RECENT NEWS
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...
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...
Kennedy-Wilson Completes IPO of Japanese Subsidiary
February 19, 2002 BEVERLY HILLS, Calif. – Kennedy-Wilson (Nasdaq:KWIC) has completed the initial public offering of its subsidiary Kennedy-Wilson Japan.The share price was set at 440,000 yen ($3,300), and the stock closed its first day of trading at...
WP Carey Provides $10.8Mln for Auto Training Site in NC
February 19, 2002 MOORESVILLE, N.C. – WP Carey & Co. (NYSE:WPC) will provide $10.8 million for the construction of an automotive training facility that will be leased by Universal Technical Institute and Nascar Technical Institute.Under the terms of...
Investors Buy Stake in Trophy Office in Germany
February 19, 2002 FRANKFURT, Germany – A consortium of European investors has bought an 85 percent interest in MesseTurm Building, a trophy office tower.Kajima Corp. of Japan sold the stake in the Trade Fair Tower for an undisclosed...
FINAL PRICING: $728.3 Mln First Union National Bank Commercial Mortgage Trust, 2002-C1
February 19, 2002 Class Amount Sub. Rate (%) Rating S&P Rating Moody's Avg. Life Price Talk Priced Benchmark A-1 131.1 22.88 AAA Aaa 5.7 +49 area +47 Swaps A-2 430.67 22.88 AAA Aaa 9.63 +49 area +49 Swaps...
Lend Lease Sells Stake in New Zealand Property Firm
February 19, 2002 Colonial First State Property, an Australian property management company, is buying Kiwi Income Properties Ltd. from a group of investors that includes Lend Lease Corp. Ltd.Lend Lease owns 50 percent of Kiwi, a New Zealand...
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...
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...
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...
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...
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...
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...
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