RECENT NEWS
Auction Set for Vt. Inn
April 1, 2002 CHITTENDEN, Vt. – The lender of the Mountain Top Inn will hold an on-site auction April 30 to sell the resort property before the summer, in order to allow the buyer to be in place...
National Golf, American Golf to Merge
April 1, 2002 SANTA MONICA, Calif. – National Golf Properties' (NYSE:TEE) board has approved the company's merger with its primary tenant, American Golf Corp. and its affiliates.Under the terms of the agreement, National Golf and American Golf and...
American Retirement Sells 6 Properties for $91.1Mln
April 1, 2002 NASHVILLE, Tenn. – American Retirement Corp. (NYSE:ACR) has completed two sale-leaseback transactions of six properties for $91.1 million. The company used a portion of the proceeds from the transactions to repay $68.1 million of mortgage...
Fitch Withdraws Ratings on RTC 1992-C1
April 1, 2002 CHICAGO – Fitch Ratings has withdrawn its ratings on Resolution Trust Corp.'s 1992-C1 deal because noteholders were paid in full on March 25.Comments? E-mail Susanna Potter, or call her at (267) 247-0112, Ext. 212.
AMC Completes $167Mln Buy of General Cinema Parent
April 1, 2002 KANSAS CITY, Mo. – AMC Entertainment has closed on its acquisition of GC Companies Inc., the bankrupt parent company of General Cinema, for $167 million.The deal, agreed to in December and approved by the bankruptcy...
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...
Brandywine Sells NJ Office Complex for $74.6Mln
March 28, 2002 SADDLE BROOK, N.J. – Brandywine Realty Trust (NYSE:BDN) has sold its Park 80 West office complex for $74.6 million, or about $161/sf.Transwestern, acting on behalf of an Asian pension fund, bought the two-building, 464,000-square-foot office...
WP Carey Buys 8 Warehouses in France for $91Mln
March 28, 2002 WP Carey (NYSE:WPC) has purchased eight warehouse facilities from Carrefour, France's largest retailer, for about $104 million euros (US$91 million).DePfa/Aareal Bank provided financing for the purchase of the properties.Under the terms of the sale-leaseback agreement,...
Simon Secures Terrorism Insurance for Mall of America, Remainder of Portfolio
March 28, 2002 INDIANAPOLIS – Simon Property Group Inc. (NYSE:SPG) has purchased two stand-alone policies of terrorism insurance, each with $100 million total limits.The first policy will insure Mall of America in Bloomington, Minn., and the second policy...
S&P Removes Ratings From Sino Commercial Properties Funding
March 28, 2002 HONG KONG – Standard & Poor's has withdrawn its ratings on Sino Commercial Properties Funding Ltd. because the transaction has been paid in full.The transaction was the first Hong Kong-based multiproperty commercial mortgage-backed securitization rated...
Camden Property Trust Begins Construction on $24Mln Houston Apartment Project
March 28, 2002 HOUSTON – Camden Property Trust (NYSE:CPT) has started construction on a $24 million apartment community adjacent to the Royal Oaks Country Club on the south side of Richmond Avenue, between Kirkwod Drive and Old Westheimer...
Hospitality Properties Receives $350Mln Credit Line
March 28, 2002NEWTON, Mass. – Hospitality Properties Trust (NYSE:HPT) has received a $350 million revolving credit facility from a syndicate of banks led by First Union Securities and Dresdner Bank Real Estate.The facility replaces a similar facility for...
Southeast Regional Digest (3/28/02): Fla.’s Fashion Mall Sells for $21Mln-plus
March 28, 2002 Fashion Mall in Fla. sold for $21Mln-plusSun-SentinelPLANTATION, Fla. – Cameron Group and Ashkenazy Acquisition Corp. have purchased the Fashion Mall, at 321 N. University Drive, for more than $21 million. Currently, the 637,000-square-foot mall has...
Sizeler to Hold 2 Public Offerings of Shares
March 28, 2002 NEW ORLEANS – Sizeler Property Investors (NYSE:SIZ) has commenced two public offerings.The first is an exchange offer to holders of all of its outstanding 8 percent convertible subordinated debentures due July 15, 2003. The second...
FINAL PRICING: $500 Mln Newcastle CDO I Ltd./Newcastle CDO I Corp.
March 28, 2002 Collateralized debt obligation, underwritten by Morgan Stanley Dean Witter. Collateral consists of CMBS, REIT debt, ABS and a small amount of corporate securities and bank loans. The collateral manager, Newcastle Investments, is the former Fortress...
IRS Ruling on Impact Fees Applies to All Sectors, Trade Group Says
March 28, 2002 Commercial Real Estate Direct Staff ReportThe Real Estate Roundtable, a Washington-based industry lobbying and trade group, has clarified the scope of a recent IRS ruling concerning developer tax write-offs for impact fees.The measure in question,...
2 Bed & Breakfasts in San Francisco on the Block
March 28, 2002 SAN FRANCISCO – The owner of two bed and breakfast inns has hired Marcus & Millichap to market the 26-unit properties for sale.The two properties, located on Bush Street, have an asking price of $10...
Canada Digest (3/28/02): Caisse Moves on NY, Also Plans on Toronto
March 28, 2002 Caisse moves on NY, also plans on TorontoThe Financial PostMONTREAL – The Caisse de d?p?t et placement du Qu?bec became an even bigger player in New York with its purchase of a 45 percent equity...
Spanish Hotel Family to Buy Crestline Capital for $602Mln
March 28, 2002 Barcelo Hotels & Resorts of Spain is buying Crestline Capital Corp. (NYSE:CLJ) in a $602 million deal slated to close by the end of June.Barcelo has agreed to buy the Bethesda, Md., hotel company via...
UK Hotel Co. Sells 37 Properties for $525.3Mln; Morgan Stanley Provides Financing
March 27, 2002 Commercial Real Estate Direct Staff ReportLONDON – Orb Estates has agreed to buy 37 properties from Thistle Hotels for 600.4 million pounds ($525.3 million).The transaction includes about 555.4 million pounds of outstanding debt and a...
Southeast Regional Digest (3/27/02): Wayne Etheridge Takes Over Grubb’s Southeast Region
March 27, 2002 Etheridge takes over Grubb's Southeast regionThe Atlanta Journal-ConstitutionATLANTA – Grubb & Ellis has named Wayne Etheridge to the post of regional managing director for the Southeast. Etheridge starts April 22 and will work out of...
Canada Digest: O&Y REIT Completes C$50Mln Private Placement
March 27, 2002 O&Y REIT completes C$50Mln private placementTORONTO – O&Y Real Estate Investment Trust (TSE:OYR) has completed its planned private placement of 4.62 million units for C$10.85/unit and total gross proceeds of just over C$50 million (US$31.5...
TGS Hires Corporate Structure Advisers
March 27, 2002 CALGARY, Alberta – TGS Properties Ltd. (TSE:TGP.TO) is reviewing alternative corporate structures as a way to enhance shareholder value and has hired RBC Capital Markets, Deloitte & Touche LLP and Felesky Flynn LLP to help...
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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.
