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 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...
January 4, 2001 Ormond Beach project moves forward with new developerDaytona Beach News-Journal, January 4ORMOND BEACH, Fla. – Crowne Partners is taking over the development of the Wexford apartment project. Crowne paid Consolidated-Tomoka Land Co. $1.36 million for...
January 4, 2001 MOUNTAIN VIEW, Calif. – An affiliate of Goldman Sachs has paid about $276 million for real estate owned by SGI (NYSE:SGI), which was formerly known as Silicon Graphics Inc.The Goldman affiliate, presumably one of the...
January 4, 2001PHILADELPHIA – Pennsylvania REIT (NYSE:PEI) has refinanced its credit line with a $250 million combination credit/construction facility led by Wells Fargo Bank.The facility combines a $175 million revolving credit and a $75 million two-year construction loan....
January 4, 2001 PALO ALTO, Calif. – Pacific Property Co. has purchased two apartment communities, totaling 126 units in southern California for $10.3 million.The properties, located about four miles apart, are the 84-unit Casa Del Prado in South...
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 3, 2001 DALLAS – Cousins Properties Inc. (NYSE:CUZ ) has purchased a 200,000-square-foot Class-A office building in Dallas for $25.4 million. The four-story building, on 15 acres, is located at 3400 Waterview Parkway in Synergy Business Park.The...
January 3, 2001 Commercial Real Estate Direct Staff ReportInvestors are poised to turn in their offers Thursday for a package of multifamily and healthcare mortgages offered by the U.S. Department of Housing and Urban Development.The agency had originally...
January 3, 2001 SAN DIEGO, Calif. – Burnham Pacific Properties Inc. (NYSE:BPP) has sold three Los Angeles-area shopping centers for about $109.9 million.Retail Value Investment Program – a joint venture of Developers Diversified Realty Corp., Coventry Real Estate...
January 3, 2001 CARY, N.C. – Konover Property Trust Inc. (NYSE:KPT) has retained Credit Suisse First Boston to evaluate and sell its outlet portfolio.The Cary, N.C., shopping center REIT owns 145 shopping centers in 22 states totaling 17.1...
January 3, 2001 ROCKVILLE, Md. – Criimi Mae Inc., which is wriggling its way out of bankruptcy, has promoted David B. Iannarone to executive vice president.In his new post Iannarone, who has been the firm's general counsel since...
January 3, 2001 Industry news: St. Joe Commercial gears up for busy new yearOrlando Sentinel, January 2ORLANDO, Fla. – St. Joe Commercial plans to break ground on about 500,000 square feet of office space in Orlando this year....
January 3, 2001 FORT WORTH, Texas – Crescent Operating Inc., an affiliate of Crescent Real Estate Equities Co. (NYSE:CEI), is planning to restructure in the first quarter.Details of its plans have not been made known. The restructuring results...
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