RECENT NEWS
Starwood Names Former GE Exec VP of Strategic Planning
November 21, 2001 WHITE PLAINS, N.Y. – Starwood Hotels & Resorts Worldwide Inc. (NYSE:HOT) has hired Dene Rogers as senior vice president, strategic planning.Rogers also will serve as a member of the company's senior operating committee. He will...
WP Carey Names Anne R. Coolidge as REIT’s President
November 20, 2001 NEW YORK – W.P. Carey & Co. (NYSE:WPC) has named Anne R. Coolidge as president of Corporate Property Associates 15, its newest net lease real estate investment trust that opened to investors on Nov. 15.Coolidge...
Federal Realty to Raise $125Mln
November 20, 2001 ROCKVILLE, Md. – Federal Realty Investment Trust (NYSE:FRT) plans to raise $125 million from the sale of 5 million shares of series B cumulative redeemable preferred shares that carry an 8.5 percent coupon at $25/share.Proceeds...
Southeast Regional Digest (11/20/01): Beacon building spec buildings in NC
November 20, 2001 Beacon building spec buildings in NCCharlotte (N.C.) ObserverHUNTERSVILLE, N.C. – Beacon Partners, which filled 70,000 square feet in two speculative buildings over the past year at the NorthCross Business Campus, has started two more office/warehouses...
AmeriVest Buys Ariz. Office Building for $12.75Mln
November 20, 2001 PEORIA, Ariz. – AmeriVest Properties Inc. (NYSE:AMV) has purchased the Arrowhead Fountains Office Building for $12.75 million, or about $133/sf.Arrowhead Fountains is being purchased at a first year capitalization rate, or initial yield, of more...
Union Bank Provides $21.8Mln Floater to Bedford Property
November 20, 2001 LAFAYETTE, Calif. – Union Bank of California has provided $21.8 million in financing to Bedford Property Investors (NYSE:BED) for nine properties in California.The three-year loan bears a floating-rate interest that is 160 basis point over...
Fitch Upgrades 2 Classes of Merrill Lynch, 1995-C3
November 20, 2001 NEW YORK – Fitch has raised its ratings on two classes of Merrill Lynch Mortgage Investors 1995-C3, and affirmed other rated classes.The $38.6 million class B was upgraded to triple-A from double-A, and the $32.2...
Pinnacle Sells 2 Carrier Hotels in St. Louis
November 20, 2001 ST. LOUIS – Pinnacle Holdings Inc. (NYSE:BIGT) has closed on the sale of two carrier hotels, the Tucker Building and the Valley Building.Proceeds of $22 million will be used to repay bank debt, including the...
Canada Digest (11/20/01): REIT raises C$44.5Mln from equity issue
November 20, 2001 REIT raises C$44.5Mln from equity issueTORONTO – Retirement Residences REIT has completed its sale of 3.8 million units for C$11.75/unit. Retirement Residences used part of the C$44.5 million (US$28 million) in proceeds to pay the...
FINAL PRICING: $846.3 Mln Morgan Stanley Dean Witter Capital I Inc., 2001-XLF
November 20, 2001 NOTE: Credit support in parentheses indicate levels when excluding the unpooled G and H classes. Class Amount Sub. Rate (%) Rating S&P Rating Moody's Avg. Life Priced Benchmark A1 250 27.3 (21.2) AAA Aaa 1.55...
RFS Amends $140Mln Credit Facility
November 20, 2001 MEMPHIS, Tenn. – RFS Hotel Investors Inc. (NYSE:RFS) has amended its $140 million line of credit, allowing a relaxation of some of the terms through Dec. 31, 2002.RFS, which is in full compliance with all...
Burnham Pacific Amends Sales Deal With Pacific Retail
SAN DIEGO – Burnham Pacific Properties (NYSE:BPP) has reduced the number of properties it will sell to Pacific Retail, cutting the value of the deal to $149.5 million from $158.5 million.Under the terms of the amended agreement, Pacific...
First Industrial Buys Oakbrook Tech Campus in Ga. for $26.2Mln
November 20, 2001 NORCROSS, Ga. – First Industrial Realty Trust has purchased the Oakbrook Technology Campus from Principal Capital Real Estate Investors for $26.2 million. The 11-building, 512,540-square-foot business park is 99 percent leased to 32 tenants. The...
JLL Hotel Research Examines Sector Post-Sept. 11
November 20, 2001 NEW YORK – Hotel markets around the globe have suffered substantially from the soft economy and the aftereffects of the Sept. 11 terrorist attacks. But the downturn in the sector could result in solid opportunities...
Fresh Meadows Apartments Closes for $270Mln
November 20, 2001 NEW YORK – Insignia Financial Group Inc. (NYSE:IFS) expects a $10 million pre-tax capital gain in its fourth quarter and year-end 2001 financial results from the sale of the Fresh Meadows Apartments, a 140-building residential...
Jones Lang LaSalle Names Eoin Slavin CEO of Operations in Brazil
November 20, 2001 Jones Lang LaSalle (NYSE:JLL) has named Eoin Slavin president and chief executive officer of its operations in Brazil, effective Jan. 1.Slavin replaces Chris Penn, who will serve as chairman of South American operations from his...
American Retirement Buys Illinois Center for $13.2Mln
November 20, 2001 OAK PARK, Ill. – American Retirement Corp. (NYSE:ACR) has purchased a 196-unit retirement center for $13.2 million from National Health Properties.The company received a $13 million mortgage from GMAC to buy the Holley Court Terrace...
FINAL PRICING: $963.8 Mln GE Capital Commercial Mortgage Corp., 2001-3
November 19, 2001 Class Amount Sub. Rate (%) Rating S&P Rating Fitch Avg. Life Price Talk Priced Benchmark A1 270.5 22.25 AAA AAA 5.7 +55-57 +55 Swaps A2 478.8 22.25 AAA AAA 9.7 +59-61 +59 Swaps B 42.1...
Creditors Relax Terms of FelCor Lodging’s Credit Line
November 19, 2001 IRVING, Texas – FelCor Lodging Trust Inc. (NYSE:FCH) has reached an agreement with its lenders to ease certain requirements under its $615 million unsecured line of credit. The relaxed requirements run through Sept. 30, 2002....
FelCor Swaps Fixed Rates for Floaters on $100Mln of Notes
November 19, 2001 IRVING, Texas – FelCor Lodging Trust (NYSE:FCH) has converted fixed coupon payments on $100 million of its unsecured notes into floating-rate payments.The REIT apparently made the move to take advantage of what are extremely low...
KSL Recreation Corp. Buys La Costa Resort and Spa
November 19, 2001 CARLSBAD, Calif. – KSL Recreation Corp. has acquired the renowned La Costa Resort and Spa from its Japanese owner for an undisclosed price.Sports Shinko had owned the property since 1987, when it paid a reported...
Insignia Adds Sales/Leasing Pros to Calif. Offices
November 19, 2001 Commercial Real Estate Direct Staff ReportInsignia/ESG has added another pair of commercial real estate veterans to its growing California team: industrial sales and leasing specialist Marc Burns and longtime corporate real estate executive Michael Huaco.Burns...
Fitch Invests in MortgageRamp
November 19, 2001 CHARLOTTE, N.C. – Fitch has invested $1.75 million in MortgageRamp, the online loan origination site. MortgageRamp's investor base now includes all three major rating agencies."This is the first time in the industry that all three...
Fitch Places 2 Classes of ASC 1997-MDVII on Rating Watch Negative
November 19, 2001 NEW YORK – Fitch has placed the $27.5 million A-5 and the $10 million A-6 in Asset Securitization Corp.'s 1997-MD VII on rating watch negative.Class A-5 is rated single-B-plus and class A-6 is rated single-B-minus....
CMBS Global and Domestic Bookrunner Ranking Updated for Week Ended 11/16/01
November 19, 2001 The Commercial Real Estate Direct CMBS global and domestic bookrunner rankings have been updated.Click here to view the updated global and domestic bookrunner rankingsComments? E-mail
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