RECENT NEWS
Clarification: CSFB, ‘TOP’ Conduits Said to be First Out of the Chute for ’02
January 14, 2002 Credit Suisse First Boston's upcoming CMBS pipeline totals were "significantly overstated" in a story posted earlier today, according to CSFB Managing Director and head of CMBS Robert Brennan. Brennan said that the foreseeable future has...
Southeast Regional Digest (1/11/02): Continental Wingate Provides $11.5Mln for 2 Multifamily Propert
January 11, 2002 Continental Wingate provides $11.5Mln for apartments in NC, SCGREENSBORO, N.C. – The owners of the Country Club apartments have received a $4.4 million loan from Continental Wingate Capital via its Fannie Mae Delegated Underwriting and...
British Mall Owner Takes 5% Stake in Rodamco North America
January 11, 2002 Liberty International PLC has paid $97.3 million to buy a roughly 5 percent stake in Rodamco North America NV, a move that could give the British real estate company a say in the outcome of...
Cushman Expands NJ-based Financial Services Unit
January 11, 2002 Cushman & Wakefield has added three executives to its Financial Services Group based in East Rutherford, N.J.The firm has hired Sam Kirschenbaum, a mortgage broker most recently with United States Land Resources, Kevin O'Hearn, an...
JCPenney, Sears, Biggest Retailers in CMBS
January 11, 2002 Commercial Real Estate Direct Staff ReportThe retailers with the biggest exposure in CMBS are JC Penney, Sears and Kmart.The three retailers are tenants or own properties that secure nearly $22 billion of commercial mortgages that...
CarrAmerica Completes $400Mln Senior Note Offering
January 11, 2002 WASHINGTON – CarrAmerica Realty Corp. (NYSE:CRE) has completed its offering of $400 million of senior unsecured notes.CarrAmerica will use the proceeds of the offering to pay down debt outstanding under its $500 million credit line.Comments?...
Five Star Quality Leases 31 Senior Living Properties From Senior Housing
January 11, 2002 NEWTON, Mass. – Five Star Quality Care (AMEX:FVE) has leased 31 senior living properties, totaling 7,487 units, from Senior Housing Properties Trust (NYSE:SNH).The leases run through 2017 and include renewal options. The rent paid to...
Southern Calif. Apartments Fetch $31Mln
January 11, 2002 LONG BEACH, Calif. – Channel Point Apartments, a luxury 212-unit apartment complex here, has traded hands for more than $31 million, or about $148,585 per unit.Seattle-based Security Properties Inc. bought the complex at 5926 Bixby...
Duke Realty Sells 128,000-sf Facility in Minn.
January 11, 2002 EAGAN, Minn. – Duke Realty Corp. has sold a 128,000-square-foot office/warehouse building in the southeastern edge of the Eagan industrial market.PM Realty Advisors purchased 3169 Dodd Road, which is fully leased to Eagle Global Logistics...
GMAC Names James Rickard VP, Manager in Atlanta
January 11, 2002 ATLANTA – GMAC Commercial Mortgage has named James Rickard as vice president and manager of its asset management office here. Rickard joined GMAC following the acquisition of Univest Financial Services by a GMAC Commercial subsidiary...
Canada Digest (1/11/02): Intrawest, Four Seasons Building Luxury Condos in BC
January 11, 2002 Intrawest, Four Seasons building luxury condo resort in BCWHISTLER, B.C. – Developer Intrawest Corp. and Four Seasons Hotels and Resorts have teamed to build a C$150 million (US$94 million) full-service luxury hotel that will be...
Calif. Apartments Fetch $10.8Mln
January 11, 2002 CHINO, Calif. – The 140-unit Ramona Garden Apartments has sold for $10.8 million, or about $77,143/unit.The price for the property represents a 7.7 percent capitalization rate.Private investors from Northern California bought the gated complex, which...
Lend Lease Buys Fla. Offices
January 11, 2002 BOCA RATON, Fla. – Lend Lease Real Estate Investments Inc. has purchased One Boca Place, a 277,000-square-foot office building on behalf of a pension-fund client.Lend Lease did not disclose the price it paid for the...
Senior Housing Properties Files $2Bln Mixed Shelf
January 11, 2002 Commercial Real Estate Direct Staff ReportSenior Housing Properties Trust (NYSE:SNH) has filed to sell from time to time up to $2 billion of debt securities, warrants and preferred, depositary and common shares.The REIT plans to...
Lehman Closes $1.6Bln Real Estate Merchant Banking Fund
January 10, 2002 NEW YORK – Lehman Brothers (NYSE:LEH) has closed a $1.6 billion real estate merchant banking fund that will make private equity investments in real estate properties, operating companies and service businesses related to real estate.The...
First Industrial Contributes First Batch of Properties to New Fund
January 10, 2002 CHICAGO – First Industrial Realty Trust Inc. (NYSE:FR) has completed the sale of the first group of properties to the new institutional fund that the company formed with the Kuwait Finance House.As planned when the...
Fitch Withdraws Ratings on FSA Finance Inc.
January 10, 2002 NEW YORK – Fitch has withdrawn its ratings on all classes of FSA Finance Inc.'s collateralized commercial mortgage notes because the transaction has been paid in full.Comments? E-mail Susanna Potter, or call her at (215)...
MidFirst Provides $10.7Mln Loan for Dallas-area Retail Property
January 10, 2002GRAPEVINE, Texas – MidFirst Bank of Oklahoma City has provided a $10.7 million fixed-rate loan for the Vineyard Marketplace retail center. Dan Bryson and Andy Scott in Holliday Fenoglio Fowler's Dallas office arranged the 25-year mortgage...
Continental Wingate Provides $28.9Mln for Va., Calif. Sites
January 10, 2002 SPRINGFIELD, Va. – Continental Wingate Capital has provided $28.9 million of financing via its Wingate Direct conduit program for an office building in Springfield, Va., and a retail complex in Martinez, Calif. The owners of...
Starwood Urban to Build $57Mln Mixed-Use Project in Fla.
January 10, 2002 CORAL GABLES, Fla. – Starwood Urban Retail XI LLC is demolishing the former Old Navy and Upton's stores at 45-77 Miracle Mile downtown to make way for its $57 million mixed-use project.Construction on the Mediterranean-style...
Southeast Regional Digest (1/10/02): GE Nixes Plans for Atlanta Office Building
January 10, 2002 Cobb office building no longer in plans for GE Power SystemsAtlanta Journal-ConstitutionATLANTA – GE Power Systems will not go ahead with plans for an office building at Wildwood Office Park, home of its headquarters. A...
Voit to Redevelop Calif. Medical Site Into Offices, Homes
January 10, 2002 LA HABRA, Calif. – Voit Development Co. of Woodland Hills, Calif., plans to redevelop the 22-acre site where the defunct Friendly Hills Medical Group and La Habra Hospital once stood.Voit acquired the property from Friendly...
Calif. Retail, Apartment Sites Receive $22Mln From Continental Wingate
January 10, 2002PINOLE, Calif. – Continental Wingate Capital has provided $12 million through its Wingate Direct conduit program for a Class-B-plus retail center as well as $10 million for an apartment complex in Union City.The 10-year, fixed-rate financing...
Continental Wingate Provides $25.5Mln for Atlanta Apartments
January 10, 2002 ATLANTA – Continental Wingate Capital has provided $25.5 million of financing for two apartment properties.The owners of the 458-unit Allen Temple Apartments received $16.5 million of financing though the Federal Housing Administration's substantial rehabilitation loan...
Glimcher Sees Reduced Exposure to Troubled Retailers
January 10, 2002 COLUMBUS, Ohio – Glimcher Realty Trust's (NYSE:GRT) has reduced exposure to Kmarts in its portfolio, and its exposure to Ameses will be reduced by March.Kmart may declare bankruptcy, and Ames has declared bankruptcy.Kmarts in 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.
