RECENT NEWS
Moody’s Upgrades CSFB 1998-FL2 Despite Loans in Special Servicing
December 19, 2001 NEW YORK – Moody's Investors Service has upgraded Credit Suisse First Boston Mortgage Securities Corp., 1998-FL2, because of increased credit enhancement levels stemming from loan payoffs and prepayments.The rating agency upgraded the deal's Class C...
Fitch Upgrades First Boston Mortgage Security’s 1993-1 Conduit
December 19, 2001 NEW YORK – Fitch has upgraded First Boston Mortgage Securities Corp. 1993-1 conduit because amortization and substantially increased rental revenue at collateral properties.The $2.2 million class 2-B is upgraded to triple-A from double-A-plus.The certificates are...
Southeast Regional Digest (12/19/01): Weingarten buys Fla. industrial properties
December 19, 2001 Weingarten buys Fla. industrial propertiesLAKELAND, Fla. – Weingarten Realty Investors has purchased a five building industrial portfolio for an undisclosed sum. The Southeast Industrial Portfolio was bought from National Life Insurance Co. The portfolio consists...
FINAL PRICING: $1.1 Bln Morgan Stanley Dean Witter Capital I Trust, 2001-TOP5
December 19, 2001 Class Amount Sub. rate Rating S&P Rating Moody's Avg. Life Price Talk Priced Benchmark A-1 126.7 15 AAA Aaa 3.4 +46-47 +47 Swaps A-2 105.4 15 AAA Aaa 5.7 +51 area +51 Swaps A-3 136.6...
Fitch Upgrades Nomura Asset Securities, 1994-C3
December 19, 2001 NEW YORK – Fitch has upgraded Nomura Asset Securities Corp., 1994-C3, because of significant increases in subordination stemming from amortization prepayments and loan maturities.The rating agency upgraded the deal's $9 million class A-3 to triple-A...
Walton Street, CSFB Form JV to Invest in Tokyo Properties
December 19, 2001 TOKYO – Walton Street Capital and Credit Suisse First Boston Corp. have formed a joint venture with Japan's Credit Saison Co. that plans to invest more than $150 million in Tokyo real estate over the...
Fitch Upgrades CSFB/DLJ Series 1995 T-1
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...
FINAL PRICING: $864 Mln Salomon Brothers Commercial Mortgage Trust, 2001-C2
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...
AEW Pays $17.3Mln for Calif. Offices
December 19, 2001PASADENA, Calif. – AEW Capital Management has paid $17.3 million, or nearly $207/sf, for 350 W. Colorado Blvd., an 83,600-square-foot office building.AEW, which bought the property on behalf of an institutional investor client, acquired it from...
FINAL PRICING: $872 Mln J.P. Morgan Chase Commercial Mortgage Securities Corp., 2001-CIBC3
December 19, 2001 Deal priced December 14. Class Amount Sub. rate Rating S&P Rating Fitch Avg. Life Priced Benchmark A1 51.07 21.25 AAA AAA 2.5 +44 Swaps A2 174.8 21.25 AAA AAA 6.5 +53 Swaps A3 457.3 21.25...
Deutsche Group Pays $257Mln for Hotel in Europe
December 19, 2001 MADRID – A group of investors led by Deutsche Bank's real estate private equity group has purchased the Hotel Arts complex for an estimated 285 million euros (US$257 million).The 44-story hotel is in Barcelona's Olympic...
PRICE TALK: $982.6 Mln Credit Suisse First Boston Mortgage Securities Corp., Series 2001-CK6
December 19, 2001 Class Amount Sub. rate Rating S&P Rating Moody's Avg. Life Price Talk Benchmark A-1 49.7 22.5 AAA Aaa 2.5 +42 area Swaps A-2 131.6 22.5 AAA Aaa 6.9 +51-53 Swaps A-3 580.2 22.5 AAA Aaa...
FINAL PRICING: $982.6 Mln Credit Suisse First Boston Mortgage Securities Corp., Series 2001-CK6
December 19, 2001 Class Amount Sub. rate Rating S&P Rating Moody's Avg. Life Price Talk Priced Benchmark A-1 48.8 22.5 AAA Aaa 2.5 +42 area +42 Swaps A-2 129.03 22.5 AAA Aaa 6.9 +51-53 +52 Swaps A-3 578.9...
Fitch Places Security Capital, Storage USA on Rating Watch, Positive
December 19, 2001NEW YORK – Fitch has placed its ratings on the senior unsecured notes of Security Capital Group (NYSE:SCZ) Storage USA (NYSE:SUS) on rating watch, positive. The action is a result of GE Capital Corp.'s proposed purchase...
Lend Lease JV is Preferred Bidder for London Urban Renewal Project
December 19, 2001 LONDON – The British Government is in exclusive talks with Meridian Delta Ltd., a joint venture of Lend Lease Europe Ltd. and a British developer, to manage the redevelopment of the Greenwich Peninsula on the...
United Dominion to Raise $59Mln From Share Sale
December 19, 2001RICHMOND, Va. – United Dominion Realty Trust (NYSE:UDR) plans to raise $59 million from the sale of 4.1 million common shares at a price of $14.40 apiece.The sole underwriter for the offering is Salomon Smith Barney....
RAIT Investment Prices 2.5Mln Common Shares
December 19, 2001 PHILADELPHIA – RAIT Investment Trust (AMEX:RAS) plans to raise $40 million from the sale of 2.5 million of its common shares for $16/unit.Proceeds of $37.8 million will be used to originate and acquire loans and...
Opportunity Fund Exec Joins Resource America
December 19, 2001 PHILADELPHIA – David E. Bloom has joined Resource America Inc. (Nasdaq:REXI) as senior vice president and president of the company's real estate subsidiary, Resource Properties Inc.Bloom will manage an existing portfolio of restructured commercial loans...
S&P Puts Salomon Brothers Mortgage Securities VII Ratings on Watch Negative
December 19, 2001NEW YORK – Standard & Poor's has placed its rating on two classes of Salomon Brothers Mortgage Securities VII's 2001-CDC on credit watch with negative implications – reflecting the agency's concerns with the 10th largest loan...
WP Carey Buys PetSmart Properties for $71Mln, Leases Them Back
December 19, 2001 NEW YORK – W.P. Carey & Co. (NYSE:WPC) has acquired, and leased back 13 PetSmart Inc. facilities in a transaction valued at $71 million.The retailer sold to Carey 12 retail stores and a distribution facility...
Fitch Upgrades KPAC 1994-C3
December 19, 2001NEW YORK – Kidder Peabody Acceptance Corp.'s 1994-C3 deal has been upgraded by Fitch because of the strong pool performance and significant increases in subordination levels due to amortization and prepayments. The $33.1 million class B...
S&P Puts DLJ 1997-CF2 on Credit Watch Negative
December 18, 2001NEW YORK – Standard & Poor's has placed its ratings on four classes of DLJ Mortgage Acceptance Corp.'s 1997-CF2 on credit watch with negative implications, as a result of a large delinquency.The classes on credit watch...
CGI Buys Hotel Development at Paris Airport
December 18, 2001 PARIS – A German open-ended fund has contracted to buy and lease back a hotel development at Charles de Gaulle airport.The buy brings Commerz Grundbesitz Investmentgesellschaft mbH's hotel portfolio to four properties across Europe.The hotel...
Developers Diversified to Raise $57.9Mln From Share Sale
December 18, 2001 CLEVELAND – Developers Diversified Realty Corp. (NYSE:DDR) will raise $57.9 million in net proceeds from the sale of 3.2 million common shares at $19.11/unit.Proceeds will be used to reduce the shopping center REIT's outstanding balance...
Catellus Names Vanessa Washington Senior VP, General Counsel
December 18, 2001 SAN FRANCISCO – Catellus Development Corp. (NYSE:CDX) has named Vanessa Washington as senior vice president and general counsel.Prior to joining Catellus, Washington led the Real Estate Practice Group and served as senior vice president, corporate...
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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.
