RECENT NEWS
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....
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...
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...
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...
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...
St. Joe in Talks to Sell Arvida Realty Services
April 1, 2002 JACKSONVILLE, Fla. – The St. Joe Co. (NYSE:JOE) is thinking about selling Arvida Realty Services, its real estate brokerage and services unit.St. Joe said in a press release that discussions are under way with outside...
GMAC Provides $18.5Mln Credit Line to Kramont
April 1, 2002 PLYMOUTH MEETING, Pa. – Kramont Realty Trust (NYSE:KRT) has received an $18.5 million revolving credit line from GMAC Commercial Mortgage Corp.The facility will be used for acquisitions, capital expenditures and general corporate purposes.It calls for...
Southeast Regional Digest (4/1/02): Spec Building Under Construction in Ky.
April 1, 2002 Spec building under construction in Shepherdsville, Ky.Business First of Louisville (Ky.)SHEPHERDSVILLE, Ky. – Robert Pattillo Properties is expanding its portfolio in the Greater Louisville area with the construction of a 427,500-square-foot speculative industrial building at...
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...
About
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.
