December 21, 2001 NEW YORK – Fitch has upgraded Criimi Mae Trust I, 1996-C1, because of improved subordination levels.The rating agency upgraded the deal's $18.5 million class A-2 to single-A-minus from triple-B and affirmed the other classes it...

December 21, 2001 Lodgian Inc. has filed for Chapter 11 Bankruptcy protection, largely as a result of disappointing results since the Sept. 11 terrorist attacks. Lodgian, a hotel owner that has a portfolio of 106 hotels throughout the...

December 21, 2001 TORONTO – IPC US Income Commercial Real Estate Investment Trust has completed its initial public offering of 15.5 million units at C$10.00/unit (US$6.40/unit) for total proceeds of C$155 million (US$99.2 million).The REIT will invest solely...

December 21, 2001 Lehman Brothers is marketing a $72.6 million securitization backed by a fixed-rate loan on a telecommunications hotel leased to Qwest Communications Corp. The deal, Tuckahoe Credit Tenant Lease Trust 2001-CTL1, is a one-tranche offering that...

December 21, 2001 VANCOUVER – Del Cano Properties Trust has agreed to sell its entire real estate portfolio to Aspen Square Management Inc. of Springfield, Mass., for $107.6 million.Del Cano, a Canadian firm, decided in November to liquidate...

December 21, 2001 A joint venture between New Valley Corp. (Nasdaq:NVAL) and Apollo Real Estate Investment Fund III LP has sold an office property and developable land in Moscow for about $42 million.The venture, Western Realty Development LLC,...

December 21, 2001 DALLAS – The La Quinta Cos. (NYSE:LQI) is one step closer to eliminating its paired-share REIT status and becoming a corporation with a REIT subsidiary. Shareholders approved the restructuring, which will be completed by exchanging,...

December 21, 2001 Golf Trust of America Inc. (AMEX:GTA) has sold the Pete Dye Golf Club in Bridgeport, W.Va., for $13.4 million.The REIT sold the 18-hole golf course to Golf and Fairway LLC, a West Virginia limited liability...

December 21, 2001 Friendly Ice Cream Corp. (AMEX:FRN) has completed a financial restructuring plan that reduces its total debt by about $30 million.GE Capital Franchise Finance Corp. provided a $55 million in long-term mortgage financing backed by 75...

December 20, 2001 NEW YORK – Acadia Realty Trust (NYSE:AKR) plans to purchase up to 4.8 million, or 14 percent, of its outstanding common shares and common operating partnership units.Under the terms of the offer, Acadia shareholders can...

December 20, 2001 SAN DIEGO – Burnham Pacific Properties (NYSE:BPP) has closed on the sale of eight properties to a joint venture led by affiliates of P. O'B. Montgomery & Co. and Apollo Real Estate Advisors for $91.8...

December 20, 2001 NEW ORLEANS – Sizeler Property Investors (NYSE:SIZ) plans to raise roughly $27.2 million from the sale of 3 million common shares at $9.08/share.The offering is led by Ferris, Baker Watts, with JJB Hilliard, WL Lyons,...

December 20, 2001 Developers vying to convert Nashville office building into apartmentsTennesseanNASHVILLE, Tenn. – Two local development groups are vying to convert the 95-year-old Stahlman Building from office space into living space. The Metro Development and Housing Agency...

December 20, 2001 NEW YORK – Insignia Financial Group Inc. (NYSE:IFS) has completed its acquisition of Groupe Bourdais, a French commercial real estate services company.Insignia, which announced the planned acquisition in August, paid about $45.6 million, consisting of...

December 20, 2001SANTA MONICA, Calif. – National Golf Properties (NYSE:TEE) has retained Lazard Freres & Co. as financial adviser and Wachtell, Lipton, Rosen & Katz as its legal adviser to evaluate restructuring alternatives.National Golf is considering alternatives, including...

December 20, 2001 NEW YORK – Joseph B. Rose, the city's planning commissioner, next month will join the Georgetown Group Inc. as partner.Rose is finishing out an eight-year term as chairman of the New York City Planning Commission...

December 20, 2001 CHICAGO – Security Capital Group Inc. (NYSE:SCZ) has raised net proceeds of $494.9 million from the sale of its entire ownership interest in CarrAmerica Realty Corp. (NYSE:CRE).As expected, Security Capital sold 19.4 million shares at...

December 20, 2001 Commercial Real Estate Direct Staff ReportVornado Realty Trust (NYSE:VNO) is another step closer to foreclosing on two loans that are backed by a 30 percent stake in Prime Group Realty Trust (NYSE:PGE).The United States Bankruptcy...

December 20, 2001 Toronto's office sublease rates soar as downturn takes holdThe Financial PostTORONTO – The economic downturn has helped to create a record level of sublease space in the office property market – sublease space comprises 38.9...

December 20, 2001 NEW YORK – Moody's Investors Service is reviewing for possible downgrade Hilton Hotels Pool Trust, 2000-HLT.The rating agency said it is taking action on the deal because the collateral properties have been heavily impacted by...

December 20, 2001 CHATANOOGA, Tenn. – CBL & Associates Properties (NYSE:CBL) has completed the sale of two shopping centers, one each in Bradenton and Mt. Olive, N.J., for $41.5 million.The REIT used proceeds to pay down debt. The...

December 20, 2001 DALLAS – The Staubach Co. has hired Bill Leiser to serve as chief financial officer. He replaces the previous CFO, Cathy Sweeney, who recently resigned. When he joins the firm next month, Leiser will develop...

December 20, 2001 CHARLOTTE, N.C. – A decreased development pipeline is prompting Summit Properties Inc. (NYSE:SMT) to make some senior management changes.Doug Brout, previously executive vice president of acquisitions and dispositions, has been promoted to the newly created...

December 19, 2001 NEW YORK – Fitch has upgraded Credit Suisse First Boston Mortgage Securities Corp./DLJ Mortgage Acceptance Corp.'s 1995-T1, as a result of increased subordination levels due to amortization and loan pay offs.The $5.8 million class D...

December 19, 2001 Class Amount Sub. rate Rating S&P Rating Moody's Avg. Life Price Talk Priced Benchmark A-1 50 22.5 AAA Aaa 2.5 +43 area +45 Swaps A-2 90 22.5 AAA Aaa 6.55 +54 area +55 Swaps A-3...