RECENT NEWS
Equity Inns Prices 3.1Mln Common Shares at $8/share
March 26, 2002 GERMANTOWN, Tenn. – Equity Inns (NYSE:ENN) has priced 3.1 million common shares at $8/share.Proceeds of $23.5 million will be used to pay down outstanding balances under the company's revolving credit line. Salomon Smith Barney is...
David Stockert to Succeed John Williams as CEO of Post Properties
March 26, 2002 ATLANTA – Post Properties (NYSE:PPS) has named David P. Stockert, currently president, as chief executive officer, effective July 1.Stockert will succeed John A. Williams, the company's founder and chairman. Williams will continue as chairman of...
Sonnenblick-Eichner Arranges Financing for San Diego Apartments
March 26, 2002Commercial Real Estate Direct Staff ReportWachovia Securities has provided $36 million of senior financing for University City Village Apartments in San Diego in a transaction arranged by Sonnenblick-Eichner Co.Sonnenblick-Eichner, a Los Angeles real estate adviser, also...
Sunrise Completes Sale of 12 Communities for $197Mln
March 25, 2002 MCLEAN, Va. – Sunrise Assisted Living (NYSE:SRZ) has completed the sale of 12 assisted-living communities in six states for $197 million to an international investor group.The investor group, advised by Macquarie Capital Partners, funded about...
GMAC Buys Calif. Mortgage Bank
March 25, 2002 CHICAGO – GMAC Commercial Mortgage Corp. has acquired Westco Real Estate Finance Co., a mortgage bank in Costa Mesa, Calif.Westco, which was represented in the transaction by FPL Associates of Chicago, generated $500 million of...
Court Rules Rodamco Was Mismanaged; Merger Vote OK’d
March 25, 2002 Shareholders of Rodamco North America NV will be able to vote today on the company's acquisition by Westfield America Trust, Simon Property Group and Rouse Co., despite a Dutch court's ruling that Rodamco's board mismanaged...
Southeast Regional Digest (3/24/02): Firm Developing $90Mln Project in Braselton, Ga.
March 25, 2002 Southside firm developing 265-acre park in BraseltonAtlanta Business ChronicleBRASELTON, Ga. – Southeast Investment Properties plans to build the Georgia Distribution Center, a 265-acre, 3.5 million-square-foot industrial park. The potential $90 million project will start with...
CNL Buys 2 Senior Communities for $28Mln
March 25, 2002 ORLANDO, Fla. – CNL Retirement Corp. has finalized its purchased of two senior housing communities, one each in Florida and Illinois, for about $28 million from American Retirement Corp. (NYSE:ACR).American Retirement will lease back the...
Canada Digest (3/25/02): TrizecHahn’s Chairman gets US$2.8Mln bonus
March 25, 2002 TrizecHahn's chairman gets US$2.8Mln bonus Financial Post, March 23TORONTO – TrizecHahn Corp. chairman and controlling shareholder Peter Munk was awarded a US$2.8-million bonus in 2001 in addition to a $700,000 salary. The bonus was not...
FINAL PRICING: $1.26 Bln LB-UBS Commercial Mortgage Trust, 2002-C1
March 25, 2002 Class Amount ($mln) Sub. Rate Rating S&P Rating Moody's Avg. Life Price Talk Priced Bench mark A-1 120 19.875 AAA Aaa 3.3 ? +39 Swaps A-2 176 19.875 AAA Aaa 5.5 ? +42 Swaps A-3...
Column Financial Provides $56.6Mln for 3 St. Louis Properties
March 25, 2002 ST. LOUIS – Column Financial has provided nearly $56.6 million in financing to the Gannon Development Co. for three apartment communities totaling 1,471 units.The proceeds from the 10-year loan, which amortizes over 30 years and...
Keefe Bruyette Adds Exec to Loan-Sales Unit
March 25, 2002 By Orest Mandzy, Commercial Real Estate Direct Managing EditorKeefe, Bruyette & Woods Inc., has bolstered its newly formed whole-loan sales operation by hiring an executive from Societe Generale.The New York investment bank has added Robin...
Gables Sells Atlanta Apartments for $25Mln
March 25, 2002 ATLANTA – Gables Residential (NYSE:GBP) has sold Dunwoody Gables, a 311-unit apartment complex, for $25 million.Gables said the sales price represented a capitalization rate, or initial yield, of 7.5 percent. The property provided it with...
Moody’s Enhances CMBS Surveillance Reports
March 25, 2002 NEW YORK – Moody's Investors Service is launching a series of monthly CMBS surveillance reports that will provide transaction data as well as analysis.Initially, the rating agency will publish Enhanced Performance Reports, or EPRs, on...
Divco Sells LA Office for $180Mln
March 22, 2002 Divco West Properties has closed on the sale of 1900 Avenue of the Stars, a trophy office tower in Century City, a district in western Los Angeles.John E. Anderson, a local investor who heads Topa...
Fee Owner of NYC’s 330 W. 34th St. Refinances for $40Mln
March 22, 2002 NEW YORK – The owners of the ground at 330 W. 34th St. in Manhattan's Penn Station submarket have refinanced the land with a $40 million mortgage.Sonnenblick-Goldman Co. has arranged the 10-year, fixed-rate first mortgage...
CarrAmerica Names Philip L. Hawkins President
March 22, 2002 WASHINGTON – CarrAmerica Realty Corp. (NYSE:CRE) has named Philip L. Hawkins as president.Hawkins also will continue as chief operating officer.He replaces Thomas A. Carr, who will continue as chairman and chief executive officer.Hawkins will continue...
Equity One to Raise $39.8Mln From Share Sale
March 22, 2002 MIAMI BEACH, Fla. – Equity One (NYSE:EQY) plans to raise $39.8 million from the sale of 3 million shares of common stock at $13.25/share.The lead manager in the offering is Legg Mason Wood Walker, and...
Amresco Capital Sells Last Asset
March 22, 2002 DALLAS – Amresco Capital Trust has sold off its last asset – a second lien on a Richardson, Texas, office building, for $10.3 million.The sale brings to a conclusion the REIT's nearly four-year life. After...
Correction: Moody’s Downgrades Merrill Lynch Mortgage Investors 1995-C2
March 22, 2002 Moody's Investors Service affirmed the Ba2 rating of the $14.3 million class E from Merrill Lynch Mortgage Investors, 1995-C2.The rating agency on Wednesday incorrectly stated its rating action, which appeared in the story, "Moody's Downgrades...
Southeast Regional Digest (3/22/02): Cedar Income Sells Jacksonville, Fla., Property
March 22, 2002 Cedar Income sells propertyJACKSONVILLE, Fla. – Cedar Income Fund has agreed to sell the Southpoint Parkway Center for $4.7 million. The Southpoint property is the only remaining office property of the company and the last...
Moody’s Affirms Ratings of GS Mortgage Securities 1998-GLII
March 22, 2002 NEW YORK – Despite a nearly two-thirds exposure to the highly volatile hotel and cold storage sectors, GS Mortgage Securities Corp. II, 1998-GL II, has had its ratings affirmed by Moody's Investors Service.The transaction, which...
Jones Lang LaSalle Brokers 2 Property Sales in Metro DC
March 22, 2002A joint venture between Gale & Wentworth, The Morgan Stanley Real Estate Fund II and Pain Webber Real Estate Securities Inc. recently sold a four-building office complex in the I-270 corridor of Germantown, Md.An entity called...
Five Star to Raise $27.6Mln From Sale of Common Shares
March 21, 2002 NEWTON, Mass. – Five Star Quality Care (AMEX:FVE) plans to raise nearly $27.6 million from the sale of 3.7 million common shares at $7.45/share.The lead manager in the offering is UBS Warburg, with Jefferies &...
Burnham Pacific Closes on Sale of Interests in 3 Properties
March 21, 2002 SAN DIEGO – Burnham Pacific Properties (NYSE:BPP) has sold its interests in three properties for about $22.3 million.The company sold Santa Fe Springs Plaza, a 165,000-square-foot community shopping center in Santa Fe Springs, Calif., to...
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.
