RECENT NEWS
Fannie Mae Originated Nearly $23Bln of Apartment Loans in 2001
February 8, 2002Commercial Real Estate Direct Staff ReportFannie Mae funded $22.8 billion of multifamily mortgages last year, up sharply from the $13.5 billion it funded in 2000. Of that amount, the lender provided $16.5 billion of loans through...
Southeast Regional Digest (2/8/02): Cousins REIT Buys Atlanta Land for Office/Retail Space
February 8, 2002 Cobb firm buys 8 acres for office, retail spaceThe Atlanta Journal-ConstitutionATLANTA – The struggling Ridenour project in Cobb County is getting a boost from Cousins Properties. The REIT has acquired about eight acres at the...
Fitch Upgrades Sasco 1998-C3
February 8, 2002 NEW YORK – Fitch has upgraded Sasco's Floating-Rate Commercial Mortgage Trust's 1998-C3 because of increased subordination levels due to loan pay offs and amortization. The upgrades are as follows: the $131.1 million class I to...
St. Joe Co. Issues $175Mln of Senior Notes
February 8, 2002JACKSONVILLE, Fla. – The St. Joe Co. (NYSE:JOE) has issued $175 million of senior notes that mature between three and five years.Proceeds from the offering will be used to reduce outstanding variable rate bank debt as...
S&P IDs 4 CMBS Deals with Exposure to Rejected Kmart Leases
February 8, 2002NEW YORK – Standard & Poor's has identified four CMBS transactions that it had rated that will be affected by Kmart Corp.'s recent decision to reject certain store leases.The retailer on Jan. 22 had received Bankruptcy...
San Francisco-area Mall to Fetch $119Mln
February 8, 2002 Commercial Real Estate Direct Staff ReportDALY CITY, Calif. – A London-based property company has contracted to pay $119 million, or about $140/sf, for the Serramonte Shopping Center, a major regional mall just south of San...
Canada Digest (2/8/02): RioCan to Buy 2 Retail Centers
February 8, 2002 RioCan to buy 2 retail centersTORONTO – RioCan REIT is buying the Centre RioCan Kirkland in Montreal by exercising its option to acquire 50 percent in the 280,000-square-foot property and at the same time buying...
First Industrial Buys NJ Complex for $15Mln
February 8, 2002 MONTVILLE, N.J. – First Industrial Realty Trust (NYSE:FR) has purchased 203,000 square feet of industrial space within the Raritan Center Business Park for $15 million from Principal Capital Management.First Industrial has purchased 400 Raritan Center...
Dime Savings Provides $28Mln for NJ Office Building
February 8, 2002 NEWARK, N.J. – The Dime Savings Bank of New York has provided $28 million of fixed-rate, permanent financing for Matrix Development Group's purchase of the leasehold interest in a 418,000-square-foot, 20-story office tower.The 10-year loan...
Trump Closes Buy of NYC’s Delmonico Hotel for $115Mln
February 8, 2002 NEW YORK – Donald Trump has closed on his $115 million purchase of the Hotel Delmonico at Park Avenue and 59th Street.Trump was one of 12 finalists vying for the 72-year-old landmark hotel, according to...
Accounting for Prison Company’s Sale-Leaseback Questioned
February 7, 2002 Accountants, under fire as a result of the Enron bankruptcy, are becoming ever more cautious. Even in the real estate business. According to a report in today's Wall Street Journal, Cornell Cos., a private prison...
MeriStar Hospitality Sells $200Mln of Senior Notes
February 7, 2002 WASHINGTON – MeriStar Hospitality Corp. (NYSE:MHX) has sold $200 million senior, unsecured notes. The 9.125 percent senior notes are an add-on to the hotel REIT's existing $200 million in senior notes due in January 2011....
Acadia to Buy 5.5Mln of Its Common Shares for $6.05/share
February 7, 2002 NEW YORK – Acadia Realty Trust (NYSE:AKR) will purchase roughly 5.5 million of its shares for $33.4 million, or $6.05 per unit. As a result of the purchase, Acadia will have about 25 million common...
Canada Digest (2/7/02): TGS Buys Alberta Office Building
February 7, 2002 TGS buys Alberta office buildingEDMONTON, Alberta – TGS Properties Ltd. has paid C$9.25 million (US$5.8 million) for a 12-story office building, the purchase of which will be financed through a combination of cash and mortgage...
Education Properties Buys 2 Student Apartment Complexes for $41.4Mln
February 7, 2002 TUCSON, Ariz. – Education Properties Trust has acquired two student apartment communities, one each in Arizona and South Carolina, from JPI of Dallas for $41.4 million.The properties are a 300-unit facility at the University of...
Shorenstein Completes Purchase of Chicago Trophy
February 7, 2002 CHICAGO – The Shorenstein Co. has completed its purchase of 500 W. Monroe St., in the city's West Loop section, from its Japanese owner, Tokyo Tatemono Co.The purchase price for the 950,000-square-foot building was not...
Fitch Withdraws Ratings on RTC 1995-C2
February 7, 2002 CHICAGO – Fitch Ratings has withdrawn its ratings on Resolution Trust Corp.'s 1995-C2 as the deal's underlying mortgage loans and foreclosed properties have been sold and the trust terminated as a result.Certificate holders were paid...
United Dominion Pays $21.9Mln for Texas Apartments
February 7, 2002 ARLINGTON, Texas – United Dominion Realty Trust Inc. (NYSE:UDR) has paid $21.9 million for Jefferson on the Cliffs, a 400-unit apartment complex.United Dominion said its purchase price results in a 9 percent capitalization rate, or...
Southeast Regional Digest (2/7/02): Cousins Negotiating for Cobb County, Ga., Mixed-use Project
February 7, 2002 Cousins negotiating for mixed-use projectThe Atlanta Journal-ConstitutionATLANTA – Cousins Properties is negotiating to buy Ridenour, Stephen Macauley's proposed mixed-use project in Cobb County. Plans for the 88-acre project include homes, retail and office space. So...
RFS to Issue $125Mln of Senior Notes
February 7, 2002 MEMPHIS, Tenn. – RFS Partnership LP, an operating partnership of RFS Hotel Investors Inc. (NYSE:RFS), intends to offer $125 million of senior notes that will be unconditionally guaranteed by the hotel REIT and certain of...
Bankruptcy Auction Set for March First Campus in Chicago
February 7, 2002 CHICAGO – A bankruptcy auction has been set for March 8 for the former March First Corporate Campus that was being constructed in the city's West Loop section.Millennium Properties Inc. will market the property, which...
Fortress, Greenwich Modify Prime Retail Mezz Loan
February 6, 2002 BALTIMORE – Prime Retail Inc. has negotiated a modification to a mezzanine loan it received in 2000 from Fortress Investment Fund LLC and Greenwich Capital Financial Products Inc.The mezzanine loan, which had a balance of...
Southeast Regional Digest (2/6/02): Hecht’s Plans $18Mln Store in Green Hills, Tenn.
February 6, 2002 Hecht's plans store in Green Hills, Tenn.TennesseanGREEN HILLS, Tenn. – Hecht's Department Stores plans a store at the Mall at Green Hills, with an expected opening in August 2004. The three-story store, with about 180,000...
Keystone Property Moves CFO to JV Post
February 6, 2002 WEST CONSHOHOCKEN, Pa. – Keystone Property Trust (NYSE:KTR) has shifted its chief financial officer to a position created to explore joint venture and partnering opportunities.Timothy A. Peterson has been named executive vice president of corporate...
GMAC Buys Midwest Originator
February 6, 2002 HORSHAM, Pa. – GMAC Commercial Mortgage Corp. has acquired the Proctor Group II and Proctor Mortgage Services.Terms of the transaction were not disclosed.Proctor, which primarily originates and services commercial real estate loans for correspondent lenders...
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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.
