January 8, 2001 SAN FRANCISCO – BRE Properties Inc. (NYSE:BRE) has priced a $250 million offering of senior-term notes.The 10-year notes, which mature on Jan.15, 2011, were priced to yield 7.51 percent. They were issued at 99.582 percent...
January 8, 2001 Commercial Real Estate Direct Staff ReportCapitalThinking has completed a restructuring making it solely a developer and marketer of software applications for the commercial mortgage industry.The restructuring has resulted in 14 professionals leaving the firm's real...
January 8, 2001 Commercial Real Estate Direct Staff ReportFDIC is putting an $11.2 million portfolio of nonperforming loans – commercial and residential mortgages as well as consumer credits – up for sale.The loans stem from the Bank of...
January 8, 2001A venture between Beacon Capital Partners Inc. and PaineWebber Inc. has sold One Kendall Square in Cambridge, Mass., to a venture between Lincoln Property and JE Robert Cos. for $192 million, or about $291/sf.Lincoln and JE...
January 5, 2001 AUSTIN, Texas – Stratus Properties Inc. (NYSE: STRS ) has established a $30 million credit facility with Comerica Bank.The facility, which matures in December 2002, will consist of a $20 million revolving line of credit...
January 5, 2001 ATLANTA – Gables Residential (NYSE:GBP) has sold 91 percent of its interests in three Tennessee apartment communities to a joint venture with CMS Companies, a Philadelphia investment banking firm, for $60 million.The properties are the...
January 5, 2001 NASHVILLE, Tenn. – A lending group led by Bank of America has expanded the revolving credit facility of Healthcare Realty Trust Inc. (NYSE:HR) to $300 million from $265 million.The expansion was done when UBS Warburg...
January 5, 2001 LAS VEGAS – As anticipated, Station Casinos Inc. (NYSE:STN) has closed on its $185 million purchase of the Fiesta Casino Hotel in North Las Vegas. The new owner plans to keep the property's Fiesta name...
January 5, 2001 Westbrook Partners has secured a $170 million loan for its purchase of a half interest in downtown Boston's One Beacon St.An unidentified offshore bank is providing the loan, which was arranged by Sonnenblick-Goldman Co., adviser...
January 5, 2001 Atlanta Financial center may have a buyerThe Atlanta Journal-Constitution, January 5BUCKHEAD, Ga. –GE Pension Trust and Hines are planning to buy the Atlanta Financial Buckhead. The three-building complex, located on Peachtree Road, is about 886,000...
January 5, 2001 GE Pension Trust and Hines are in talks to buy Atlanta Financial Center for $160 million to $175 million, or up to $197.50/sf., The Atlanta Journal-Constitution reported today.GE and Hines are said to be negotiating...
January 5, 2001 By Thomas J. Walsh, Commercial Real Estate Direct Senior WriterBear Stearns will co-lead manage the upcoming $1.2 billion commercial mortgage-backed securities conduit deal with Morgan Stanley.The transaction will include collateral originated by Wells Fargo, Principle...
January 5, 2001 ATLANTA – Alston & Bird LLP has named 13 new partners in its Atlanta office, among them are two in the law firm's real estate practice group.The two are Christina K. Braisted, who represents institutional...
January 4, 2001 MEMPHIS, Tenn. – RFS Hotel Investors Inc. (NYSE:RFS) on Jan. 1 terminated its operating lease and management contract relationships with Hilton Hotels Corp. (NYSE:HLT).Following a recently laid out plan, RFS paid Hilton about $60 million...
January 4, 2001 WASHINGTON – Millennium Hotels and Resorts will spend $70 million renovating 12 hotels.The properties were purchased this year by London-based Millennium and Copthorne Hotels and are located in various cities.As each of the Regal hotel...
January 4, 2001 NEW YORK – Lexington Corp. Properties Trust (NYSE:LXP) has raised $39 million through fixed-rate mortgages on three properties in Pennsylvania, South Carolina and Virginia.The properties are the Jones Apparel property in Bristol, Pa., the Fleet...
January 4, 2001 ATLANTA – David P. Stockert has joined Post Properties Inc. (NYSE: PPS) as president and chief operating officer.Stockert will replace Jeffrey A. Harris, who is leaving the company to pursue other opportunities.Previously, Stockert was senior...
January 4, 2001 ATLANTA – Summit Properties Inc. (NYSE:SMT) has sold a 323-unit apartment community, formerly known as Summit Village, for $22.6 million, or $70,200 per home, to a pension fund adviser.Proceeds from the sale will fund company's...
January 4, 2001 Commercial Real Estate Direct Staff ReportColonial Bank of Birmingham, Ala., has provided $48 million of construction financing for Bentley Bay Towers, a proposed residential condominium development in South Miami Beach, Fla.The ultra-luxury property will feature...
January 4, 2001 PHILADELPHIA – Pennsylvania REIT (NYSE:PEI) has entered into a three-year interest-rate swap agreement with Fleet Bank and Wells Fargo.The swap agreement covers a total debt of $75 million. PREIT will pay the counterparties a fixed...
January 4, 2001 NEW YORK – Fitch has upgraded the $35 million cumulative perpetual preferred stock of Urstadt Biddle Properties Inc. (NYSE:UPB) to double-B from double-B-minus. The rating agency's outlook on the stock is stable.The upgrade was due...
January 4, 2001 Commercial Real Estate Direct Staff ReportBank of America has provided $55 million of construction financing for the Strand, an upscale rental apartment complex that is being constructed in West Palm Beach, Fla.The bank has also...
January 4, 2001 NEW YORK – Acadia Realty Trust (NYSE:AKR has hired Credit Suisse First Boston to advise it on strategic alternatives, including a merger, asset sale or recapitalization.The Port Washington, N.Y., REIT, like other small-capitalization REITs, has...
January 4, 2001 GLENDALE, Calif. – American Realty Advisors has raised $30 million for a commingled real estate investment fund that it aims to close at $50 million.The Building for America High Yield Union Investment Fund LLC will...
January 4, 2001Glenborough Realty Trust, which sold a portfolio of 37 apartment complexes for about $400 million, used $37 million of the net proceeds to buy back 1 million of its stock. It also earmarked $23 million of...
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