RECENT NEWS
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...
Felcor Names Michael DeNicola Executive VP, CIO
December 5, 2001IRVING, Texas – Felcor Lodging Trust (NYSE:FCH) has named Michael A. DeNicola as executive vice president and chief investment officer.Prior to joining, DeNicola was with Lend Lease Real Estate Investments, where he was principal and head...
CIBC Provides $21.4Mln of Permanent Financing for Phoenix Retail Center
December 5, 2001 PHOENIX – CIBC World Markets has provided $21.4 million of permanent, fixed-rate financing for the purchase of the Desert Palms Center.The 10-year mortgage, which will amortize over 30 years, carries an interest rate of 7.55...
BofA Provides $17.8Mln Loan for Fla. Apartment Community
December 5, 2001 GAINESVILLE, Fla. – Bank of America has provided $17.8 million in permanent, fixed-rate financing for the 168-unit Gainesville Place student apartment community.The 10-year loan, which carries a 30-year amortization schedule, replaces construction financing. Gainesville Place...
Nationwide Life Provides $24.6Mln Floater for Ariz. Apartments
December 5, 2001 SCOTTSDALE, Ariz. – Nationwide Life Insurance Co. has provided $24.6 million in floating-rate financing for the purchase of a 33-unit garden apartment complex.Terms could not be learned.Glen Eagles Apartments consists of 33 two- and three-story...
Grubb & Ellis Names Raymond O’Keefe as Liason to Global Alliance
December 5, 2001 NEW YORK – Grubb & Ellis Co. (NYSE:GBE) has named Raymond O'Keefe as executive vice president, director of international operations.O'Keefe will act as liaison with Knight Frank, the company's global alliance partner.Previously, he served as...
FINAL PRICING: $1.2 Bln LB-UBS Commercial Mortgage Trust, 2001-C7
December 5, 2001 Class Amount Sub. Rate Rating S&P Rating Moody's Avg. Life Priced Benchmark A-1 33 18 AAA Aaa 3.1 +50 Swaps A-2 60.7 18 AAA Aaa 5.2 +53 Swaps A-3 300 18 AAA Aaa 5.7 +55...
Group Buys Stake in Residence Inn Partnership
December 4, 2001 DENVER – An investment group has purchased 5,400 units, or 7.7 percent of the outstanding partnership units, in Marriott Residence Inn II LP for $1.5 million. The group, Madison Liquidity Investors 117 LLC, had offered...
FINAL PRICING: $1.03 Bln J.P. Morgan Chase Commercial Mortgage Securities Corp., 2001-C1
December 4, 2001 NOTE: The deal's triple-A classes were said to have been placed with the quasi-governmental mortgage agencies Fannie Mae and Freddie Mac, according to industry sources. The amounts posted for these triple-A classes are from rating...
New Boston Fund Hires Asset Manager
December 4, 2001 BOSTON – New Boston Fund Inc. has named Pamela D. Adamian as vice president of asset management.Prior to joining the New Boston Fund, Adamian was an asset manager at TA Associates Realty, a Boston-based pension...
MeriStar Takes Over 4 Hotel Leases From Prime Hospitality
December 4, 2001 WASHINGTON – MeriStar Hospitality (NYSE:MHX) has acquired from Prime Hospitality (NYSE:PDQ) leases on the final four of eight hotels previously leased and managed by Prime. MeriStar Hotels & Resorts (NYSE:MMH) will manage the four hotels:...
FelCor Places $100Mln of Unsecured Notes
December 4, 2001 IRVING, Texas – FelCor Lodging Trust Inc. (NYSE:FCH) has sold $100 million of senior unsecured notes through a private placement managed by an underwriting syndicate led by Deutsche Banc Alex. Brown and JP Morgan Chase...
Pension Fund Sells Dallas Apartments
December 4, 2001 By Susanna Potter, Commercial Real Estate Direct Staff WriterThe California State Teachers Retirement System, under the advisement of SSR Realty Advisors, has sold a 296-unit apartment complex in Dallas for $23.7 million, or $79,900/unit.The property,...
Six Continents Said to Explore Buying Starwood Hotels
December 4, 2001 Commercial Real Estate Direct Staff ReportSix Continents PLC, the British hotel company that was formerly known as Bass PLC, is said to be in talks to buy Starwood Hotels & Resorts Worldwide Inc. (NYSE:HOT).According to...
Deutsche Bank, Zurich Financial to Swap Businesses
December 4, 2001 Deutsche Bank and Zurich Financial Services have agreed to swap certain business operations.Deutsche Bank is paying Zurich about $2.5 billion for U.S.-based asset manager Zurich Scudder Investments, excluding Threadneedle Investments, Scudder's U.K. operations.Conversely, Zurich is...
FINAL PRICING: $190 Mln Charlotte Gateway Village LLC (BofA)
December 4, 2001 Banc of America Securities, credit lease-backed notes. Priced Nov. 28. Class/Rating (S&P) Amount Sub. Rate (%) Maturity Coupon (%) Price Talk Priced Benchmark AA- 190 NA Dec., 2016 6.41 +170-175 +170 Treas.
S&P Sees Downgrades on 7 CMBS Deals Because of Interest Shortfalls
December 4, 2001 NEW YORK – Standard & Poor's has downgraded seven CMBS transactions this year because of interest shortfalls.The rating agency, in a published report, "Interest Shortfalls and Their Impact on CMBS Ratings," warned that CMBS deal's...
Canada Digest (12/3/01): Canadian Tire raises C$300Mln through real estate partnership
December 3, 2001 Canadian Tire raises C$300Mln through real estate partnershipTORONTO – Canadian Tire Corp. Ltd. has formed a partnership with a third-party investor group to raise capital based on the income from a portfolio of the company's...
TrizecHahn Securitization Includes Enron-Related Mortgages
December 3, 2001Commercial Real Estate Direct Staff ReportA $1.44 billion CMBS deal that TrizecHahn Corp. (NYSE:TZH) used to finance 28 of its properties includes a large mortgage on the Allen Center, a 3.2 million-square-foot office complex in Houston....
PRICE TALK: $1.2 Bln LB-UBS Commercial Mortgage Trust, 2001-C7
December 3, 2001 Class Amount Sub. Rate Rating S&P Rating Moody's Avg. Life Price Talk Benchmark A-1 450.5 18 AAA Aaa 5.7 +55 area Swaps A-2 545.1 18 AAA Aaa 9.7 +59 area Swaps B 50 13.875 AA...
PRICE TALK: $958.6 Mln First Union National Bank Commercial Mortgage Trust, 2001-C4
December 3, 2001 Class Amount Sub. Rate Rating S&P Rating Moody's Avg. Life Price Talk Benchmark A-1 287 22.75 AAA Aaa 5.7 +53-55 Swaps A-2 473.3 22.75 AAA Aaa 9.6 +56-58 Swaps B 36.9 19 AA Aa2 9.9...
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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.
