RECENT NEWS
S&P Lowers Ratings on Merrill Lynch Mortgage Investors 1999-C1
March 20, 2002 NEW YORK – Standard & Poor's has lowered its ratings on three classes of Merrill Lynch Mortgage Investor, 1999-C1, because of significant losses expected from the eventual disposition of the seventh and 10th largest loans...
Tanger Puts 165,000-sf Fla. Retail Property on the Block for $19Mln
March 20, 2002 Commercial Real Estate Staff ReportFORT LAUDERDALE, Fla. – Tanger Factory Outlets has retained Marcus & Millichap to market a 165,000-square-foot retail property, minutes from the Fort Lauderdale Airport.The property, at 200 Gulf Stream Way in...
Defaults Lead Criimi to Take $31Mln Charge Against Earnings
March 20, 2002 ROCKVILLE, Md. – Criimi Mae Inc. (NYSE:CMM) said it will take a non-cash charge of $31 million, resulting in a loss of about $24.2 million for the fourth quarter.The company, which was among the most...
Bloomberg States Preferences for WTC Site
March 20, 2002 New York City Mayor Michael Bloomberg today said he'd push for a mixed-use formula of office and residential space combined with a tasteful memorial to replace the felled World Trade Center buildings in Lower Manhattan.The...
Nomura Provides $15.4Mln Loan for Ala. Retail Center
March 20, 2002 Commercial Real Estate Direct Staff ReportNomura has provided $15.4 million in fixed-rate permanent financing for the Cox Creek Center in Florence, Ala.The 10-year mortgage, which amortizes over 30 years, was used to refinance existing construction...
BofA Revamps CMBS Index
March 20, 2002 Commercial Real Estate Direct Staff ReportBank of America Securities has revamped its CMBS index to better reflect actual trading patterns. BofA's index had long been put together to reflect trading in all CMBS in existence....
Kmart Closing Tenn. Store in Aegis Realty’s Portfolio
March 20, 2002 SPRINGFIELD, Tenn. – Aegis Realty Inc. (AMEX:AER) has one Kmart store in its portfolio that is set to close.The 86,479-square-foot store in the Center Stage Shopping Center represents about $397,000 in annual rent."We cannot assess...
Aimco to Redeem Class K Shares
March 20, 2002 DENVER – Apartment Investment and Management Co. (NYSE:AIV) plans to redeem all outstanding shares of its class K convertible cumulative preferred stock.The redemption price is payable in shares of Aimco class A common stock at...
Fitch Withdraws RFS Financing’s 1996-1
March 20, 2002 NEW YROK – Fitch Ratings has withdrawn its ratings on all classes of RFS Financing Partnership LP's 1996-1 because the deal has been paid in full.Comments? E-mail Susanna Potter, or call her at (267) 247-0112,...
Southeast Regional Digest (3/20/02): Palladium Scraps Plans to Build Mixed-use Village in Charlotte,
March 20, 2002 Palladium scraps plans to build mixed-use village in Charlotte, N.C.Charlotte (N.C.) Observer CHARLOTTE, N.C. – The Palladium Co. has scrapped plans to create an urban village off North Tryon Street. The company dropped plans for...
MortgageRamp Launches FastTrak Services
March 20, 2002 CHARLOTTE, N.C. – MortgageRamp has launched its FastTrak Services that will allow users to access real estate inspection and appraisal services.FastTrak delivers the tools to support both loan origination and portfolio management in 10 days...
CSFB To Market 2 Agency Deals in 2d Qtr
March 20, 2002 Commercial Real Estate Direct Staff ReportCredit Suisse First Boston's agency desk plans to bring its second Ginnie Mae loans offering of the year to market sometime in mid-April, sources say. The deal will not be...
GMAC-RFC Enters Resort Finance Business
March 20, 2002 MINNEAPOLIS – GMAC Residential Funding Corp.'s business capital group is entering the resort finance business.The unit will operate under the brand name GMAC-RFC Resort Finance and will provide capital to resort developers across the country,...
Trump, Partner to Sell Empire State Building for $57.5Mln
March 19, 2002 NEW YORK – Donald Trump and his Japanese partner will sell the Empire State Building for $57.5 million to an investment entity controlled by investor Peter Malkin, who holds the lease on the structure through...
Washington-Area Shopping Center Sells for $11.9Mln
March 19, 2002 Terranomics Developments has sold a Falls Church, Va., community shopping center for $11.875 million.The property, Corner at Seven Corners, contains 70,890 square feet and is fully leased to tenants such as The Gap, Guitar Center,...
Southeast Regional Digest (3/19/02): St. Petersburg BofA Tower Sold for $41Mln
March 19, 2002 St. Petersburg BofA tower sold for $41MlnSt. Petersburg (Fla.) TimesST. PETERSBURG, Fla. – Three private investors who like to keep low profiles paid $41 million for the 27-story Bank of America tower, which will retain...
GMAC Names Jeffery M. Heath as Senior VP in Horsham, Pa., Retail Office
March 19, 2002 HORSHAM, Pa. – GMAC Commercial Mortgage Corp. has named Jeffery M. Heath as senior vice president in the retail production office.Heath will originate permanent, bridge and construction mortgages as well as mezzanine products and equity...
Federal Realty Names Larry Finger as Senior VP, CFO
March 19, 2002 ROCKVILLE, Md. – Federal Realty Investment Trust (NYSE:FRT) has named Larry Finger as senior vice president and chief financial officer.Finger will manage the REIT's accounting, capital markets and investor relations functions.Prior to joining Federal Realty,...
PREA Survey: Most See Property Prices Climbing This Year
March 19, 2002 Commercial Real Estate Direct Staff ReportMore than half of the real estate professionals surveyed by the Pension Real Estate Association believes that real estate prices will increase by the end of this year.PREA also found...
United Dominion to Buy Apartments, Reduce Debt Through Share Sale
March 19, 2002 RICHMOND, Va. – United Dominion Realty Trust (NYSE:UDR) has sold 3 million common shares to Cohen & Steers Capital Management.Proceeds of $42.3 million will be used to buy apartment communities and reduce outstanding debt under...
REITs Reporting Earnings in Recent Weeks Saw Declines
March 19, 2002 Commercial Real Estate Direct Staff ReportThe seven REITs that reported earnings over the past few weeks saw an average 26.01 percent decline in funds from operations for the 12 months ended Dec. 31, 2001.The dismal...
Rreef Hired to Co-Manage 2 Real Estate Securities Funds
March 19, 2002 TACOMA, Wash. – Frank Russell Co., an investment services subsidiary of Northwestern Mutual, has selected Rreef to help manage two real estate securities funds.Rreef joins AEW Capital Management and Security Capital in managing two 411...
Heritage Buys NJ Retail Center for $34Mln
March 18, 2002 WASHINGTON TOWNSHIP, N.J. – Heritage Property Investment Trust has purchased a shopping center for $34 million from American Continental Properties.The 371,128-square-foot Cross Keys Commons is at the intersection of Routes 42 and 555 in the...
Southeast Regional Digest (3/18/02): Withrow plans $60Mln Retail Project in NC
March 18, 2002 Withrow plans $60Mln retail project in NCThe Business Journal of Charlotte (NC)CHARLOTTE, N.C. – Withrow Capital Inc. plans to build a $60 million retail center on the Mecklenburg-Union County Line that will consist of 800,000...
John Hancock Provides $14.7Mln for NJ Retail Property
March 18, 2002 PARAMUS, N.J. – John Hancock Life Insurance Co. has provided a $14.7 million loan for a retail property occupied by BJ's Wholesale Club.The 12.5-year, fixed-rate financing was arranged by Tom Didio, senior managing director of...
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