RECENT NEWS
Canada Digest (3/6/02): Edmonton, Alberta’s Office Vacancy Rate Falls Below 10 Percent
March 6, 2002 Edmonton, Alberta's office vacancy rate falls below 10 percentEdmonton Journal EDMONTON – After years of stagnation, the downtown office vacancy rate is pegged below 10 percent for the first time in nearly two decades. Avison...
Fitch Gives CSS2 Rating to Yamato as Special Servicer
March 6, 2002TOKYO – Fitch Ratings has assigned its CSS2-(JPN) rating to Yamato Servicing KK as a CMBS special servicer, based on the company's ability to service non-performing commercial mortgage loans and meet investors' reporting requirements.Fitch noted the...
Chateau Communities Says Property Sales Will Affect 2002 FFO
March 6, 2002 Commercial Real Estate Direct Staff ReportGREENWOOD VILLAGE, Colo. – Chateau Communities (NYSE:CPJ) expects its 2002 funds from operations to be negatively affected because it sold $42 million of properties late last year. Because it now...
Host Marriott’s 4th Qtr 2001 RevPAR Sinks 28.3%
March 6, 2002 Commercial Real Estate Direct Staff ReportBETHESDA, Md. – Host Marriott Corp.'s (NYSE:HMT) revenue per available room for the fourth quarter 2001 declined 28.3 percent while operating profit margins declined by 5 percentage points.The RevPAR decline...
DC Office Building Sells for $273/sf
March 6, 2002 Commercial Real Estate Direct Staff ReportWASHINGTON – The Halle Cos. has paid $112.5 million for a 412,052-square-foot office building in downtown Washington, D.C. The Silver Spring, Md.-based real estate firm bought the 13-story building at...
Investcorp Buys Office, Industrial Portfolio in Colo.
March 6, 2002 BOULDER, Colo. – Investcorp has acquired a 591,000-square-foot portfolio of office and industrial, including research and development, properties.Investcorp bought the downtown properties in partnership with Bancroft Capital LLC of Manhattan Beach, Calif., which already owned...
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...
Summit REIT Buying Industrial, Selling Office Properties in Canada
March 5, 2002 TORONTO – Summit REIT (TSE:SMU.UN) has agreed to buy a portfolio of eight industrial/flex properties totaling about 1.2 million square feet in Calgary and Edmonton for C$52.7 million (US$33.2 million).In a separate but related transaction,...
PRICE TALK: $1.1 Bln Bear Stearns Commercial Mortgage Securities Trust, 2002-TOP6
March 5, 2002 Class Amount (mlns) Sub. Rate (%) Rating S&P Rating Moody's Avg. Life Price Talk Benchmark A-1 305 14.75 AAA Aaa 5.7 +44 area Swaps A-2 647.95 14.75 AAA Aaa 9.7 +46 area Swaps B 30.74...
Southeast Regional Digest (3/5/02): Freddie Mac to Provide $10Mln Loan for Atlanta Apartments
March 5, 2002 Freddie Mac to provide $10Mln loan for Atlanta apartmentsATLANTA – Roberts Realty Investors Inc. (AMEX:RPI) has secured a $10 million loan commitment to refinance its Highland Park apartment community. Federal Home Loan Mortgage Corp. (Freddie...
Home Properties Completes $100.3Mln Apartment Buy
March 5, 2002 ROCHESTER, N.Y. – Home Properties (NYSE:HME) has completed the purchase of six of 11 properties that it had agreed to buy from Holiday Organization, a Long Island, N.Y., developer.Home paid $100.3 million for the six...
Jack Cohen Joins Precept’s Board
March 5, 2002NEW YORK – Precept Corp. has named Jack M. Cohen, chief executive of Cohen Financial, to its board of directors. Cohen joins four other real estate executives on Precept's board. However, he's the first mortgage banker....
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...
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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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.
