RECENT NEWS
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...
Clarion Adds 3 Research Pros
February 19, 2002 NEW YORK – Clarion Partners has hired three research professionals, further broadening its research capabilities.The pension-fund adviser hired Jason Spicer as senior associate in its investment strategy and research group, where he will focus on...
Nationwide Provides $10.2Mln for NC Multifamily Complex
February 19, 2002 CHAPEL HILL, N.C. – Nationwide Life Insurance Co. has provided $10.2 million in fixed-rate financing for the purchase of a 224-unit multifamily community in the northern section of the city.Built in 1986, the Brookstone Apartments...
Ohio Mall Hits the Sales Block
February 19, 2002 Commercial Real Estate Direct Staff ReportThe owner of the Rolling Acres Mall in Akron, Ohio, is looking to sell the 1 million-square-foot enclosed regional shopping mall after two years of ownership.Lennar Partners, asset manager for...
Principal Capital Provides $27.3Mln for Ga. Apartments
February 19, 2002 LAWRENCEVILLE, Ga. – Principal Capital Management has provided $27.3 million in fixed-rate financing for the purchase of the Holland Park Apartments in this suburb of Atlanta.Susan Hill, of Holliday Fenoglio Fowler, arranged the five-year financing...
American Retirement Sells Properties, Refinancing Others
February 15, 2002 NASHVILLE, Tenn. – American Retirement Corp. (NYSE:ACR) has sold and leased back three senior-living communities and has agreed to do the same with two others as part of its recapitalization effort. In addition, the company...
Entertainment Properties to Buy 6 Theaters for $120Mln
February 15, 2002 KANSAS CITY, Mo. – Entertainment Properties Trust (NYSE:EPR) has agreed to buy six megaplex theaters for $120 million.The properties, which will be purchased in several transactions, total 138 screens and are dominant properties in suburban...
Banyan Extends Contract with Interim President L.G. Schafran
February 15, 2002 OAK BROOK, Ill. – Banyan Strategic Realty Trust (Nasdaq:BSRTS) has amended the employment contract of L.G. Schafran – the chairman, interim president and chief executive officer – which was set to expire Feb. 13.Schafran will...
Legacy Completes Debenture Offering
February 15, 2002 TORONTO – Legacy Hotel REIT (TSE:LGY) has completed a $150 million convertible unsecured subordinated debenture offering.The 7.75 percent debentures are due April 1, 2007. Shareholders can convert the debentures into Legacy units for $8.75.Proceeds from...
Trammell Crow Sells Calif. Apartments for $127Mln
February 15, 2002 Trammell Crow Residential has sold two high-end apartment complexes in Southern California to Sobrato Development Cos. of Cupertino, Calif., for $126.8 million, or $216,000/unit.The purchases mark the first in Southern California for Sobrato, whose portfolio...
Southeast Regional Digest (2/15/02): Construction Begins on $29Mln Office Tower in St. Petersburg, F
February 15, 2002 Construction begins on $29Mln office tower in St. Petersburg, Fla.St. Petersburg (Fla.) TimesST. PETERSBURG, Fla. – Raymond James Financial began construction on a $29 million office tower that will add 300,000 square feet to the...
Arbor Originates $15MLn FHA Loan on SC Apartments
February 15, 2002 UNIONDALE, N.Y. – Arbor Commercial Mortgage LLC has converted a $15.3 million apartment construction loan into a permanent loan under a Federal Housing Administration program.The financing is backed by the Oaks at Broad River, a...
Senior Housing to Raise $206Mln in Share Sale
February 15, 2002 NEWTON, Mass. – Senior Housing Properties Trust (NYSE:SNH) will raise $205.8 million from the sale of 15 million common shares at $13.72/unit. Proceeds will be used to repay a $25 million 10 percent unsecured note,...
Fitch Warns Retail Mortgages Will See Higher Delinquencies
February 15, 2002 NEW YORK – Fitch Ratings is predicting that commercial mortgages backed by retail properties will see an increase in default rates. Those defaults should lead to downgrades of CMBS, especially those with substantial retail exposures,...
S&P Puts GS Mortgage Securities II, 1999-C1, on Watch Negative
February 15, 2002 NEW YORK – Standard & Poor's has placed classes G and H of GS Mortgage Securities Corp. II, 1999-C1, on credit watch with negative implications.The credit watch placements reflect decreased credit support in the two...
Corporate Office Properties Trust Offers 9.4Mln Common Shares
February 15, 2002 COLUMBIA, Md. – Corporate Office Properties Trust (NYSE:OFC) is offering 9.4 million common shares.The REIT's shares are selling at $12.05, which could put the proceeds up to about $113 million.Of the 9.4 million shares being...
S&P Raises Ratings on Morgan Stanley, 1998-HF-1
February 15, 2002 NEW YORK – Standard & Poor's has raised its rating on class B in Morgan Stanley Capital I, 1998-HF-1, due to increased credit support, improved financial operating performance and low delinquencies.Class B was raised to...
Moody’s Affirms Wyndham Hotel Securitization
February 15, 2002 NEW YORK – Moody's Investors Services has affirmed the ratings of Bear Stearns Commercial Mortgage Securities Inc., 1999-WYN1, a $307.8 million CMBS transaction backed by a loan on 21 hotels.Despite the drubbing hotel values have...
Interstate Hotels RevPAR Still Feeling Economic Pinch
February 15, 2002 PITTSBURGH – Interstate Hotels Corp.'s (Nasdaq:IHCO) fourth quarter 2001 revenue per available room continues to be weakened by the economy.The company's RevPAR decreased 31.4 percent to $69.95 in the fourth quarter of 2001 from $101.52...
Silverstein Gets $365Mln Settlement for Insurance Claim on WTC
February 15, 2002 NEW YORK – Silverstein Properties will receive $365 million within 30 days from two insurers that provided policies on the former World Trade Center.Under the settlement, Ace Bermuda Insurance Ltd. and XL Insurance (Bermuda) Ltd....
Crescent to Purchase Assets of Affiliate
February 15, 2002 FORT WORTH, Texas – Crescent Real Estate Equities Co. (NYSE:CEI) will purchase certain assets of its operating affiliate, Crescent Operating Inc.Under the terms of the agreement, Crescent Real Estate will provide about $14 million of...
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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.
