RECENT NEWS
Fitch Upgrades Merrill Lynch’s 1995-C1
January 16, 2002 NEW YORK – Fitch has upgraded two classes of Merrill Lynch Mortgage Investors 1995-C1 due to increased subordination levels as a result of amortization and loan payoffs.The $17.1 million class D was upgraded to triple-A...
Kmart Ratings Get Hit Again
January 16, 2002 NEW YORK – Kmart Corp.'s debt ratings have been downgraded yet again, by Moody's Investors Service and Fitch. Moody's dropped the retailer's senior unsecured rating to Caa1 – among its lowest ratings – while Fitch...
Retail Property Portfolio in England Trades Hands for $186Mln
January 16, 2002 Coal Pension Properties has sold a portfolio of five shopping centers in England for $129.3 million pounds ($185.8 million).A joint venture of Bank of Scotland Corporate Banking, Catalyst Capital LLP and private equity fund West...
National Realty Receives $37.5Mln Financing for Pa. Retail Center
January 16, 2002 EASTON, Pa. – National Realty & Development Corp. has received $37.5 million in permanent financing for its Northampton Crossings, a 544,000-square-foot shopping center.The lender of the 10-year loan, which amortizes over 30 years, was not...
BMA to Host ‘Rebuild New York/America’ Roundtable Friday
January 16, 2002Commercial Real Estate Direct Staff ReportThe Bond Market Association is hosting a forum on Friday, Jan. 18, for the commercial real estate community that will focus on the rebuilding efforts for lower Manhattan.The BMA established the...
DePfa Bank’s Property Bank to Change Name
January 16, 2002 WIESBADEN, Germany – DePfa Group's real estate bank, DePfa Bank AG, will trade under the new name Aareal Bank AG following the DePfa Group's planned split into two independent companies: a real estate operation and...
GMAC Sues Trade Center Owners Over Insurance Proceeds
January 16, 2002 Commercial Real Estate Direct Staff ReportHORSHAM, Pa. – GMAC Commercial Mortgage has sued the owners of the World Trade Center, arguing that any insurance proceeds on the destroyed property be funneled to holders of GMAC...
Moody’s Confirms Rating of Times Square Hotel Trust
January 16, 2002 NEW YORK – Moody's Investors Service has confirmed its Baa3 rating for Times Square Hotel Trust, 8.523% Mortgage and Lease Amortizing Certificates – a transaction backed by a net lease on the W New York-Times...
S&P Puts Rouse, Simon on Watch Negative Because of Big Retail Buy
January 16, 2002 NEW YORK – Standard & Poor's has placed its ratings for The Rouse Co. and Simon Property Group and Simon's affiliates on CreditWatch with negative implications.The rating action follows the announcement that Rouse and Simon,...
Southeast Regional Digest (1/16/02): Hines Partnering with Atlanta Orchestra in Two-part Project
January 16, 2002 Hines partnering with Atlanta orchestra in two-part projectThe Atlanta Journal-ConstitutionATLANTA – The Atlanta Symphony Orchestra and Hines have proposed a six-year master plan for a new Symphony Center and two residential towers at Peachtree and...
Presale Report Out for $297.6Mln CSFB Floater
January 16, 2002Moody's Investors Service has issued its presale report for the first CMBS offering of the year, a $297.6 million floating-rate deal (2002-FL1) from Credit Suisse First Boston and its Column Financial origination unit.The mortgage pool consists...
RI Office Building Sold for $22.3Mln
January 16, 2002 PROVIDENCE, R.I. – Morris & Morse Co. has purchased the Providence Washington Plaza from Providence Washington Insurance Cos. for $22.3 million. The 11-story office and retail building, which encompasses 141,493 square feet, was purchased on...
Fitch Assigns Triple-B-plus Rating on Regency’s $250Mln Notes
January 16, 2002 NEW YORK – Fitch has assigned its triple-B-plus rating to Regency Centers (NYSE:REG) $250 million senior unsecured notes due 2012.Proceeds will be used to reduce bank borrowings. Fitch has placed Regency's ratings on rating watch...
Westfield Equity Offering Oversubscribed
January 16, 2002 Investors have flocked to an offering of ordinary units by Westfield America Trust (ASX:WFA), leading the company to increase the amount it plans to raise to A$1.15 billion ($593 million) from A$800 million.Westfield is orchestrating...
Canada Digest (1/16/02): Bids Due Monday for Giant Industrial Portfolio
January 16, 2002 Bids due Monday for giant industrial portfolioThe Financial PostTORONTO – Bids are due Monday for the 11 million-square-foot industrial portfolio that the Ontario Municipal Employment Retirement System has on the market. A final sale is...
Fitch to Withdraw Rating for Rodamco Bank Lines
January 15, 2002 NEW YORK – Fitch expects to withdraw its triple-B-minus rating for the bank acquisition and revolving credit facilities of Rodamco North America.The ratings will be withdrawn upon closing of Rodamco's $5.3 million purchase by Westfield...
Public Storage to Raise $150Mln From Share Sale
January 15, 2002 GLENDALE, Calif. – Public Storage (NYSE:PSA) plans to raise about $150 million from the sale of 6 million depositary shares.Each share represents 1/1,000 of a share of 7.625 percent of series T cumulative preferred stock.Salomon...
CenterPoint, Ford to Develop Supplier Park on Chicago’s Southeast Side
January 15, 2002 CenterPoint Properties Trust (NYSE:CNT) has finalized a joint venture agreement with Ford Motor Land Development Corp. to develop Ford's new automotive supplier manufacturing campus on Chicago's southeast side. Under the partnership deal, the Oak Brook,...
CSFB Floats $350Mln-plus Ginnie Mae Deal
January 15, 2002 Commercial Real Estate Direct Staff ReportCredit Suisse First Boston last week brought to market a $350 million Ginnie Mae project loans securitization. CSFB was sole underwriter on the offering.The bank says the deal could get...
Jeffrey Mazur Joins Pittsburgh-area Bank
January 15, 2002 PITTSBURGH – Jeffrey A. Mazur has joined Great American Federal's commercial lending department as assistant vice president and senior commercial real estate lender.Mazur joins Great American Federal from Mellon Bank's Risk Management Division in Pittsburgh,...
Salomon Brothers Provides $29.5Mln Floater for Fla. Retail Center
January 15, 2002 BOCA RATON, Fla. – Salomon Brothers Realty Corp. has provided $29.5 million of floating-rate financing for the Somerset Shoppes, a 186,000-square-foot retail center here.The financing, which replaces existing debt on the property, was arranged by...
Prime Retail Promotes Exec to General Counsel
January 15, 2002 BALTIMORE – Prime Retail Inc. (OTC Bulletin Board:PMRE) has promoted R. Kelvin Antill to executive vice president-general counsel and secretary of the company effective Jan. 31.Antill – who joined Prime Retail's legal department in 1995...
Kathy Corton Moves to Precept Full-time
January 15, 2002 NEW YORK – Kathy Corton, vice chairman and marketing adviser to Precept Corp., has joined the firm full-time as its executive managing director of marketing.The mortgage due diligence and auction firm also announced that Patricia...
Crown American Says 2001 FFO to Top Estimates
January 15, 2002JOHNSTOWN, Pa. – Crown American Realty Trust (NYSE:CWN) expects that final funds from operations for the fourth quarter and full year 2001 and for full year 2002 will exceed current analyst estimates.The REIT will release its...
First Capital Buys Retail Portfolio for $36.3Mln
January 15, 2002 MONTREAL, Quebec – First Capital Realty (TSE:FCR) is buying a portfolio of six shopping centers from Ivanhoe Cambridge for about C$58 million (US$36.3 million).The transaction, which comprises 800,000 square feet, is expected to close Jan....
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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.
