RECENT NEWS
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...
Diamond Resorts to Build $240Mln Timeshare Resort on Vegas Strip
February 20, 2002 LAS VEGAS – Diamond Resorts International will build a $240 million, 30-story, four-tower timeshare resort on the Las Vegas Strip.The French-themed resort, dubbed the Chateau, will be built on Harmon Avenue adjacent to the Polo...
Robertson Builds $25Mln Industrial Development in Calif.
February 20, 2002 LOS ANGELES – Robertson Properties Group has completed development of the Pacific Gateway Business Center, a $25 million, two building, Class-A industrial development near the intersection Whittier and Paramount boulevards.The 549,000-square-foot center, which is comprised...
Bauer Partnership to Buy Resort in Mexico for $6.5Mln
February 20, 2002 PLAYA DEL CARMEN, Mexico – The Bauer Partnership Inc. (OTC BB:BUER) is buying The Mosquito Blue Resort for $6.5 million.The New York-based real estate investment company will acquire the resort through one of its subsidiaries,...
Canada Digest (2/20/02): Urbco Pays C$34Mln for 243 multifamily units in Northern Canada
February 20, 2002 Urbco pays C$34Mln for 243 multifamily units in Northern CanadaCALGARY, Alberta – Urbco Inc. has agreed to purchase 243 residential rental units in Yellowknife and Inuvik in the Northwest Territories and Iqaluit in the Nunavut...
FINAL PRICING: $826 Mln Banc of America Large Loan, 2002-FLT1
February 20, 2002 Class Amount Sub. rate Rating Fitch Rating S&P Rating Moody's Avg. Life Price Talk (bps) Priced (bps) Benchmark A1 305 26.5 AAA AAA Aaa 1.48 +37-38 +37 Libor A2 302.4 26.5 AAA AAA Aaa 2.63...
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...
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...
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 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...
JV Raising Money for $300Mln Fund Targeted at Industrial Properties
February 20, 2002 Chanin Capital Partners and Cohen Asset Management Inc. are raising money for a $300 million fund that will target properties that financially troubled companies are trying to sell.The Sainte Pierre Real Estate Liquidity Fund will...
Southeast Regional Digest (2/20/02): Demolition Delays Won’t Stall Construction on Tampa, Fla., Offi
February 20, 2002 Demolition delay won't stall work on Ybor ComplexTampa (Fla.) TribuneTAMPA, Fla. – Delays in demolishing the last building on the Port Ybor project site won't hold back development of the $75 million industrial-office park. Construction...
Pricewaterhouse Predicts Real Estate Contraction Through 2003
February 19, 2002 NEW YORK – The national office market will be the hardest hit of the major property sectors over the coming two years, according to a study by PricewaterhouseCoopers.The consulting firm, in its "Real Estate Value...
Freddie Mac Buys Va. Data Center for $19.5Mln
February 19, 2002 HERNDON, Va. – Freddie Mac has paid $19.5 million, or about $177/sf, for a data center at 544 Herndon Parkway that it plans to occupy.Goldman Sachs' Whitehall Fund sold the 110,000-square-foot property, which was formerly...
Southeast Regional Digest (2/17/02): $120Mln NC Mixed-use Project Planned
February 19, 2002 $120Mln mixed-use project planned in Rock HillThe Business Journal of Charlotte (N.C.)ROCK HILL, N.C. – A local developer is planning a $120 million mixed-use project that fronts the Catawba River. Cornerstone of the Carolinas Inc....
Fla. Retail Center Fetches $10.3Mln
February 19, 2002 SUNRISE, Fla. – An out-of-state investor has paid $10.3 million, or $195/sf, for the Petsmart Plaza retail center.Seattle-based South Florida Holdings bought the property from The Ireland Cos. of Miami in a 1031 tax-deferred exchange.Gary...
S&P Lowers Post Properties Rating to Triple-B
February 19, 2002 NEW YORK – Standard & Poor's has lowered the corporate credit rating of Post Properties Inc. and its operating partnership, Post Apartment Homes LP, to triple-B from triple-B-plus because of the deterioration of the markets...
DC Office Building Sells for $223/sf
February 19, 2002 WASHINGTON – The 104,371-square-foot office building at 1212 New York Ave. N.W. in the city's East End has traded hands for $23.25 million, or $223/sf.The 12-story building was sold by a limited partnership controlled by...
SSR Realty Pays $104Mln for 2 Calif. Apartment Projects
February 19, 2002 SSR Western Multifamily LLC, a joint venture led by SSR Realty Advisors, recently bought two newly built apartment projects in California. In separate deals, the SSR venture bought Allegro at Jack London Square in Oakland...
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