RECENT NEWS
Kimco JV Paid $55.8Mln for Minn. Retail Center
December 7, 2001 MAPLE GROVE, Minn. – A joint venture between Kimco Realty Corp. (NYSE:KIM) and the New York State Common Retirement Fund this fall paid $55.8 million for its purchase of a power center outside in Minneapolis.The...
FINAL PRICING: $225 Mln Ventas Trust 2001 (Merrill Lynch, MSDW)
December 6, 2001 Class Amount Rating S&P Rating Moody's Avg. Life Price Talk Priced Benchmark A 125.2 AAA Aaa 4.8 +70-75 +85 Libor B 17.97 AA+ Aa1 5 +90-95 +115 Libor C 8.86 AA Aa2 5 +100-105 +150...
Senior Housing Files to Sell $200Mln in Notes
December 6, 2001 Commercial Real Estate Direct Staff ReportSenior Housing Properties Trust (NYSE:SNH) may sell $200 million of its senior unsecured notes due 2008.The REIT registered the offering with the SEC as a supplement to a $500 million...
Moody’s Affirms TrizecHahn Securitization
December 6, 2001 NEW YORK – Moody's Investors Service has affirmed the ratings of TrizecHahn Office Properties Trust, 2001-TZH – which has a substantial exposure to Houston properties occupied by Enron Corp. – in part because it previously...
Security Capital Reaches Agreement to Buy Storage USA
December 6, 2001 CHICAGO – Security Capital Group Inc. (NYSE:SCZ) has agreed to buy Storage USA Inc. (NYSE:SUS) for $42/share. The value of the transaction is about $1.8 billion, including the assumption of approximately $761 million of debt....
Fog Cutter Affiliate Sells England Retail Center for $48.3Mln
December 6, 2001 FLEET, England – Bourne End Properties PLC has sold the 190,000-square-foot Hart Shopping Center for 34.2 million pounds ($48.3 million).The center is 34 miles south west of London and is anchored by Waitrose Supermarket and...
AEW Fund Sells 3 Major Calif. Assets
December 6, 2001 AEW Capital Management LP recently sold three California properties on behalf of Copley Institutional Investors Fund II, an institutional investment fund it manages. All told, the deals have an estimated combined value of about $185...
FINAL PRICING: $958.6 Mln First Union National Bank Commercial Mortgage Trust, 2001-C4
December 6, 2001 Class Amount Sub. Rate Rating S&P Rating Moody's Avg. Life Price Talk Priced Benchmark A-1 287 22.75 AAA Aaa 5.7 +53-55 +53 Swaps A-2 473.3 22.75 AAA Aaa 9.6 +56-58 +55 Swaps B 36.9 19...
ING to Buy Shares of Spanish Realty Firm
AMERSTERDAM, Netherlands – Four controlling shareholders of Filo have agreed to sell their shares to ING Real Estate in a transaction valued at 266 million euros ($237.2 million).The four shareholders, representing about 81.6 percent of the shares, are...
Host Marriott Amends Credit Line
December 6, 2001 BETHESDA, Md. –Host Marriott Corp. (NYSE:HMT) has amended its credit facility, as a result of the effects of the economy and the terrorist attacks of Sept. 11. The amendment limits draws under the revolving credit...
Clarification: Fannie Mae Moves to Automate DUS Lending Process
December 6, 2001 Fannie Mae is not mandating that any of its delegated underwriting and servicing lenders adopt any specific mortgage underwriting tool. A story published on Dec. 4, "Fannie Mae Moves to Automate DUS Lending Process," might...
Prudential Gets S&P Ranking as Master Servicer
December 6, 2001 NEW YORK – Standard & Poor's has added Prudential Asset Resources to its list of commercial mortgage master servicers.In order for a firm to make it onto S&P's select servicer list, it must have a...
Nordisk Renting, GE Capital to Buy Airport Properties for $280.3Mln
December 6, 2001 STOCKHOLM, Sweden – Nordisk Renting and GE Capital Real Estate have contracted to buy 11 airport properties from SAS in a sale-lease back transaction totaling 3 billion kroner ($280.3 million).SAS will lease the properties for...
Correction: Pricing of LB-UBS 2001-C7 10-year AAA
December 6, 2001 The final pricing table for the $1.21 billion Lehman Brothers-UBS Warburg conduit that was posted yesterday originally contained an error regarding the deal's 10-year triple-A tranche. The $540.7 million A-5 strip priced at 59 basis...
Newman Provides $9Mln Financing for Vacant Building in Washington
December 6, 2001 Commercial Real Estate Direct Staff ReportNewman & Associates has provided $9 million of floating-rate financing for 901 Seventh S., a 50,000-square-foot former warehouse in Washington, D.C., that is being converted into an office building.The financing...
Bankruptcy of House2Home Affects 23 CMBS Deals
December 6, 2001 Commercial Real Estate Direct Staff ReportA total of 23 CMBS transactions will be affected by the recent bankruptcy filing of House2Home, a retailer that was formerly known as Homebase, a home-improvement chain.The filing will result...
PRICE TALK: $1.27 Bln Credit Suisse First Boston Mortgage Securities Corp., 2001-TFL-1 (“Titan”)
December 6, 2001 NOTE: Table does not include the deal's 16 "H", "J" and "K" classes, which were to be privately placed. Most were rated in the triple-B range. They total about $156.9 million. Class Amount Rating Fitch...
Southeast Regional Digest (12/6/01): Insignia suing developer over commission
December 6, 2001 Insignia fighting SwerdlowThe Miami HeraldMIAMI – Developer Michael Swerdlow and brokerage firm Insignia/ESG are feuding over a $1.4 million commission from Swerdlow's LightSpeed Miami technology park. Insignia is suing Swerdlow, saying the developer breached an...
3 Recently Refinanced Retail Properties in England Trade Hands
December 6, 2001 Pillar Property PLC has agreed to sell three retail properties in Great Britain to The Hercules Unit Trust for 444.1 million pounds ($634.4 million), but Pillar will remain property manager of these and other assets...
Moody’s Upgrades DLJ Mortgage Acceptance Corp., 1994-MF11
December 5, 2001 NEW YORK – Moody's Investors Service has upgraded DLJ Mortgage Acceptance Corp., 1994-MF11, because subordination levels have improved as a result of loan prepayments and amortization.The rating agency upgraded the deal's: – Class A-3 to...
Canada Digest (12/5/01): International Properties sells Calgary site
December 5, 2001 International Properties sells Calgary siteCALGARY, Alberta – International Properties Group has sold the Kensington Gate property held within its Revenue Properties Division. With the completion of the Kensington Gate sale, aggregate gross proceeds generated from...
CalWest Completes Purchase of Cabot Industrial
December 5, 2001 NEW YORK – A subsidiary of CalWest Industrial Properties has completed the purchase of Cabot Industrial Trust for roughly $1 billion.The joint venture between California Public Employees' Retirement System and Rreef Funds has paid $24/share...
Equity Inns Suspends Quarterly Dividend on Common Shares
December 5, 2001 GERMANTOWN, Tenn. – Equity Inns Inc. (NYSE:ENN) has suspended payment of its fourth quarter dividend.To date, the company has paid a total of 75 cents/share in dividends to common shareholders, about 65 percent of the...
Aimco Purchase Spawns Development Company
December 5, 2001 BEVERLY HILLS, Calif. – The pending acquisition by Apartment Investment and Management Co. (NYSE:AIV) of Casden Properties Inc. has spawned a new apartment development firm. As reported, Aimco has agreed to invest up to $50...
First Industrial, Kuwait Finance House Form Fund
December 5, 2001 CHICAGO – First Industrial Realty Trust (NYSE:FR) has formed an institutional fund with Kuwait Finance House.Total capitalization of the fund is expected to be about $300 million, comprised of 40 percent of equity and 60...
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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.
