RECENT NEWS
Rodamco Seeks White Knight
December 18, 2001Rodamco North America has been in talks about a possible sale of the company to Simon Property Group, Rouse Co. and General Growth Properties. At stake is Rodamco's portfolio of high-end U.S. malls, which includes Chicago's...
GMAC Names J. David Morris to VP in Fixed Income Investment Group
December 18, 2001 ALPHARETTA, Ga. – GMAC Institutional Advisors has named J. David Morris as vice president of its fixed income investment advisory group.He will be based in the Alpharetta office, and will be working with GMAC's institutional...
Upscale Idaho Apartments on the Market for $21.5Mln
December 18, 2001 BOISE, Idaho – The Renaissance at Hobble Creek Apartment Homes – a recently built, 288-unit complex in west Boise – has hit the market with a $21.5 million price tag.Marcus & Millichap is marketing the...
Crestline Sells Baltimore Hotel for $26Mln
December 18, 2001 BETHESDA, Md. – Crestline Capital Corp. (NYSE:CLJ) has sold its 205-key Baltimore Inner Harbor Courtyard to RLJ Development LLC for $26 million.Crestline Hotels & Resorts will continue to manage the hotel under a long-term management...
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...
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...
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...
Chicago Apartments Hit the Market for $10Mln
December 18, 2001 CHICAGO – The Kiser Group of Marcus & Millichap's Chicago office is marketing a 132-unit mid-rise apartment complex at 711 and 739 W. Belmont Ave. in East Lakeview.The Lakeview Apartments – priced at $10 million,...
MeriStar Amends Credit Line
December 18, 2001 WASHINGTON, D.C. – MeriStar Hospitality Corp. (NYSE:MHX) has amended its senior secured credit facility.The amended gives the REIT more flexibility with certain financial covenants and gives it the option to extend the maturity of the...
S&P Monitors Shurgard Storage After Earnings Restatement
December 18, 2001 NEW YORK – Standard & Poor's is monitoring Shurgard Storage Centers, as a result of the company's restated earnings for 1998 through the third quarter of 2001.The REIT's decision to reinstate its financials comes after...
Lend Lease Sells Property Management Business in Italy
December 18, 2001 Lend Lease Corp. Ltd. has sold its Larry Smith property management operation in Italy "for a small profit" to European Commercial Properties NV.The sale is part of Lend Lease's reorganization of its operations in Italy...
Vail Resort Closes on Purchase of Colo. Hotel
December 18, 2001 VAIL, Colo. – Vail Resorts has closed on the purchase of the Vail Marriott Mountain Resort for $49.5 million. The 349-room Marriott hotel is in Lionshead Village just 150 yards from the base of Vail...
LA Apartments on the Block for $20Mln
December 18, 2001 LOS ANGELES – Marcus & Millichap is marketing a 426-unit apartment complex near downtown Los Angeles for $20 million.Chesapeake Apartments is a garden-style apartment complex on 17 acres near La Brea Avenue and Rodeo Road....
Fitch Upgrades Pac Life Primary Servicer Rating
December 18, 2001 NEW YORK – Fitch has upgraded Pacific Life Insurance Co.'s primary servicer rating to CPS1 from CPS2.The rating agency said the upgrade was due to Pac Life's "demonstrated ability to service" mortgages in CMBS deals....
McCrory Retains DJM to Sell Assets
December 18, 2001 YORK, Pa. – McCrory Corp. has retained DJM Asset Management of Melville, N.Y., to conduct a Chapter 11 Bankruptcy sale of its store leases and fee-owned properties.Bids for the leases are due on or before...
John Hancock Provides $32Mln for 2 Atlanta Metro Office Buildings
December 18, 2001 ALPHARETTA, Ga. – John Hancock Real Estate Investment Group has provided about $32 million in permanent, fixed-rate financing for two office buildings in the Atlanta metro area. Terms of the 10-year mortgage were not disclosed.The...
GMAC Names Sam Kirschner Senior VP
December 18, 2001 NEW YORK – GMAC Commercial Mortgage Co. has promoted Samuel Kirschner to senior vice president of its Manhattan loan origination office.Kirschner joined GMACCM in July 1999 as head of the New York office, which originates...
Fitch Upgrades $29.5 million BCF LLC 1997-C1
December 17, 2001 NEW YORK – Fitch has upgraded BCF LLC's $29.5 million 1997-C1 as a result of increases in subordination levels due to amortization, prepayments and matured loans. The raised ratings are as follows: the $5.7 million...
S&P Raises Prudential Securities Secured Financing’s 1998-C1
December 17, 2001 NEW YORK – Standard & Poor's raised its ratings on Prudential Securities Secured Financing Corp.'s 1998-C1 due to increased credit support levels and improved collateral performance.Class B was raised to double-A-plus from double-A; class C...
GE Buying Security Capital at 8% Cap Rate
December 17, 2001 STAMFORD, Conn. – GE Capital Corp.'s proposed purchase of Security Capital Group will provide it with a capitalization rate, or initial yield, of 8.09 percent.GE late last week agreed to buy Security Capital for $26/share...
Clarion Adds Eileen Marrinan to Research Unit
December 17, 2001 WALNUT CREEK, Calif. – Clarion Partners has hired Eileen E. Marrinan, a former research executive with GICRE Inc., as senior vice president of its investment strategy and research group. Marrinan, a 23-year research veteran, will...
REIT Uses $213Mln From Ventas Trust 2001 to Pay Down Credit
December 17, 2001 LOUISVILLE, Ky. – Ventas Inc. (NYSE:VTR) has raised $225 million from Ventas Trust 2001 that priced this month.Proceeds of $213 million were used to pay down a portion of the REIT's outstanding balance under its...
Extended Stay Amends Credit Facility to Provide Development Flexibility
December 17, 2001 SPARTANSBURG, Ga. – Extended Stay America (NYSE:ESA) has amended its $900 million credit facility.The amended facility will give the company additional flexibility in managing hotel development.Due to short-term uncertainties following Sept. 11, the company deferred...
Freddie Mac Provides $133Mln Floater for Manhattan Apartment Complex
December 17, 2001 NEW YORK – Freddie Mac has provided $133 million of floating-rate financing for a 1,490-unit multifamily complex in the Kips Bay section of Manhattan.Terms of the mortgage, which was used to refinance existing debt, could...
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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.
