December 14, 2000 MELBOURN, Australia – Standard & Poor has given its triple-B-plus rating to Commercial Investment Trust. The outlook is stable.The action is a result of CIT's above-average asset quality, strong tenant profile and moderately conservative financial...
December 14, 2000 ALEXANDRIA, Va. – AvalonBay Communities Inc. (NYSE:AVB) has priced a $200 million offering of medium-term notes.The 10-year notes, which mature on Dec. 15, 2010, were priced to yield 7.613 percent. They were issued at 99.221...
December 14, 2000 LB-UBS Commercial Mortgage Trust, Series 2000-C5ClassAmount ($mln)Sub. Level (%)Rating Moody'sRating S&PAvg. LifePrice Talk(BP)Priced(BP)BenchMarkA-1352.420.5AaaAAA5.87+29 area+32SwapsA-2439.420.5AaaAAA9.71+41 area+41SwapsB44.816Aa2AA9.9+58 area+58SwapsC44.811.5A2A9.9+73 area+73SwapsD14.910A3A-9.9+83 area+85SwapsE7.49.25Baa1BBB+9.9+125 area+128SwapsF12.48Baa2BBB9.9+130 area+130SwapsG9.97Baa3BBB-9.9+275 area+275Treas.X*996NAAaaAAA8.41+375**+375Treas.*Notional amount, interest only.**At 100 percent CPR.
December 14, 2000 ELMSFORD, N.Y. – Extended StayAmerica Inc. (NYSE:ESA) has opened a seven-story Extended StayAmerica Efficiency Studios brand hotel at 118 Tarrytown Road.The 136-unit hotel, which is the company's eighth hotel in the state, has weekly room...
December 14, 2000 SAN FRANCISCO – Level 3 Communications Inc. (NYSE:LVLT) has signed a 20-year lease for two buildings totaling 166,000 square feet at Pacific Commons, an 8.3 million-sf property in Fremont, Calif., that is owned by Catellus...
December 14, 2000 NEW YORK – Acadia Realty Trust (NYSE:AKR) has sold Northwood, a 501,000-square-foot mixed-use property in Tallahassee, Fla., to an affiliate of UrbanAmerica LP for $31.5 million. The sale, part of the REIT's effort to dispose...
December 14, 2000 (NewsTraders.com) – Kimco Realty Corp.'s (NYSE:KIM) departing senior executive vice president, Joseph Kornwasser, recently filed paperwork with the SEC to sell 125,000 shares of the REIT.Kornwasser listed plans to dispose of the shares, worth an...
December 14, 2000NEW YORK – A subsidiary of Ampal-American Israel Corp. (Nasdaq:AMPL) has sold its majority interest in an 18-story office condominium building in a deal valued at $33 million, or just over $202/sf.The deal for floors two...
December 14, 2000Commercial Real Estate Direct Staff ReportThe New York State Teachers Retirement System is planning to continue playing a substantial role in commercial mortgage-backed securities. According to minutes from the pension fund's latest board meeting, Nystrs has...
December 14, 2000 NEW YORK – Standard & Poor has affirmed its triple-B-minus rating on General Growth Properties Inc. for corporate credit rating.The double-B rating on General Growth's $337 million preferred income equity redeemable stock also is affirmed....
December 14, 2000 COLUMBIA, Md. – The Rouse Co. has formed a joint venture with Stoltz Bros. Ltd. to which it sold 37 office/flex industrial properties and several undeveloped parcels for $85 million.The properties that Rouse contributed are...
December 14, 2000 SAN FRANCISCO – BRE Properties Inc. (NYSE:BRE) has named Bradley P. Griggs as executive vice president and chief investment officer.Griggs will manage 12 local market developers and builders in Northern California, San Diego, Los Angeles/Orange...
December 14, 2000 2.5 million-sf warehouse planned for Hillsborough CountyThe Tampa Tribune, December 14TAMPA, Fla. – Hadar Corp. is planning to build a 2.5 million-square-foot industrial warehouse and distribution center in Madison Business Park. Plans also would call...
December 13, 2000 Harrisburg farm land to become $300 Mln town centerThe Charlotte Observer, December 12HARRISBURG, N.C. – J & B Development and Management partners Joe Murphy and Bob Burkett are planning to transform 97 acres of Harrisburg...
December 13, 2000 RICHMOND, Va. – First Union Securities has provided $141 million of mortgage financing to Cornerstone Realty Income Trust Inc. (NYSE:TCR).The 10-year, interest-only loan carries a fixed-rate of 7.35 percent and is backed by 15 of...
December 13, 2000 (NewsTraders.com) – Deutsche Banc Alex. Brown's recently hired real estate analyst, Lou Taylor, picked up coverage of the industry today for the brokerage firm, doling out ratings to 39 REITs.Taylor, formerly at Prudential Securities, will...
December 13, 2000LONG BEACH, Calif. – Camden Property Trust(NYSE: CPT) is beginning construction at The Park at Harbour View, a $120 million multifamily development in Long Beach, Calif. The project, on Ocean Boulevard at Pine Avenue, will consist...
December 13, 2000GMAC Commercial Mortgage Corp. has arranged and provided loans for two apartment communities in Arizona and Florida. GMAC is providing a $24.3 million acquisition loan for a 412-unit multifamily property in Glendale, Ariz. Arrowhead Summit Apartments...
December 13, 2000 NASHVILLE, Tenn. – Balanced Care Corp (AMEX:BAL) will not default on its leases with Healthcare Realty Trust Inc. (NYSE:HR). As part of its restructuring plan, Balanced Care will only pay rent, in full, to five...
December 13, 2000 SCOTTSDALE, Ariz. – Franchise Finance Corp. of America (NYSE:FFA) said 21 institutional buyers purchased bonds from its most recent securitization.The securitization, FFCA Secured Lending Corp., was backed by 521 loans with a balance of $406...
December 13, 2000 Commercial Real Estate Direct Staff ReportNEW HAVEN, Conn. – Westfield America Inc. (NYSE:WEA) has agreed to buy a 19.5-acre parcel in New Haven, Conn., that was to be the home of a shopping mall that...
December 13, 2000 NEW YORK – Fitch has upgraded one class in Kidder Peabody Acceptance Corp.'s $138.2 million 1994-C3, and affirmed other rated classes.The rating agency upgraded the $39.3 million class C to double-A-minus from single-A-plus.The upgrades are...
December 13, 2000 LOS ANGELES – Cushman & Wakefield has acquired Matlow-Kennedy Commercial Real Estate Services, a brokerage firm in Long Beach, Calif.Matlow-Kennedy focuses on the office and industrial markets of Los Angeles and Orange Counties.The acquisition becomes...
December 13, 2000 TORONTO – Standard & Poor's has given its triple-B-minus rating to Legacy Hotels corporate credit and senior unsecured debt ratings. The outlook is stable.The action is a result of the rating agency's merger with the...
December 13, 2000 GE Capital Real Estate recently provided nearly $400 million in financing for office and residential properties in California.GE Capital lent Douglas Emmett Realty Advisors $345 million loan for its purchase of a portfolio of Los...
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