RECENT NEWS
Salomon Provides $13Mln Loan on Fla. Retail
March 5, 2002 DAVIE, Fla. – Salomon has provided a $13 million mortgage for the Shenandoah Square shopping center.Ramco/Shenandoah LLC, a joint venture headed by Ramco-Gershenson Properties Trust (NYSE:RPT), bought the 120,000-square-foot shopping center last fall for $16.3...
Starwood to Manage, Reflag Hotel in Japan
March 5, 2002 KYOTO, Japan – Starwood Hotels and Resorts Worldwide Inc. (NYSE:HOT) and Kintetsu Hotel Systems have agreed to rebrand the Miyako Hotel as The Westin Miyako, effective April 1.The historic 110-year old Kyoto hotel is a...
GMAC Institutional Advisors to Manage $75Mln CMBS Program for Pension Fund
March 5, 2002 GMAC Institutional Advisors will manage $75 million in an investment grade CMBS/whole loan program for the Southern California United Food & Commercial Workers Unions and Food Employers Joint Pension Trust Fund.GMAC Institutional Advisors has committed...
Two Gainesville, Fla., Apartments Trade Hands
March 5, 2002 GAINSVILLE, Fla. – Greystone has provided Paradigm Properties with $32.2 million in financing to buy two apartment properties. Paradigm Properties used the two 10-year mortgages for its purchase in January of the 168-unit Cobblestone Apartments...
Corporate Office Properties to Raise $25.1Mln from Offering
March 5, 2002 COLUMBIA, Md. – Corporate Office Properties Trust (NYSE:OFC) expects to raise gross proceeds of $25.1 million from a 9.7 million share offering, now that the deal's underwriters have fully exercised their over-allotment option to purchase...
Lend Lease Puts Suburban Houston Offices on the Market
March 5, 2002 HOUSTON – Lend Lease Real Estate Investments is looking to sell 363 North Belt Parkway, a Class-A office building in suburban Houston's Greenspoint office submarket.Holliday Fenoglio Fowler LP, in conjunction with Insignia ESG, is marketing...
Borrowers Push Loans to Special Servicers, Higher Delinquencies Might Follow
March 5, 2002 Borrowers of mortgages that have been securitized are increasingly moving to have their loans transferred to special servicing in order to gain debt relief.According to a survey by Standard & Poor's – "Do CMBS Borrowers...
GMAC Hires James L. Cooper in Phoenix
March 5, 2002 PHOENIX – James L. Cooper has joined GMAC Commercial Mortgage Corp. as vice president of the firm's local office.Cooper will be responsible for retail loan production with a focus on loan origination for correspondent life...
BRE Properties Prices $150Mln Senior Unsecured Notes
March 5, 2002 SAN FRANCISCO – BRE Properties Inc. (NYSE:BRE) has priced a $150 million offering of senior unsecured notes under its existing shelf registration statement. The five-year notes were issued at 99.982 percent of par value, with...
S&P: JP Realty, Price Development Co. on Watch Negative
March 5, 2002 NEW YORK – Standard & Poor's today placed its ratings for JP Realty Inc. (NYSE:JPR) and Price Development Co. LP on credit watch with negative implications as a result of the agreement to merge into...
Aztar Buys Tropicana in Vegas; Looking into Development
March 5, 2002 LAS VEGAS – Aztar Corp. (NYSE:AZR) has completed its $166.5 million purchase of the Tropicana Resort and Casino.The Phoenix-based company paid $117.5 million and assumed $49 million of existing debt for the half interest it...
Forest City Increases Bank Line to $350Mln
March 5, 2002CLEVELAND – Forest City Enterprises Inc. (NYSE:FCEA) has expanded its credit facilities by $100 million to $350 million.The 12-bank syndicate led by KeyBank and National City Bank includes existing line banks – Comerica Bank, Credit Lyonnais,...
S&P Removes Crown NorthCorp From Select Servicer List
Correction (March 6, 2002): Standard & Poor's yesterday removed Crown NorthCorp. Inc. from the March 2002 version of its Select Servicer List. The date is listed incorrectly in the story below.March 5, 2002NEW YORK – Standard & Poor's...
New Plan Excel Closes Acquisition of 92 Shopping Centers
March 4, 2002 New Plan Excel Realty Trust Inc. (NYSE:NXL) has closed its $654 million acquisition of 92 community and neighborhood shopping centers.The REIT, advised by Salomon Smith Barney, bought the portfolio from CenterAmerica Property Trust LP, a...
Moody’s Upgrades DLJ 1993-MF17
March 4, 2002 NEW YORK – Moody's Investors Service has upgraded DLJ Mortgage Acceptance Corp., 1993-MF17, because of an increase in subordination levels. In addition, the rating agency said the collateral pool has suffered no losses and is...
Moody’s Upgrades Sasco Floating Rate 2000-C2
March 4, 2002 NEW YORK – Moody's Investors Service has upgraded Sasco Floating Rate Commercial Mortgage Trust, 2000-C2, because loan payoffs and prepayments have resulted in improved subordination levels. The rating agency upgraded the deal's:– $33.1 million class...
CMBS Spreads Unchanged for Week
March 4, 2002 Commercial Real Estate Direct Staff ReportCMBS spreads last week were relatively unchanged when compared to the week before, according to the Commercial Real Estate Direct CMBS Pricing Matrix.Spreads for 10-year triple-A bonds ranged from 46...
Florsheim Files Chapter 11
March 4, 2002 CHICAGO – Florsheim Group, a retailer of men's shoes, has filed for Chapter 11 bankruptcy. The filing is significant because most of Florsheim's stores are in regional malls. The company said it distributes its shoes...
Southeast Regional Digest (3/4/02): Foreclosed Mall Near Miami Fetches $25.5Mln
March 4, 2002 Industry news: Foreclosed mall near Miami fetches $25.5MlnMiami HeraldMIAMI – Prudential Insurance Co. of America has sold the Aventura Shopping Center at 20401 to 20669 Biscayne Blvd. for $25.5 million, or $81/sf. National City Bank...
Moody’s Upgrades 2 FDIC CMBS Deals
March 4, 2002 NEW YORK – Moody's Investors Service has upgraded two FDIC CMBS transactions, FDIC Remic Trust, 1996-C1, and FDIC Remic Trust, 1994-C1, because both have been paid down substantially, leading to big increases in credit-support levels.Moody's...
Northern Calif. Retail Center Fetches $17.4Mln
March 4, 2002 SANTA CLARA, Calif. – Fifty Associates and Demartini Trust have sold the Mariposa Shopping Center for $17.4 million, or about $137/sf.The venture between the Boston-based and Marin County, Calif., firms sold the 126,576-square-foot center to...
Newman Provides $21.1Mln Financing for Texas Apartments
March 4, 2002 FORT WORTH, Texas – Newman Financial Services Inc. has provided $21.1 million of financing for Paradise Hills, a 321-unit apartment complex. The financing is comprised of a $19.2 million bridge and a $1.9 million mezzanine...
PS Business Parks Gets $50Mln Unsecured Term Loan
March 4, 2002 GLENDALE, Calif. – PS Business Parks Inc. (AMEX:PSB) has secured a $50 million unsecured term loan with Fleet National Bank. The seven-year loan bears interest at Libor plus 145 basis points and is due on...
Canada Digest (3/4/02): Westbank Towne Centre in B.C. sells for C$9.4Mln
March 4, 2002 Westbank Towne Centre in B.C. sells for C$9.4MlnWESTBANK, British Columbia – Anthem Properties Corp.'s shopping center subsidiary, Anterra Retail Properties Ltd., has paid $9.4 million (US$5.9 million) for Westbank Towne Centre. Consolidated Properties Ltd. sold...
GMAC Buys West Coast Lender
March 4, 2002 HORSHAM, Pa. – GMAC Commercial Mortgage Corp. has acquired Westco Real Estate Finance Corp., a Costa Mesa, Calif., mortgage bank that originated $500 million of loans for its insurance company clients last year.The purchase by...
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