RECENT NEWS
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...
RioCan to Sell C$75Mln of Senior Unsecured Debt
January 10, 2002 TORONTO – RioCan REIT has agreed to issue, on a bought deal basis, C$75 million (US$47 million) of senior unsecured debentures that will mature Jan. 18, 2006.The debentures pay a coupon of 7.2 percent and...
Lower Manhattan Development Corp. Names Executive Director
January 10, 2002 NEW YORK – The Lower Manhattan Development Corp. has named Louis R. Tomson as executive director. Tomson will head the joint state-city corporation formed after the Sept. 11 attacks in New York to oversee the...
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...
Adam’s Mark Cancels Hotel Sale; Decides to Keep Properties
January 9, 2002 ST. LOUIS – Adam's Mark Hotels & Resorts has cancelled an agreement to sell six hotel properties to Columbia Sussex Corp.Fred S. Kummer, Adam's Mark president and chief executive officer, said a contract to sell...
Fitch Lowers Hilton Hotel’s Ratings
January 9, 2002 CHICAGO – Fitch has lowered its rating on Hilton Hotel Corp.'s (NYSE:HLT) senior unsecured notes, senior subordinated notes, and commercial paper due to the slowing economy and the Sept. 11 attacks. The senior unsecured notes...
EastGroup Secures New $175Mln Credit Facility
January 9, 2002 JACKSON, Miss. – EastGroup Properties (NYSE:EGP) has received a $175 million unsecured revolving credit facility with a group of 10 banks led by PNC Bank.The interest rate on the three-year facility is based on the...
Southeast Regional Digest (1/9/02): Orlando Has Largest Share of Troubled Hotel Loans
January 9, 2002 Orlando hotels have largest share of troubled loansORLANDO, Fla. – Orlando has the largest share of troubled hotel loans, about one quarter of the total. Of the hotel loans tracked by Standard & Poor's, only...
Jones Lang LaSalle to Provide Worldwide Real Estate Services to Microsoft
January 9, 2002 Microsoft Corp. (Nasdaq:MSFT) has selected Jones Lang LaSalle (NYSE:JLL) as its preferred worldwide provider of real estate transaction and project management services. The new assignment, which does not include Microsoft's corporate headquarters in the greater...
WP Carey Completes $13Mln Sale, Leaseback of Distribution Properties
January 9, 2002 NEW YORK – W.P. Carey & Co. (NYSE:WPC) has purchased three distribution facilities totaling 389,000 square feet for $13 million. The properties, in Cincinnati, Elkwood, Va., and Norcross, Ga., were purchased from Builders FirstSource Inc.,...
Fleet National Provides Koger Equity With $125Mln Credit Line
January 9, 2002 BOCA RATON, Fla. – Koger Equity (NYSE:KE) has closed on a $125 million secured revolving credit facility with Fleet National Bank. The three-year credit facility matures Dec. 27, 2004. Koger plans to draw upon the...
Winston Receives $125Mln Credit Facility
January 9, 2002 RALEIGH, N.C. – Winston Hotels (NYSE:WXH) has received $125 million credit line from a syndicate of banks led by Wachovia.The three-year, floating credit facility, which is secured by 28 hotel properties, replaces a $140 million...
Teachers Buys Conn. Office Complex for $140Mln
January 9, 2002Teachers Insurance and Annuity Association has purchased a 540,000-square-foot office complex in Wilton, Conn., here from Louis-Dreyfus Property.The purchase price of the complex, which sits on 60 acres at 10-20 Westport Rd., was not disclosed, but...
LaSalle Provides $9Mln for NC Apartments
January 9, 2002 CLAYTON, N.C. – LaSalle National Bank has provided $9 million of fixed-rate financing for a 136-unit apartment community.The 10-year financing was arranged by Robert Delitsky of Holliday Fenoglio Fowler on behalf of the developers, the...
Sares-Regis Partnership Sells Calif. Apartments for $10.5Mln
January 9, 2002 STOCKTON, Calif. – A partnership between Sares-Regis Multifamily Housing Group and Citibank has sold the 158-unit Grouse Run Apartments for nearly $10.5 million, or $63,608/unit, to E.J. Williams Co.The Class-A complex at 4738 Grouse Run...
Developers Diversified Says Kmarts to Remain Open at Its Centers
January 9, 2002 Developers Diversified Realty (NYSE:DDR) said Kmart Corp. does not plan on closing any of its stores at shopping centers that the Cleveland REIT owns."We are in close communications with Kmart and have confirmed the profitability...
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