RECENT NEWS
Chris Ward Named VP of Strategy at Six Continents Hotels
February 12, 2002 ATLANTA – Six Continents Hotels Inc. has named Chris Ward vice president of strategy and a member of the Americas management committee. Ward will develop and implement the company's regional five-year plan and support its...
Tarragon Sells Denver Apartments for $33.2Mln
February 12, 2002 DENVER – Tarragon Realty Investors Inc. (Nasdaq:TARR) has closed on the sale of the Villages at Gateway for $33.2 million to Bridge Partners of Salt Lake City, Utah.The 768-unit property at 4515 Tulsa Court was...
KeyCorp Hires Former BofA Exec to Head Corporate Finance Unit
February 12, 2002 CLEVELAND – KeyCorp (NYSE:KEY) has named Thomas W. Bunn senior executive vice president of Key Corporate Finance.Bunn replaces James S. Bingay, who announced his retirement last year but agreed to stay on until his successor...
Fannie Mae $734Mln MAST Deal to Price This Afternoon
February 12, 2002 Commercial Real Estate Direct Staff ReportA $734.2 million Fannie Mae Multifamily Assured Scheduled Payment Trust (MAST) deal now in the market is due to price early this afternoon, market sources say.Credit Suisse First Boston and...
PRICE TALK: $400 Mln Bear Stearns Commercial Mortgage Securities, 2002-HOME
February 12, 2002 Class Amount Rating S&P Rating Fitch Rating Moody's Avg. Life Price Talk Benchmark A 212.6 AAA AAA Aaa 2.8 +60 area Libor B 62.4 AA AA Aa2 2.8 +90-100 Libor C 63 A A A2...
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...
Lease-backed Deals Involving Kmart Get Repaid
February 12, 2002 NEW YORK – Five lease-backed deals involving Kmart Corp. have been repaid.The five deals involved mortgages on properties leased to former Kmart units – Office Max, Borders Inc. and Sports Authority Inc. Those deals included...
FINAL PRICING: $734.2 Mln Fannie Mae Grantor Trust, 2002-T3 (MAST)
February 12, 2002 NOTE: Click here for underwriter information and other details on this transaction. Class Amount Rating Avg. Life Priced Benchmark A 103.5 FNMA 5.48 +10 Swaps B 630.7 FNMA 9.82 +17 Swaps IO* 734.2 FNMA 9.21...
Magellan Health Services Signs $35Mln Lease in St. Louis
February 12, 2002 ST. LOUIS – Magellan Health Services Inc. has signed a lease for 268,000 square feet at the Riverport Commons in suburban Maryland Heights.The lease, valued at $35 million, allows the managed health care firm to...
Carey Buys, Leases Back Schools in $10.1Mln Deal
February 12, 2002 NEW YORK – W. P. Carey & Co. (NYSE:WPC) has acquired four schools from Lincoln Technical Institute, which is leasing the properties back.The $10.1 million transaction calls for Lincoln to lease the four facilities under...
PRICE TALK: $728 Mln First Union National Bank Commercial Mortgage Trust, 2002-C1
February 12, 2002 Class Amount Sub. Rate (%) Rating S&P Rating Moody's Avg. Life Price Talk Benchmark A-1 131.1 22.88 AAA Aaa 5 +49 area Swaps A-2 430.67 22.88 AAA Aaa 10 +49 area Swaps B 26.4 19.25...
JV Buys Md. Apartment Complex From Acadia for $35.1Mln
February 11, 2002 Commercial Real Estate Direct Staff ReportGREENBELT, Md. – A joint venture between UBS Realty Advisors and Ross Development and Investment has purchased a 463-unit multifamily complex from Acadia Realty Trust for $35.1 million.The Glen Oaks...
Gregory Rickard to Head Key Commercial’s LA Office
February 11, 2002 Key Commercial Real Estate has named Gregory T. Rickard as district manager in its Los Angeles office, where he will be responsible for construction and interim financing, permanent lending and equity products.Rickard has more than...
Fitch Withdraws RTC 1994-C2
February 11, 2002 NEW YORK – Fitch Ratings has withdrawn its ratings on Resolution Trust Corp.'s 1994-C2 because the sale of the trust's underlying mortgage loans and foreclosed properties has been completed and the trust terminated as a...
LA Hotel Project Gets $50Mln Equity, Debt Infusion
February 11, 2002 LOS ANGELES – A Los Angeles-based development firm has secured a mix of debt and equity financing totaling $55 million for a proposed hotel redevelopment project.The $50 million infusion consists of $35 million of debt...
Southeast Regional Digest (2/11/02): Huston Land Plans Master Development in Fla.
February 11, 2002 Huston Land plans Fla. communityThe Business Journal of Jacksonville (Fla.)JACKSONVILLE, Fla. – Hutson Land Co. plans to create a master planned community with 3 million square feet of industrial space, more than 2.3 million sf...
Canada Digest (2/11/02): Claridge Ready to Select Retailers for Daly site in Ottawa
February 11, 2002Claridge ready to select retailers for Daly site in OttawaOttawa Business JournalOTTAWA – Claridge Building Corp. is close to selecting retailers for the ground floor of its condominium development on Rideau Street. There are about 31,000...
AllFirst Provides $15Mln of Financing for NJ Apartments
February 11, 2002 Commercial Real Direct Staff ReportBERKELEY TOWNSHIP, N.J. – AllFirst Mortgage has provided $15 million of fixed-rate financing for the purchase of a 236-unit apartment complex here.The 10-year loan has a 7 percent interest rate and...
John Hancock Provides $29.8Mln for NJ Office Building
February 11, 2002 FRANKLIN TOWNSHIP, N.J. – John Hancock has provided $29.8 million in permanent, fixed-rate financing for the purchase of a 200,000-square-foot office building.Phillips Lighting Co. sold the property at 200 Franklin Square Drive, in the Somerset...
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