RECENT NEWS
Holliday Fenoglio Arranges Financing for 2 NJ Industrial Facilities
SECAUCUS, N.J. – The Edison, N.J., office of Holliday Fenoglio Fowler has arranged financing for two unidentified industrial buildings totaling 100,000 square feet. Jon Mikula, Holliday' senior director, was responsible for arranging the financing of $6.25 million through...
Charter Receives $32.8Mln to Buy 2 Texas Properties
March 18, 2002 DALLAS – Charter Holdings has received $32.8 million in floating-rate financing for its purchase of the 17-story Woodall Rodgers Tower north of downtown and the Arapaho Business Park in Richardson's telecom corridor.GE Capital has provided...
Four Queens Hotel and Casino in Vegas Finds Buyer
March 15, 2002 LAS VEGAS – Elsinore Corp. (OTC BB:ELSO) has agreed to sell its Four Queens Hotel & Casino for $22 million to SummerGate Inc.Since the 690-key hotel-casino is Elsinore's only operating asset, the company plans to...
Clarification: Fitch Hired for 2 Upcoming CMBS Conduits
March 15, 2002 CMBS bonds that Moody's Investors Service has not rated, but are part of the collateral pool of a CDO that it rates, generally get penalized, or "notched" by two ratings. A story published yesterday –...
Rodamco Repurchases shares from Voting Trust
March 15, 2002 Rodamco North America NV has repurchased the 14.7 million shares it issued last fall to an independent trust when it was trying to thwart Westfield Holdings' attempt to take control of the company. Rodamco paid...
Entertainment Properties Closes Purchase of New Orleans Theaters
March 15, 2002 Entertainment Properties Trust (NYSE:EPR) has completed its acquisition of five megaplex theaters in metropolitan New Orleans.The REIT in January agreed to pay about $70 million for the portfolio, essentially the real estate assets of Gulf...
ProLogis Sells European Cold-Storage Assets for $102Mln
March 15, 2002 DENVER – ProLogis (NYSE:PLD) has completed the sale of two of its European cold-storage operations for $102 million.The operations sold comprise 37.8 million cubic feet of space. The company had previously announced that it was...
Post Sells Fla. Apartments for $16Mln
March 15, 2002 CLEARWATER, Fla. – Post Properties Inc. (NYSE:PPS) has sold Post Court, a 228-unit apartment complex, for $16 million.An affiliate of San Antonio, Texas, investment firm Internacional Realty Inc. bought Post Court, which was built by...
Konover Looking at Buy Out Offer
March 15, 2002 RALEIGH, N.C. – Konover Property Trust (NYSE:KPT) has received several non-binding offers to acquire the shopping center REIT.One of the offers made was by Prometheus Southeast Retail Trust, which holds about 67 percent of Konover's...
Post Properties Exits Third-Party General Contracting Business
March 15, 2002 ATLANTA – Post Properties Inc. (NYSE:PPS) has agreed to transfer substantially all of its third-party general contracting business to a new company formed by former Post executives.The deal provides a way for the REIT to...
Delinquency Rate for Fitch-Rated CMBS Climbs As Well
March 15, 2002 NEW YORK – Delinquencies for mortgages securitized in CMBS deals rated by Fitch Ratings increased in January to 1.25 percent from 1.11 percent the month before.The upward trend in delinquencies in Fitch rated deals is...
Fitch Withdraws Sasco 1998-C3
March 15, 2002 NEW YORK – Fitch Ratings has withdrawn its ratings on Sasco Floating Rate Commercial Mortgage Trust's 1998-C3 because the multiclass pass-through certificates have been paid in full.Comments? E-mail Susanna Potter, or call her at (267)...
Moody’s Downgrades Hilton Hotels 2000-HLT
March 15, 2002 NEW YORK – Moody's Investors Service has downgraded Hilton Hotels Pool Trust, 2000-HLT, because its collateral pool has seen a decline in performance. The rating agency said that using adjusted cash flow and capitalization rates,...
Southeast Regional Digest (3/15/02): Shipyards Project in Jacksonville, Fla., Moving Ahead
March 15, 2002 Shipyards project in Jacksonville, Fla., moving aheadFlorida Times-UnionJACKSONVILLE, Fla. – TriLegacy, the development company footing the bill for the Shipyards project in downtown, yesterday introduced Lambert Development and architect firm Sandy & Babcock as key...
Fitch Downgrades CSFB 1997-C2
March 15, 2002 NEW YORK – Fitch Ratings has downgraded Credit Suisse First Boston Mortgage Securities Corp., 1997-C2, because of concerns it has with the performance of a large chunk of the collateral pool.The rating agency said it...
MetLife Hires Cushman & Wakefield to Sell LA Building
March 15, 2002 Commercial Real Estate Direct Staff ReportCushman & Wakefield has been retained to market the Arco Center in the prestigious Bunker Hill district of Los Angeles.The building's owner, Metropolitan Life Insurance Co., had been interviewing brokerage...
Fitch Places 2 CMBS Deals on Watch Negative for Kmart Exposure
March 15, 2002 NEW YORK – Fitch Ratings has placed two CMBS deals on its rating watch negative list because of their weakened conditions, which are partly due to their exposure to closing Kmart Corp. stores.The two deals...
Summit REIT Completes $222Mln Industrial Buy
March 15, 2002 TORONTO – Summit REIT (TSE:SMU.UN) has completed its C$351.1 million (US$221.7 million) purchase of a portfolio of 110 light industrial/flex space properties across Canada.Summit agreed in January to buy the 8.2 million-square-foot portfolio from Aquest...
PRICE TALK: $1.26 Bln LB-UBS Commercial Mortgage Trust, 2002-C1
March 15, 2002 Class Amount Sub. Rate Rating S&P Rating Moody's Avg. Life Priced Benchmark A-1 60 19.875 AAA Aaa 3.3 +35 area Swaps A-2 88 19.875 AAA Aaa 5.5 +40 area Swaps A-3 269 19.875 AAA Aaa...
ACLI Fills Commercial Mortgage Research Post
March 15, 2002 WASHINGTON, D.C. – Jerry Crute, a former senior financial official for the District of Columbia, has joined the American Council of Life Insurers as associate director in investment research.Crute, who will oversee production of ACLI's...
Equity Residential Confirms Naming Duncan President
March 14, 2002 CHICAGO – Equity Residential Properties Trust (NYSE:EQR) has named Bruce W. Duncan president and a member of its board. The move, which was expected, calls for Douglas Crocker to relinquish his role as president. He...
Manhattan’s 609 Fifth Ave. Sold for $415/sf
March 14, 2002 NEW YORK – Investors Jeff Sutton and Eli Gindi have joined forces with the Blackstone Group to buy the boutique office building at 609 Fifth Ave. for $65 million, or $415/sf.The 13-story, 156,700-square-foot property near...
Colonial Bank Provides $23.3Mln of Financing for 2 Multifamily Complexes
March 14, 2002 DALLAS – Colonial Bank has provided nearly $23.3 million in financing to AmeriSouth Realty for its purchase of two apartment properties, one each in Dallas and Fort Worth.Holiday Fenoglio Fowler's Dallas office arranged the two...
Metropolitan Fund Corp. Provides $48.2Mln for Apartment Portfolio
March 14, 2002 HOUSTON – Metropolitan Fund Corp. has provided $48.2 million in financing to Trimark Realty Investments for its Octagon portfolio of seven apartment properties totaling 1,845 units in Houston and Fort Worth.The 35-year, fixed-rate financing was...
Red Mortgage Funds $13.5Mln Fannie DUS Loan
March 14, 2002 Red Mortgage Capital Inc. has provided $13.5 million of Fannie Mae financing for Summerlin Apartments, a 147-unit complex in suburban Portland, Ore.The financing, a forward commitment mortgage, was structured under Fannie's delegated underwriting and servicing...
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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.
