RECENT NEWS
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...
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...
4th Qtr Earnings Table Updated
February 12, 2002 The Commercial Real Estate Direct fourth quarter earnings table has been updated.Click here to view the updated table.Comments? E-mail
PRICE TALK: $950 Mln CalWest Industrial Trust, 2002-CALW
February 12, 2002 Goldman Sachs is the lead manager and book runner on this transaction. Banc of America Securities, Deutsche Bank and Lehman Brothers are co-managers. The issuer is CalWest Industrial Properties, a joint venture between Rreef Funds...
Terrorism Insurance Costs Won’t Affect Cousins’ Operations
February 12, 2002 Commercial Real Estate Direct Staff ReportATLANTA – Cousins Properties' (NYSE:CUZ) said this week that an increase in property insurance premiums, particularly for terrorism coverage, will not significantly affect its financial results."The costs are still reasonable,"...
Rodamco Sets Shareholders’ Meeting to Vote on Liquidation
February 12, 2002 Rodamco North America NV has set Feb. 26 as the date for shareholders to vote on the Dutch company's decision to liquidate via a $5.3 billion property sale.The company agreed last month to sell its...
Wachovia Finances Newark, NJ, Office Buy
February 12, 2002 NEWARK, N.J. – Wachovia Securities has provided an $80 million floating-rate loan to the buyer of Two Gateway, an office building in Newark, N.J.'s Gateway Center complex.The buyer, American Landmark Properties, used the proceeds from...
Fitch Downgrades Merrill Lynch, 1998-C1-CTL, Due to Kmart Concentration
February 12, 2002 NEW YORK – Fitch has downgraded two classes of Merrill Lynch Mortgage Investors, 1998-C1-CTL, and placed the classes on rating watch negative, due to the number of loans of concern in the deal including mortgages...
PRICE TALK: $826 Mln Banc of America Large Loan, 2002-FLT1
February 12, 2002 Class Amount Sub. rate Rating Fitch Rating S&P Rating Moody's Avg. Life Price Talk (bps) Benchmark A1 305 26.5 AAA AAA Aaa 1.48 +37-38 Libor A2 302.4 26.5 AAA AAA Aaa 2.63 +47-48 Libor B...
Nationwide Health Properties Names David M. Boitano as VP of Development
February 12, 2002 NEWPORT BEACH, Calif. – Nationwide Health Properties (NYSE:NHP) has named David M. Boitano as vice president of development.Boitano, who will be based in the state of Washington, will be responsible for acquisition and new business...
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...
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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.
