RECENT NEWS
CDC Funds $83.5Mln Loan for LA-area Mall
February 22, 2002 CDC Mortgage Capital Inc. has provided $83.5 million of floating-rate financing to the Krausz Cos. to refinance the Puente Hills Mall outside of Los Angeles in the City of Industry.CDC's mortgage refinances existing debt on...
Freddie Mac Provides $19.6Mln Loan for NJ Apartments
February 22, 2002 LAKEWOOD, N.J. – Freddie Mac has provided $19.6 million of fixed-rate permanent financing for a 288-unit apartment property on 19.5 acres.Jon Mikula, senior director, and Jim Cadranell, associate director, of Holliday Fenoglio Fowler's Edison, N.J.,...
S&P Raises Ratings on Lakewood Mall Finance, 1995-C1
February 22, 2002 NEW YORK – Standard & Poor's raised its ratings on three classes of Lakewood Mall Finance Co., 1995-C1, due to the improved financial performance of the shopping center in Lakewood, Calif., its strong occupancy levels...
Shareholder Suit Filed Against National Golf Properties
February 21, 2002 BALA CYNWYD, Pa. – The law firm of Schiffrin & Barroway LLP has filed a class action lawsuit against National Golf Properties Inc. (NYSE:TEE), charging the REIT and some of its management with issuing false...
FINAL PRICING: $950 Mln CalWest Industrial Trust, 2002-CALW
February 21, 2002 Goldman Sachs was lead manager and book runner on the transaction, which priced Feb. 15. Banc of America Securities, Deutsche Bank and Lehman Brothers are co-managers. The issuer is CalWest Industrial Properties, a joint venture...
Southeast Regional Digest (2/21/02): CBL Scales Back Ga. Mall Project
February 21, 2002 CBL scales back Ga. mall projectThe Atlanta Journal-ConstitutionATLANTA – CBL & Associates Properties have scaled backs its plan to build a 1.3 million-square-foot regional mall, dubbed the Mall at Newnan Crossing, in Coweta County, blaming...
Orient-Express Hotels Pays $40Mln for 2 Hotels in UK, Spain
February 21, 2002 Orient-Express Hotels Ltd. (NYSE:OEH) has paid Virgin Hotels $40 million for two luxury hotels in England and Spain and a half interest in a related English restaurant chain.Bermuda-based Orient-Express bought the Le Manoir Aux Quat'...
First Industrial Lowers Estimates for 2002
February 21, 2002 Commercial Real Estate Direct Staff ReportFirst Industrial (NYSE:FR) has lowered its estimates for 2002 funds from operations because of the softening economy.The REIT estimates 2002 FFO per share to be $3.95 to $4.05, and anticipates...
Canada Digest (2/21/02): Royal Host REIT Closes C$40Mln Debt Offering
February 21, 2002 Royal Host REIT closes C$40Mln debt offeringCALGARY, Alberta – Royal Host REIT has closed its offering of C$40 million (US$25.2 million) of 9.25 percent convertible unsecured subordinated debentures. The debentures mature on March 1, 2007,...
Boykin’s 4th Qtr 2001 RevPAR Declines 19%
February 21, 2002 Commercial Real Estate Direct Staff ReportBoykin Lodging Co.'s (NYSE:BOY) revenue per available room decreased 19 percent in the fourth quarter because of the recession and the drop in tourism following Sept. 11.RevPAR dropped to $46.51...
GMAC Provides $30.5Mln for Sovran Self Storage Portfolio
February 21, 2002 GMAC Commercial Mortgage Corp. has provided $30.5 million of fixed-rate, permanent financing for a portfolio of 11 self-storage facilities owned by Sovran Self Storage (NYSE:SSS).The financing amortizes over 30 years.The mortgages were secured by 11...
RFS Subsidiary Prices $125Mln of Senior Notes
February 21, 2002 RFS Partnership, a subsidiary of RFS Hotel Investors (NYSE:RFS), has offered $125 million of senior notes that mature on March 1, 2012.Proceeds from the offering will be used to repay secured debt and reduce outstanding...
Crescent Sells Dallas Area Office Building
February 21, 2002 Commercial Real Estate Direct Staff ReportDALLAS – Crescent Real Estate Equities Co. (NYSE:CEI) has sold the Cedar Springs Plaza in the city's Turtle Creek submarket.The sale boasted net proceeds of about $12 million. The 111,000-square-foot...
S&P Raises Ratings on Woodland Finance Corp., 1994-1
February 21, 2002 NEW YORK – Standard & Poor's has raised its rating on Woodland Finance Corp., 1994-1, class A mortgage notes to double-A-plus from double-A.The raised rating reflects improved financial performance for the Woodland Mall in Kentwood,...
JV Recapitalizes 10-property Shopping Center Portfolio
February 21, 2002 CLEVELAND – Developers Diversified Realty (NYSE:DDR) has sold two properties and is refinancing the others in its 10-property portfolio of community shopping centers it owns in a joint venture with DRA Advisors Inc.Since the venture...
Neuberger to Launch REIT Fund
February 21, 2002 Neuberger Berman (NYSE:NEU) is launching a real estate fund that will invest in real estate securities.The Neuberger Berman Real Estate Fund will not directly invest in real estate, but rather in securities issued by real...
Archstone-Smith Pays $18.1Mln for NY Apartments
February 20, 2002 WHITE PLAINS, N.Y. – Archstone-Smith (NYSE:ASN) has purchased the Plaza 25 apartments, a 124-unit building that is part of the downtown Westchester Financial Center.As reported earlier this month, Mack-Cali Realty Corp. (NYSE:CLI) sold the high-rise...
Mass. Office Building Sells for $242/sf
February 20, 2002 CAMBRIDGE, Mass. – The Davenport Building, a Class-A office renovation in Cambridge, Mass., has traded hands for $53.5 million, or about $242/sf.A venture between Paradigm Properties and Westbrook Partners sold the property at 25 First...
Va. Apartments Receive $28.5Mln From Key Commercial
February 20, 2002 ARLINGTON, Va. – Key Commercial Mortgage and Freddie Mac have provided a $28.5 million in permanent financing for a 531-unit apartment complex.The 25-year loan has a 6.93 percent interest rate. It was used to pay...
S&P Puts Retirement Residences REIT Bonds on Credit Watch
February 20, 2002 TORONTO – Standard & Poor's has placed its triple-B-minus ratings on Retirement Residences REIT's secured mortgage bonds classes A, B, C and D on credit watch with implications.The credit watch placement reflects the REIT's merger...
S&P Lowers Ratings on Greenwich Capital Acceptance, 2001-ZC-1
February 20, 2002 NEW YORK – Standard & Poor's has lowered its rating on Greenwich Capital Acceptance, 2001-ZC-1, because of the transaction's dependence on the surety and guarantee of ZC Specialty Insurance Co. and Centre Reinsurance Ltd.The class...
Key Provides $37.5Mln for Md. Apartments
February 20, 2002 OWINGS MILLS, Md. – Key Commercial has provided $37.5 million in financing for the Red Run Apartments on Flint Hill Drive.Of the $37.5 million, Key provided $14.7 million through its Fannie Mae Delegated Underwriting and...
REITs Reporting Last Week Post Mixed Results for 2001 FFO
February 20, 2002 Commercial Real Estate Direct Staff ReportThe 14 REITs that reported earnings over the past week had mixed results.Two hotel companies, Equity Inns and Winston Hotels, saw double-digit drops in funds from operations, while most of...
PS Business Parks Promotes William McFaul, Joseph Miller
February 20, 2002 GLENDALE, Calif. – PS Business Parks (AMEX:PSB) has promoted Willaim A. McFaul to vice president and Joseph E. Miller to vice president, corporate controller.McFaul, who has been with the company since 1999, will be responsible...
ProLogis Buys 8 Texas Distribution Centers
February 20, 2002 GRAND PRAIRIE, Texas – ProLogis Trust (NYSE:PLD) of Colorado has purchased eight buildings in two transactions that closed this week.The acquisitions bring the company another 1.3 million square feet of distribution space in the Great...
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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.
