RECENT NEWS
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...
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...
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...
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...
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...
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,...
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...
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...
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...
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...
Investcorp, Lincoln Equities Buy N.J. Offices for $26Mln
March 4, 2002 Investcorp has teamed with Lincoln Equities Group to pay more than $26 million for two office buildings in Piscataway, N.J., that total 237,000 square feet.The two buildings are part of the One Centennial Plaza office...
H&R REIT Closes C$211Mln Buy of Ottawa Office Building, Finances Others
March 4, 2002H&R Real Estate Investment Trust (TSE:HR) has completed its acquisition of Place Bell Canada, a Class-A office building in downtown Ottawa, for C$211 million (US$133 million).H&R REIT in January agreed to buy the 990,000-square-foot building at...
Deutsche Hires Sri Sambamurthy From Morgan Stanley
March 4, 2002 NEW YORK – Sri Sambamurthy, a former executive director in the real estate investment banking group at Morgan Stanley Dean Witter, has moved to Deutsche Banc Alex. Brown, where he was named director of real...
Eastdil Hires Eric Zimmerman for Atlanta Office
March 4, 2002Eric Zimmerman has joined Eastdil Realty's Atlanta office as managing director to strengthen the brokerage firm's retail investment sales business in that office.Zimmerman joins Eastdil from the Trammell Crow Co. in Atlanta, where as a senior...
Hammerson Buys 2 Malls in France, England for $277Mln
March 4, 2002 Hammerson PLC has acquired interests in two shopping centers in France and England for 195 million pounds ($277.4 million).Hammerson paid Wereldhave 139 million euros ($120.7 million) for a 57.5 percent interest in Parinor, a 904,200...
Essex Raises $250Mln for Apartment Fund
March 1, 2002 PALO ALTO, Calif. – Essex Property Trust Inc. (NYSE:ESS) has raised $250 million in equity commitments for its Essex Apartment Value Fund LP – $50 million more than it initially planned.The fund, which postponed its...
UBS Warburg Hires Jackson Hsieh to Lead Investment Unit
March 1, 2002 NEW YORK – Jackson Hsieh is joining UBS Warburg in April as a managing director and head of the firm's U.S. real estate, lodging and leisure investment banking group.Hsieh will be based in New York...
About
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.
