RECENT NEWS
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...
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...
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...
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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.
