
GE Sells Suburban Phila. Office for $35.6Mln
General Electric has sold 500 Virginia Drive, a 366,992-square-foot office building in the Philadelphia suburb of Fort Washington, Pa., for $35.6 million.The firm sold the two-story building to APC Virginia Drive, a private investment group.Cushman & Wakefield marketed...
MOODY’S CMBS UPGRADES
Deal NameCurrentPoolBal. $mlnOrig.PoolBal $mlnClassSize$mlnMoody'sNewRatingMoody'sOldRatingReason for Rating ActionJPMorgan Chase Commercial Mortgage Securities Corp., 2003-CIBC6993.91,060.0C32.5Aa2A1Increased subordination; defeasance (18.1 percent of pool)---D11.7A1A3----E14.3A3Baa1----F10.4Baa1Baa2----AC-11.9AaaBaa1----AC-22.8AaaBaa2----AC-32.8AaaBaa3----BM-13.9Aa2Aa3----BM-26.3A1A2----BM-34.4A2A3-PNC Mortgage Acceptance Corp., 2000-C1556.6801.0F12.0A3Baa1Defeasance (23.2 percent of pool)---G12.0Baa2Ba1-Greenwich Capital Commercial Funding, 2003-C21,670.01,740.0C21.7AaaAa2Defeasance (28.7 percent of pool)---D43.4Aa2A1----E15.2Aa3A2----F23.9A2Baa1----G26.0Baa1Baa2-JPMorgan Chase Commercial...
NYSTRS Commits $250Mln More to CMBS
Commercial Real Estate Direct Staff ReportNew York State Teachers' Retirement System has committed to invest $250 million in the CMBS market. The pension fund, whose CMBS commitments were decided upon late last month, agreed to invest another $100...
Tishman, Lehman Postpone Closing Archstone-Smith Buy
Commercial Real Estate Direct Staff ReportThe venture acquiring Archstone-Smith has postponed closing the acquisition until October.Tishman Speyer Properties and Lehman Brothers are buying Archstone, a multifamily REIT, in a deal valued at $22.2 billion. The postponement is likely...
Moody’s Downgrades 3 Classes; Upgrades 4 of JPMorgan 2002-C2
Moody's Investors Service has downgraded three classes of JPMorgan Commercial Mortgage Securities Corp., 2002-C2 that are tied to a large shopping center loan whose collateral has seen a decline in performance.The rating agency downgraded the deal's: - $5.2...
Anglo Irish Lends $141.5Mln for Boston-Area Apartments
Anglo Irish Bank has provided $141.5 million of financing to Metropolitan Properties of America, allowing the Boston company to complete its $181 million acquisition of Granada Highlands, a 910-unit apartment complex in the Boston suburb of Malden, Mass.Metropolitan...
GE Sells Suburban Phila. Office for $35.6Mln
General Electric has sold 500 Virginia Drive, a 366,992-square-foot office building in the Philadelphia suburb of Fort Washington, Pa., for $35.6 million.The firm sold the two-story building to APC Virginia Drive, a private investment group.Cushman & Wakefield marketed...
MOODY’S CMBS UPGRADES
Deal NameCurrentPoolBal. $mlnOrig.PoolBal $mlnClassSize$mlnMoody'sNewRatingMoody'sOldRatingReason for Rating ActionJPMorgan Chase Commercial Mortgage Securities Corp., 2003-CIBC6993.91,060.0C32.5Aa2A1Increased subordination; defeasance (18.1 percent of pool)---D11.7A1A3----E14.3A3Baa1----F10.4Baa1Baa2----AC-11.9AaaBaa1----AC-22.8AaaBaa2----AC-32.8AaaBaa3----BM-13.9Aa2Aa3----BM-26.3A1A2----BM-34.4A2A3-PNC Mortgage Acceptance Corp., 2000-C1556.6801.0F12.0A3Baa1Defeasance (23.2 percent of pool)---G12.0Baa2Ba1-Greenwich Capital Commercial Funding, 2003-C21,670.01,740.0C21.7AaaAa2Defeasance (28.7 percent of pool)---D43.4Aa2A1----E15.2Aa3A2----F23.9A2Baa1----G26.0Baa1Baa2-JPMorgan Chase Commercial...
Tishman, Lehman Postpone Closing Archstone-Smith Buy
Commercial Real Estate Direct Staff ReportThe venture acquiring Archstone-Smith has postponed closing the acquisition until October.Tishman Speyer Properties and Lehman Brothers are buying Archstone, a multifamily REIT, in a deal valued at $22.2 billion. The postponement is likely...
NYSTRS Commits $250Mln More to CMBS
Commercial Real Estate Direct Staff ReportNew York State Teachers' Retirement System has committed to invest $250 million in the CMBS market. The pension fund, whose CMBS commitments were decided upon late last month, agreed to invest another $100...
Moody’s Downgrades 3 Classes; Upgrades 4 of JPMorgan 2002-C2
Moody's Investors Service has downgraded three classes of JPMorgan Commercial Mortgage Securities Corp., 2002-C2 that are tied to a large shopping center loan whose collateral has seen a decline in performance.The rating agency downgraded the deal's: - $5.2...
Anglo Irish Lends $141.5Mln for Boston-Area Apartments
Anglo Irish Bank has provided $141.5 million of financing to Metropolitan Properties of America, allowing the Boston company to complete its $181 million acquisition of Granada Highlands, a 910-unit apartment complex in the Boston suburb of Malden, Mass.Metropolitan...
Countrywide Lends $140Mln for Posh Beverly Hills Hotel
Countrywide Commercial has provided $140 million of financing for the Peninsula Beverly Hills, among the poshest hotels in Southern California.The 194-room hotel, the only one in Southern California with a Five-Diamond rating from AAA and Five-Star rating from...
Equastone Pays $382Mln for Crescent’s Dallas Portfolio
Equastone has completed its $382 million acquisition of 3 million square feet of office space and 43 acres of developable land in Dallas from Crescent Real Estate Equities Co.The San Diego firm agreed last month to purchase the...
MONY Lends $23Mln for Ga. Hotel
MHI Hospitality Corp. has lined up $23 million of permanent financing from MONY Life Insurance Co., allowing it to refinance the Hilton Savannah DeSoto.MHI, which is headquartered in Williamsburg, Va., said it plans to use $11.2 million of...
Hampshire Taps Robert Vicci as Investment Manager
Hampshire Cos. has tapped Robert Vicci, a former construction project manager with SL Green Realty, as investment manager.In his new post with the Morristown, N.J., investment firm, Vicci will be charged with overseeing various strategies for a portfolio...
