RECENT NEWS
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...
S&P Identifies 40 Loans Exposed to Kmart Closings
March 14, 2002 NEW YORK – Standard & Poor's has identified 40 loans in 29 CMBS transactions it rates in which Kmart stores are slated to close, according to lists released by the bankrupt retailer in January and...
Shareholders Register to Sell $57.6Mln of Forest City Stock
March 14, 2002 CLEVELAND, Ohio – Forest City Enterprises Inc. (NYSE:FCEA) has registered with the SEC to allow the sale of up to 1.5 million shares of its Class A common stock.The selling shareholders are family entities controlled...
S&P Puts GMAC Commercial 2000-C2 on Watch Negative
March 14, 2002 NEW YORK – Standard & Poor's has placed GMAC Commercial Mortgage Securities Inc., 2000-C2 on credit watch with negative implications because the deal's collateral pool contains loans on two Kmart Corp. stores that the retailer...
Engineering Firm’s Sublease in Lower Manhattan Valued at $31Mln
March 14, 2002 NEW YORK – A 13-year sublease that DMJM+Harris.Arup, an engineering venture, has signed for nearly 71,000 square feet at 20 Exchange Place in lower Manhattan is probably valued at $31 million.Although full terms of the...
Park Place Names Harry Hagerty New CFO
March 14, 2002 LAS VEGAS – Park Place Entertainment Corp. (NYSE:PPE) has named Harry C. Hagerty as its new chief financial officer, effective March 25.Hagerty replaces former CFO Scott LaPorta, who left the company in January. Hagerty has...
Fitch Rates BRE’s $150Mln Senior Notes Offering Triple-B-Plus
March 14, 2002 NEW YORK – Fitch Ratings has assigned its triple-B-plus rating to BRE Properties' (NYSE:BRE) $150 million senior unsecured notes due March 2007.Fitch's rating is based o n the firm's asset quality, solid property fundamentals in...
Developers Diversified Prices Stock; Issues Medium Term Notes
March 14, 2002 CLEVELAND – Developers Diversified Realty (NYSE:DDR) has priced $150 million of class F cumulative perpetual preferred stock and has issued $100 million of medium term notes. The class F preferred stock has a $25 liquidation...
Carlton Group Adds Executives
March 14, 2002 NEW YORK – The Carlton Group has hired two executives to beef up its investment-sales and mortgage placement operation.The executives, Jon Glickman and Steve Maloy, were hired as senior vice presidents.Glickman was most recently with...
Captec Hires Marcus & Millichap to Sell National Retail Portfolio
March 14, 2002 Captec Inc. has hired Marcus & Millichap to market a $40 million portfolio of restaurant and retail service properties across the country.The portfolio includes such brands as Pizza Hut, Taco Bell, Tony Roma's, Hollywood Video,...
CBL Closes $1.3Bln Retail Property Buy
March 14, 2002 CHATTANOOGA, Tenn. – CBL & Associates Properties Inc. (NYSE:CBL) has completed its $1.3 billion purchase of a 23-property portfolio from The Richard E. Jacobs Group Inc. In this final stage of the acquisition, CBL acquired...
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...
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...
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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.
