RECENT NEWS
Criimi Mae Sells Master, Primary Servicing Portfolio for $11.3Mln
March 13, 2002Criimi Mae Inc. (NYSE:CMM) has sold the nine master and primary servicing contracts it put on the block last December.The Rockville, Md., company, which now focuses solely on the special servicing end of the commercial mortgage...
Kennedy-Wilson Buys Calif. Apartments for $16.7Mln
March 13, 2002 SANTA ANA, Calif. – Kennedy-Wilson has purchased a 196-unit Class-B apartment complex from LJS Group for roughly $16.7 million, or $85,077/unit.The firm plans to reposition the Park Place Apartment community within the next 12 to...
Philips International Unaffected by Kmart Closings
March 13, 2002 NEW YORK – Philips International Realty Corp. (NYSE:PHR) hasn't been directly affected by Kmart's new list of closings, but the retailer's bankruptcy could delay Philips' liquidation plans.Philips has four stores with operating Kmarts, in Sacramento...
United Dominion Receives $72Mln Credit Facility
March 13, 2002 RICHMOND, Va. – United Dominion Realty Trust (NYSE:UDR) has received a $72 million credit facility from Freddie Mac.The credit line has an initial term of five years, with a four-year extension option. The line was...
FINAL PRICING: $992.9 Mln Credit Suisse First Boston Mortgage Securities Corp., 2002-CKP1
March 13, 2002 Class Amount (mlns) Sub. Rate (%) Rating S&P Rating Moody's Avg. Life Price Talk Revised Talk Priced Benchmark A-1 54.7 22.625 AAA Aaa 2.5 +35 area +35 area +35 Swaps A-2 112.4 22.625 AAA Aaa...
FINAL PRICING: $317 Mln GMAC Commercial Mortgage Securities Corp, 2002-LT (Lucent)
March 13, 2002 Underwriter: UBS Warburg. Click here for related article from Tuesday, March 12, 2002. Class Amount (mlns) Rating S&P Rating Moody's Avg. Life Price Talk Priced Benchmark A-1 60 AAA Aaa 1 S+70 area +65 Euros...
Prudential Gets Special Servicing Rating From Fitch
March 13, 2002 NEW YORK – Fitch Ratings has given Prudential Asset Resources a special servicer rating of CSS3-plus. Fitch noted that although Prudential Asset has no CMBS special servicing experience, it is special servicer for loans held...
Odetics Selling Real Estate in Calif.
March 13, 2002 ANAHEIM, Calif. – Odetics Inc. (Nasdaq:ODETA) has agreed to sell and lease back its real estate holdings in Anaheim to an undisclosed buyer.The company and the buyer have opened escrow, and the deal, which is...
Moody’s Downgrades Nortel Lease-Backed Deal Again
March 13, 2002 NEW YORK – Moody's Investors Service has downgraded Nortel Networks Lease Pass-Through Trust, 2001-1, to Baa3 from Baa2 because Nortel's corporate rating had been downgraded to Baa3.The transaction is backed by leases on properties Nortel...
Liberty Property Trust Promotes William Hankowsky to President
March 13, 2002 MALVERN, Pa. – Liberty Property Trust (NYSE:LRY) has promoted William P. Hankowsky to president of the company.Hankowsky, who has served as executive vice president and chief investment officer of Liberty for more than a year,...
WP Carey Buys 4 Facilities for $13.7Mln
March 13, 2002 NEW YORK – W.P. Carey & Co. (NYSE:WPC) has purchased and leased back four facilities from PW Eagle (NYSE:PWEI) for about $13.7 million. The four properties, which total 245,000 square feet, will be leased under...
Corporate Office Expands Credit Facility to $150Mln
March 13, 2002 COLUMBIA, Md. – Corporate Office Properties Trust (NYSE:OFC) has expanded its existing secured revolving credit facility to $150 million from $125 million.The facility was arranged by Deutsche Banc Alex. Brown Inc. and includes eight banks.The...
Motorola Hires Jones Lang LaSalle to Manage Real Estate
March 13, 2002 Motorola (NYSE:MOT) has hired Jones Lang LaSalle (NYSE:JLL) to manage a significant number of its U.S. facilities and provide project management services for its owned and leased real estate portfolio.The five-year contract covers 12.5 million...
Westfield, Zurich Insurance Resolve World Trade Center Insurance Dispute
March 13, 2002 Westfield America Trust (ASX:WFA) has resolved a dispute with Zurich Insurance over supplementary insurance on the retail component of the World Trade Center. The insurance in question is separate from the $3.5 billion "per occurrence"...
Southeast Regional Digest (3/13/02): Chicago Investor in Talks to Buy Atlanta Office Park
March 13, 2002 Chicago investor in talks to buy Atlanta office parkThe Atlanta Journal-ConstitutionATLANTA – M&J Wilkow is in talks to buy the 14-building Northlake Office park with owners Brickman Associates and Credit Suisse First Boston. Brickman and...
FINAL PRICING: Crest, 2002-1 (Wachovia, Deutsche)
March 12, 2002 Collateralized debt obligation, underwritten by Wachovia Securities and Deutsche Bank. Price talk and date of final pricing were not available as of this posting. Class Amount Rating Moody's Rating S&P Rating Fitch Avg. Life Priced...
Kmart Closures Affect 5 New Plan Properties; REIT Lowers Projections
March 12, 2002 NEW YORK – New Plan Excel Realty Trust Inc. (NYSE:NXL) said five Kmart Corp. stores at properties it owns are among the 284 that the retailer said it plans to close.The stores, which total 490,900...
Federal Realty Refocuses Business, Assembles New Management Team
March 12, 2002 ROCKVILLE, Md. – Federal Realty Investment Trust (NYSE:FRT) has adopted a new business plan to focus on its traditional business of acquiring and redeveloping community and neighborhood shopping centers. As a result, the company has...
Archon Funds $36.3Mln Mortgage for Crow Portfolio
March 12, 2002 DALLAS – Archon Financial has provided $36.3 million of mortgage debt on a portfolio of industrial and office properties in the St. Paul., Minn., area that is owned by Crow Holdings.The 10-year mortgage, which carries...
Dan Smith Named Head of GE Capital Debt Unit
March 12, 2002 STAMFORD, Conn. – GE Capital Real Estate has named Dan Smith senior vice president and head of its North American Debt business.Smith, a six-year veteran of GE Capital, was managing director of the firm's principal...
Haslemere Receives Buy Out Bid Valuing It At 1.5Bln Euros
March 12, 2002 ROTTERDAM, the Netherlands – Dutch based real estate company Haslemere NV, which last month said it was in bid discussion with a company looking to acquire it, said it will receive a buyout offer of...
CBL Offering to Raise Net Proceeds of $115Mln From Share Sale
March 12, 2002 CHATTANOOGA, Tenn. – CBL & Associates Properties (NYSE:CBL) plans to raise net proceeds of about $115 million from the sale of about 3.4 million shares of common stock at $34.30/share.Proceeds will be used to repay...
S&P Upgrades Chase Commercial, 1998-C2
March 12, 2002 NEW YORK – Standard & Poor's has upgraded Chase Commercial Mortgage Securities Corp., 1998-C2, because of the deal's improved debt service coverage ratio.The collateral pool has shrunk to $1.2 billion from $1.3 billion at issuance....
Morgan Stanley Takes More Space at 1 Hudson in NYC
March 12, 2002 Morgan Stanley Dean Witter has leased nearly another 100,000 square feet at One Hudson Square in downtown Manhattan.The investment bank, which last November subleased 150,000 sf from one of the building's main tenants, will now...
Thistle Hotels to Sell 37 Hotels in UK for $850Mln
March 12, 2002 U.K. hotel company Thistle Hotels PLC has agreed to sell 37 hotels – 31 regional and six in London – for 600.4 million pounds ($850 million) in cash. The deal will also take out 555.4...
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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.
