RECENT NEWS
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...
Canada Digest (2/14/02): Brookfield, Omers Dominate Calgary Skyline
February 14, 2002 Brookfield, Omers dominate Calgary skylineCalgary HeraldCALGARY, Alberta – The Class-A office market in downtown Calgary is dominated by two companies – Toronto-based Brookfield Properties Ltd. and Omers, the Ontario Municipal Employees Retirement System. In a...
HUD Trims Insurance Premiums for Multifamily Loan Programs
February 14, 2002 WASHINGTON – The U.S. Department of Housing and Urban Development has reduced the mortgage insurance premiums of loans originated under several Federal Housing Administration multifamily programs.The move, which comes after a lengthy review of the...
Ramco-Gershenson Says Kmart Rejects 2 Leases in Wisc., Mich.
February 14, 2002 Commercial Real Estate Direct Staff ReportRamco-Gershenson Properties Trust (NYSE:RPT) said Kmart has rejected two Builders Square leases – one each at the REIT's West Allis Towne Center in West Allis, Wisc., and Kentwood shopping center...
UBS Provides $14.5Mln of Financing for Md. Offices
February 13, 2002 UBS Warburg Real Estate Investments Inc. has provided $14.5 million of financing for three office buildings in Lexington Park, Md.UBS Warburg provided three cross-collateralized and cross-defaulted loans on the buildings, Exploration VI, Expedition II and...
Wachovia Launches Reports Detailing CMBS Deals
February 13, 2002 Commercial Real Estate Direct Staff ReportWachovia Securities is making a big pitch to help make CMBS deals in which it was involved as an underwriter or lender trade easier.The firm's CMBS research group, headed by...
Kennedy-Wilson Unit Seeks to Raise $15Mln in IPO
February 13, 2002 BEVERLY HILLS, Calif. – Kennedy-Wilson Japan (Nasdaq:KWIC) plans to offer for sale 4,500 shares through an initial public offering on Feb. 19 on Nasdaq Japan.Shares have been priced at 440,000 yen ($3,300), for a total...
Emeritus Refinances 3 Properties With $30.5Mln Mortgage
February 13, 2002SEATTLE – Emeritus Assisted Living (AMEX:ESC) has secured $30.5 million in mortgage financing for three properties.GE Capital Healthcare Financial Services provided the two-year, floating-rate debt, which has a one-year extension option.Emeritus said the new loan reduces...
26 Groups Form Lobbying Effort to Address Terrorism Insurance
February 13, 2002 WASHINGTON – In a broad effort to convince Congress that the country needs federal help in insuring against losses stemming from terrorist attacks, 26 trade organizations have formed a group to address the issue with...
Fitch Puts 9 CMBS Deals With Kmart Exposure on Negative Watch
February 13, 2002 NEW YORK – Fitch Ratings has put nine CMBS deal on its rating watch-negative list because of their relatively high exposure to Kmart Corp.Those deals, their Kmart exposures, and the classes that were placed on...
Southeast Regional Digest (2/13/02): TV Building Sold for $2.5Mln
February 13, 2002 Former WJXX TV-25 building sold for $2.5MlnJacksonville (Fla.) Times-UnionJACKSONVILLE, Fla. – A highly visible building on Butler Boulevard that was once the home to a television station was recently sold to an undisclosed investor group...
Fitch Upgrades CDC Depositor Trust 1998-ST I
February 13, 2002 NEW YORK – Fitch has upgraded CDC Depositor Trust 1998-ST I due to increased subordination levels as a result of pay offs and $125.7 million of over-collateralization.The upgrades are as follow: the $214.2 million classes...
Sares-Regis Pays $9.5Mln for Silicon Valley Apartments
February 13, 2002 MOUNTAIN VIEW, Calif. – Sares-Regis Group has paid $9.5 million, or about $158,333/unit, for a 60-unit, Class-B complex at 2124 Rock St. in this community in the heart of Silicon Valley.Steve Seligman, vice president/investments in...
Fitch Rates Archstone-Smith’s $200Mln Senior Notes Triple-B-plus
February 13, 2002 NEW YORK – Fitch Ratings has assigned its triple-B-plus rating to Archstone-Smith's (NYSE:ASN) $200 senior unsecured notes. The outlook is stable.The 10-year notes were priced at 6.5 percent. Proceeds will reduce the multifamily REIT's balance...
Home Properties Sells Pa. Apartments for $11.7Mln
February 13, 2002 LANDSDOWNE, Pa. – Home Properties has sold five apartment communities for $11.7 million to an affiliate of the Atlantic Cos.The properties, which total 288 units, sold are: Karen Court, Landon Court, Marshall Court, Patricia Court...
EOP Prices $500Mln of Senior Notes
February 13, 2002CHICAGO – Equity Office Properties Trust (NYSE:EOP) has floated $500 million of senior notes due 2012.The notes were priced at 180 basis points over Treasurys, yielding 6.75 percent.Proceeds were used to retire a $260 million note...
Gale & Wentworth Changes Name, Renews Morgan Stanley Tie
February 13, 2002 FLORHAM PARK, N.J. – Gale & Wentworth has renewed its long-standing relationship with the Morgan Stanley Real Estate Funds. Gale & Wentworth, a powerhouse real estate firm in Northern New Jersey, also changed its name...
David Weil Departs CSFB’s Fund Group
February 13, 2002 David Weil, the long-time co-head of Credit Suisse First Boston's opportunity fund, has left the firm. Details surrounding Weil's departure, which was first reported by Real Estate Alert this morning, could not be learned. A...
Mobile Mini Secures $250Mln Revolving Credit Facility
February 12, 2002 TEMPE, Ariz. – Mobile Mini (Nadaq:MINI) has received a five-year, $250 million revolving credit line from a group of lenders led by Fleet Capital Corp.The facility replaces an existing line comprised of a $160 million...
Md. Office Complex Fetches $160/sf
February 12, 2002 ROCKVILLE, Md. – Butera Properties yesterday closed on its purchase of The Campus at Metro Park North, a newly constructed office campus consisting of four single-story office buildings.Butera paid $30.4 million, or about $160/sf, to...
Southeast Regional Digest (2/12/02): WCI Completes Purchase of Naples, Fla., Country Club
February 12, 2002 WCI completes purchase of Marco Shores Country Club in Naples, Fla.NAPLES, Fla. – WCI Communities has closed on its purchase of the Marco Shores Country Club from Johnson Bay Development Corp. for an undisclosed sum....
Koger Completes $125Mln Buy of Atlanta Office Trophy
February 12, 2002ATLANTA – Koger Equity Inc. (NYSE:KE) has closed on its purchase of Three Ravinia Drive for $125 million.The Boca Raton, Fla., REIT paid Ravinia Three Associates LP – a venture between the Dutch Shell Pension Fund...
Canada Digest (2/12/02): CHIP REIT to Buy 453-Unit Hotel in Montreal
February 12, 2002 CHIP REIT to buy 453-unit hotel in MontrealMONTREAL – Canadian Hotel Income Properties REIT has agreed to buy the Delta Montreal, a 453-unit hotel in the central business district for about C$48 million (US$30.2 million)....
Lucent Sells 3-building Campus in Mass. for $14.25Mln
February 12, 2002 HYANNIS, Mass. – Excel Switching, a subsidiary of Lucent Technologies, has sold and leased back most of the space in a 185,039-square-foot high-tech campus.The technology company sold the three-building complex at 255 Independence Drive to...
National Golf, American Golf Discuss Possible Merger
February 12, 2002 SANTA MONICA, Calif. – National Golf Properties (NYSE:TEE) is in discussions with its primary tenant, American Golf Corp., regarding a possible merger.National Golf, which is evaluating restructuring alternatives, has reached a forbearance agreement with its...
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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.
