RECENT NEWS
LaSalle Hotel Raises $87Mln From Preferred Offering
March 1, 2002 BETHESDA, Md. – LaSalle Hotel Properties (NYSE:LHO) is offering $87 million of series A cumulative redeemable preferred shares, its first effort to raise capital via a preferred-stock sale. The shares carry a 10.25 percent coupon...
Starwood Could Soon Sell $300Mln in Ciga Assets
February 28, 2002 NEW YORK – Within the next few months, Starwood Hotels & Resorts Worldwide Inc. (NYSE:HOT) will likely sell up to $300 million of assets from its CIGA portfolio of luxury European hotels.That's according to Dow...
GMAC Hires Ronald Verrilli to Head St. Louis Office
February 28, 2002 GMAC Commercial Mortgage Corp. has named Ronald O. Verrilli vice president and branch manager in its St. Louis office, where he will be responsible for the office's overall loan production. Verrilli joins GMAC from NorthMarq...
Mall Trouble Leads to Downgrades, Rating Watch for Nomura 1994-MD1
February 28, 2002 CHICAGO – Fitch Ratings has downgraded four classes of Nomura Asset Securities Corp.'s 1994-MD1 and put them on rating watch negative because of two specially serviced loans in the transaction, Rolling Acres and Canton Centre,...
FBR Asset to Raise Another $18Mln From Offering
February 28, 2002 ARLINGTON, Va. – FBR Asset Investment Corp. (NYSE:FB) expects to raise $18.1 million because the underwriters for a recent offering fully exercised their over-allotment options of 720,000 common shares.The $18.1 million is in addition to...
Realty Income Raises $8.2Mln in Stock Offering
February 28, 2002 ESCONDIDO, Calif. – Realty Income Corp. (NYSE:O) has raised about $8.2 million by selling 273,150 of its common shares to a unit investment trust. The shares were sold to Salomon Smith Barney, which served as...
New Jersey Retail Market Sees Higher Vacancies
February 28, 2002 Bankruptcy-related store closings have led to an increase in retail vacancies in New Jersey's retail-heavy central corridor.The vacancy rate in the region, which encompasses Mercer, Monmouth, Ocean and Middlesex counties, rose to 5.7 percent at...
Southeast Regional Digest (2/28/02): Investors Offer $24Mln for Sandy Lake Towers in Orlando
February 28, 2002 Investors offer $24Mln for Sandy Lake Towers in OrlandoOrlando (Fla.) SentinelORLANDO, Fla. – Attorneys for Brazilian developer Sergio Naya said they have a buyer for the troubled Sandy Lake Towers hotel, which has been in...
Brandywine to Sell $126Mln of Properties
February 28, 2002 NEWTOWN SQUARE, Pa. – Brandywine Realty Trust (NYSE:BDN) has struck agreements or sold a total of $126 million of properties as part of its ongoing capital recycling program.The 22 properties it is selling total 1.4...
Canada Digest (2/28/02): Apartment REIT sits on C$250Mln war chest for acquisitions
February 28, 2002 Apartment REIT sits on C$250Mln war chest for acquisitionsFinancial Post TORONTO – Canadian Apartment Properties REIT said yesterday it has built up a C$250 million (US$155.8 million) war chest to spend on acquisitions. CAP REIT...
Greenspan Endorses Federal Backstop for Terrorism Insurance
February 28, 2002 WASHINGTON – During his latest appearance before the U.S. House of Representatives Financial Services Committee yesterday, Federal Reserve Chairman Alan Greenspan said he supported a federal backup plan for terrorism insurance. Greenspan, quoted in today's...
GMAC Floater Out as New Issuance Stays Light
February 28, 2002 By Thomas J. Walsh, Commercial Real Estate Direct Senior WriterUnderwriters Goldman Sachs and Deutsche Bank are securitizing 22 loans on 35 properties in a new $484 million floating-rate CMBS deal.The one triple-A tranche totals just...
Southeast Regional Digest (2/27/02): Charlotte’s Galleria to Expand by 57 Acres
February 27, 2002 Charlotte's Galleria expanding by 57 acresThe Charlotte (N.C.) ObserverCHARLOTTE, N.C. – Developers plan to add a pedestrian friendly village of restaurants, offices, shops and a Wal-Mart Super Center to the Galleria, an office-retail complex on...
Colonial Properties Trust to Raise $17.8Mln From Equity Offering
February 27, 2002 BIRMINGHAM, Ala. – Colonial Properties Trust (NYSE:CLP) is selling 560,380 common shares in two separate offerings for $33.37/share.Cohen & Steers Quality Income Realty Fund Inc. bought 299,670 shares, giving Colonial Properties $9.5 million in net...
Weingarten Raises $10Mln in Share Sale
February 27, 2002 HOUSTON – Weingarten Realty Investors (NYSE:WRI) has sold 198,098 of its common shares to the Cohen & Steers Quality Income Realty Fund Inc. (NYSE:RQI) for $50.48/share.The Houston-based REIT plans to use the net proceeds from...
LaSalle Asia Recovery Fund Pays $57Mln for South Korea Office Building
February 27, 2002 SEOUL, South Korea – LaSalle Investment Management Inc. has acquired the Chokson Building, a Class-A office building in the capital city's central business district.LaSalle paid 75 billion won ($57 million) for the 12-story building on...
Fitch Upgrades Merrill Lynch, 1994-C1
February 27, 2002 NEW YORK – Fitch Ratings has upgraded Merrill Lynch Mortgage Investors Inc., 1994-C1, as a result of an increase in the deal's subordination levels because of loan paydowns.The rating agency upgraded the deal's $10.2 million...
Mortgage on Globix Building in NY was Securitized
February 27, 2002 Commercial Real Estate Direct Staff ReportThe $20.6 million mortgage on 139 Centre St., a Manhattan office building owned by Globix Corp., was securitized in Credit Suisse First Boston Mortgage Securities Corp., 2000-C1, according to Trepp...
Deutsche Combines Investment Management Units
February 27, 2002 Deutsche Asset Management has combined its various real estate investment management platforms into one operation, DB Real Estate, that is headed by Richard M. Gunthel.The six platforms, which provide investment management services to clients in...
Fitch Upgrades Sasco 1997-LL1
February 27, 2002 CHICAGO – Fitch Ratings has upgraded the $114.1 million class D in Structured Asset Securities Corp., 1997-LL1, to A-minus from triple-B-plus and affirmed the other classes it rates in the series due to the prepayment...
CB Richard Ellis Pays $12.4Mln for Md. Industrial Property
February 27, 2002 CAPITAL HEIGHTS, Md. – CB Richard Ellis Investors LLC, on behalf of a separate account investor, has purchased 240,000 square feet of industrial warehouse space and land for $12.4 million.TA Associates Realty sold the property,...
LTC Healthcare Changes Name, Trading Symbol
February 27, 2002 IRVING, Texas – LTC Healthcare Inc. (OTC:LTHT) has completed its name change to CLC Healthcare Inc. and will now be listed under its new OTC trading symbol – CLCE.The changes were approved at the REIT's...
Real Estate Joint Venture Proposed in China
February 26, 2002 Cushman & Wakefield's Asia Pacific and CapitaLand's asset services company, Premas International, have teamed to form a real estate services business in China.Existing subsidiaries of Cushman & Wakefield and Premas International in Shanghai will be...
Boykin Lodging Hires Former CSFB Exec to Investment Post
February 26, 2002 CLEVELAND, Ohio – Boykin Lodging Co. (NYSE:BOY) has named Shereen P. Jones executive vice president and chief financial and investment officer, effective immediately.Jones will be responsible for capital raising as well as finance and investor...
Del Cano Completes $107.6Mln Property Sale
February 26, 2002VANCOUVER – Del Cano Properties Trust, a Canadian firm, has completed its US$107.6 million sale of its real estate portfolio to Aspen Square Management Inc.Gross proceeds of the sale amount to an estimated US$7,202/share, after costs...
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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.
