RECENT NEWS
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...
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...
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...
Prudential Sells Fla. Office Building for $13.2Mln
February 11, 2002 TAMPA, Fla. – Prudential Real Estate Investors has sold a 97,000-square-foot office building for roughly $13.2 million to an undisclosed buyer.The Fountain Square Centre, at 4301 Anchor Plaza Parkway, is 95 percent occupied, with such...
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...
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...
Work on XML for Mortgage Industry Seen Starting in Summer
February 8, 2002 Commercial Real Estate Direct Staff ReportThe Mortgage Industry Standards Maintenance Organization, or Mismo, could begin developing the extensible mark-up language standards for the commercial mortgage market by this summer.Mismo's commercial working group, or C-Mismo, has...
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...
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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.
