RECENT NEWS
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...
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...
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...
Office, Industrial Facility in NY to be Sold
February 14, 2002 BAY SHORE, N.Y. – Graham-Field Health Products, which filed for Chapter 11 protection in 1999, has retained Keen Realty to market for sale the company's manufacturing facility here.The 167,718-square-foot building consists of 11,000 sf of...
National Golf, American Golf to Merge
February 14, 2002 SANTA MONICA, Calif. – National Golf Properties (NYSE:TEE) has signed a letter of intent to merge with its primary tenants, American Golf Corp. and its affiliates.As a result of the transaction, the company would become...
FINAL PRICING: $400 Mln Bear Stearns Commercial Mortgage Securities, 2002-HOME
February 14, 2002 Class Amount Rating S&P Rating Fitch Rating Moody's Avg. Life Price Talk Priced Benchmark A 212.6 AAA AAA Aaa 2.8 +60 area +60 Libor B 62.4 AA AA Aa2 2.8 +90-100 +100 Libor C 63...
DebtX Sets March 6 Bid Date for RTC Cleanup Call Loans
February 14, 2002 Commercial Real Estate Direct Staff ReportDebtX has set a March 6 deadline for offers on a $34.1 million portfolio of commercial mortgages that are what's left of an old Resolution Trust Corp. securitization.The Boston loan-sale...
S&P Assigns First REIT Rating in Japan
February 14, 2002 TOKYO – Standard & Poor's has assigned its single-A-plus and single-A1 ratings to Japan Real Estate Investment Corp., marking the first rating of a REIT in Japan.The outlook is stable.The firm is the first Japanese...
Southeast Regional Digest (2/14/02): Orlando School Board to Sell Offices
February 14, 2002 For-sale sign put on Orlando school board officesOrlando (Fla.) Sentinel ORLANDO – Orange County School Board members want to sell their nine-story, headquarters in downtown Orlando – a move they say could save money as...
Carl Icahn Moves to Buy 3 Northstar-related REITs
February 14, 2002 Commercial Real Estate Direct Staff ReportInvestor Carl C. Icahn is making a pitch to buy three limited partnerships-turned-REITs that are controlled by Northstar Capital Investment Corp.Icahn earlier this week filed regulatory papers indicating he would...
Wachovia Provides $49Mln Floater for Md. Low-Rise
February 14, 2002 BETHESDA, Md. – Wachovia has provided $49 million in floating-rate financing for a 261,000-square-foot office building.The financing replaces existing debt on the 11-story property on two acres at 7200 Wisconsin Ave. Terms could not be...
About
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.
