RECENT NEWS
S&P Assigns First REIT Rating in Japan
February 14, 2002 TOKYO – Standard & Poor's has assigned its single-A-plus and single-A1 ratings to Japan Real Estate Investment Corp., marking the first rating of a REIT in Japan.The outlook is stable.The firm is the first Japanese...
Southeast Regional Digest (2/14/02): Orlando School Board to Sell Offices
February 14, 2002 For-sale sign put on Orlando school board officesOrlando (Fla.) Sentinel ORLANDO – Orange County School Board members want to sell their nine-story, headquarters in downtown Orlando – a move they say could save money as...
Carl Icahn Moves to Buy 3 Northstar-related REITs
February 14, 2002 Commercial Real Estate Direct Staff ReportInvestor Carl C. Icahn is making a pitch to buy three limited partnerships-turned-REITs that are controlled by Northstar Capital Investment Corp.Icahn earlier this week filed regulatory papers indicating he would...
Wachovia Provides $49Mln Floater for Md. Low-Rise
February 14, 2002 BETHESDA, Md. – Wachovia has provided $49 million in floating-rate financing for a 261,000-square-foot office building.The financing replaces existing debt on the 11-story property on two acres at 7200 Wisconsin Ave. Terms could not be...
Canada Digest (2/14/02): Brookfield, Omers Dominate Calgary Skyline
February 14, 2002 Brookfield, Omers dominate Calgary skylineCalgary HeraldCALGARY, Alberta – The Class-A office market in downtown Calgary is dominated by two companies – Toronto-based Brookfield Properties Ltd. and Omers, the Ontario Municipal Employees Retirement System. In a...
HUD Trims Insurance Premiums for Multifamily Loan Programs
February 14, 2002 WASHINGTON – The U.S. Department of Housing and Urban Development has reduced the mortgage insurance premiums of loans originated under several Federal Housing Administration multifamily programs.The move, which comes after a lengthy review of the...
Ramco-Gershenson Says Kmart Rejects 2 Leases in Wisc., Mich.
February 14, 2002 Commercial Real Estate Direct Staff ReportRamco-Gershenson Properties Trust (NYSE:RPT) said Kmart has rejected two Builders Square leases – one each at the REIT's West Allis Towne Center in West Allis, Wisc., and Kentwood shopping center...
Public Storage to Raise $150Mln From Share Sale
February 14, 2002 GLENDALE, Calif. – Public Storage (NYSE:PSA) will raise $150 million from the sale of 6 million depositary shares.Each share represents 1/1,000 of a share of 7.625 percent cumulative preferred stock series U.Salomon Smith Barney Inc....
Emeritus Refinances 3 Properties With $30.5Mln Mortgage
February 13, 2002SEATTLE – Emeritus Assisted Living (AMEX:ESC) has secured $30.5 million in mortgage financing for three properties.GE Capital Healthcare Financial Services provided the two-year, floating-rate debt, which has a one-year extension option.Emeritus said the new loan reduces...
26 Groups Form Lobbying Effort to Address Terrorism Insurance
February 13, 2002 WASHINGTON – In a broad effort to convince Congress that the country needs federal help in insuring against losses stemming from terrorist attacks, 26 trade organizations have formed a group to address the issue with...
Fitch Puts 9 CMBS Deals With Kmart Exposure on Negative Watch
February 13, 2002 NEW YORK – Fitch Ratings has put nine CMBS deal on its rating watch-negative list because of their relatively high exposure to Kmart Corp.Those deals, their Kmart exposures, and the classes that were placed on...
Southeast Regional Digest (2/13/02): TV Building Sold for $2.5Mln
February 13, 2002 Former WJXX TV-25 building sold for $2.5MlnJacksonville (Fla.) Times-UnionJACKSONVILLE, Fla. – A highly visible building on Butler Boulevard that was once the home to a television station was recently sold to an undisclosed investor group...
Fitch Upgrades CDC Depositor Trust 1998-ST I
February 13, 2002 NEW YORK – Fitch has upgraded CDC Depositor Trust 1998-ST I due to increased subordination levels as a result of pay offs and $125.7 million of over-collateralization.The upgrades are as follow: the $214.2 million classes...
Sares-Regis Pays $9.5Mln for Silicon Valley Apartments
February 13, 2002 MOUNTAIN VIEW, Calif. – Sares-Regis Group has paid $9.5 million, or about $158,333/unit, for a 60-unit, Class-B complex at 2124 Rock St. in this community in the heart of Silicon Valley.Steve Seligman, vice president/investments in...
Fitch Rates Archstone-Smith’s $200Mln Senior Notes Triple-B-plus
February 13, 2002 NEW YORK – Fitch Ratings has assigned its triple-B-plus rating to Archstone-Smith's (NYSE:ASN) $200 senior unsecured notes. The outlook is stable.The 10-year notes were priced at 6.5 percent. Proceeds will reduce the multifamily REIT's balance...
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...
UBS Provides $14.5Mln of Financing for Md. Offices
February 13, 2002 UBS Warburg Real Estate Investments Inc. has provided $14.5 million of financing for three office buildings in Lexington Park, Md.UBS Warburg provided three cross-collateralized and cross-defaulted loans on the buildings, Exploration VI, Expedition II and...
Wachovia Launches Reports Detailing CMBS Deals
February 13, 2002 Commercial Real Estate Direct Staff ReportWachovia Securities is making a big pitch to help make CMBS deals in which it was involved as an underwriter or lender trade easier.The firm's CMBS research group, headed by...
Kennedy-Wilson Unit Seeks to Raise $15Mln in IPO
February 13, 2002 BEVERLY HILLS, Calif. – Kennedy-Wilson Japan (Nasdaq:KWIC) plans to offer for sale 4,500 shares through an initial public offering on Feb. 19 on Nasdaq Japan.Shares have been priced at 440,000 yen ($3,300), for a total...
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...
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