RECENT NEWS
NorthStar Capital Sues Vornado Over Purchase of Debt from CSFB
September 26, 2000 NorthStar Capital Investment Corp., which owns a big stake in the Ian Schrager Hotels chain, is suing Vornado Realty Trust (NYSE:VNO), claiming the REIT's recent purchase of $75 million of its debt could restrict NorthStar...
Fitch Downgrades 2 Classes of Asset Securitization Corp., 1996-MD VI
September 26, 2000 NEW YORK – Fitch has downgraded two classes of Asset Securitization Corp.'s 1996-MD VI and affirmed the other classes that it rates.The rating agency lowered the $35.8 million class B-1 and the $1,000 class B-1H...
Koll Development Inks Leases at Dublin, Calif., Office Project
September 26, 2000Special to Commercial Real Estate DirectNewport Beach-based Koll Development Co. has signed five tenants to leases for the first phase of its Koll Dublin Center in Dublin, Calif., illustrating the strength of leasing activity in Northern...
Security Capital, SC-U.S. Realty to Merge
September 26, 2000 LONDON – Security Capital Group Inc. (NYSE:SCZ) and SC-U.S. Realty (NYSE:RTY) have agreed to merge in a deal valued at $1.4 billion. Security Capital will exchange its stock and pay cash for assets of SC-U.S....
Opus West Seen Offering Irvine, Calif., Office Building
September 26, 2000 Special to Commercial Real Estate DirectIRVINE, Calif. - Opus West Corp. plans to begin marketing its new 12-story Opus Center Irvine office building in Irvine, Calif., according to sources familiar with the company.One of Orange...
Greenlight Capital Takes 5.9% Stake in Insignia Financial
September 26, 2000 (NewsTraders.com) – Investment management firm Greenlight Capital LLC has acquired a 5.9 percent ownership stake in Insignia Financial Group (NYSE: IFS), a New York-based real estate organization, according to a regulatory filing.Greenlight, managed by David...
Investor Cuts Hersha Hospitality Stake to 5.3% from 9.4%
September 26, 2000 (NewsTraders.com) – Investor James T. Martin recently lowered his ownership stake in Hersha Hospitality Trust (AMEX:HT) to 5.3 percent from 9.4 percent.The Bermuda-based consultant, who currently owns 120,000 shares of Hersha common stock, last filed...
Insignia Jumps on Project Octane
September 26, 2000 Insignia Financial Group Inc. (NYSE: IFS) has joined the three powerhouse brokerage firms that launched Project Octane, an online transaction services platform slated to launch in the first quarter of 2001.Insignia joins CB Richard Ellis...
Boston Properties Ups Line of Credit by $105 Mln
September 26, 2000 BOSTON – Fleet National Bank has led a syndicate of 14 banks that has raised Boston Properties Inc.'s (NYSE: BXP) unsecured line of credit to $605 million from $500 million.The REIT will use the increased...
Mack-Cali Ups Dividend to $0.61/share
September 26, 2000 CRANFORD, N.J. – Mack-Cali Realty Corp. (NYSE:CLI) has increased its quarterly common-stock dividend to 61 cents/share from 58 cents/share payable Oct. 23 to holders of record Oct. 4.The increased dividend comes on the heels of...
SL Green, Morgan Stanley Venture Sell 90 Broad, Buy 180 Madison
September 26, 2000A joint venture between Morgan Stanley Real Estate Fund III and SL Green Realty Corp (NYSE:SLG) have agreed to sell 90 Broad Street for $60 million, or $176/sf, to Rockrose Development Corp.The 341,000-square-foot building was purchased...
Southeast Regional Digest (9/26/00): Proposed development brings lawsuit in Palm Beach, Fla.
September 26, 2000 Residents face lawsuit over developmentDaily Business Review, September 25PALM BEACH, Fla. – Catalfumo Construction and Development and its development chief have filed suit against two homeowners alleging they are blocking development, interfering with lease deals...
NYSE Tells ElderTrust It Fails to Meet Minimum Listing Regs
September 25, 2000 KENNETT SQUARE, Pa. – ElderTrust (NYSE:ETT) has been notified by the New York Stock Exchange that its total market capitalization and minimum share price have fallen below levels that would allow it to remain listed...
Commercial Net Lease Sells $20 Mln of Unsecured Notes
September 25, 2000 ORLANDO, Fla. – Commercial Net Lease Realty Inc. (NYSE:NNN) has issued $20 million of 8.5 percent senior unsecured notes due 2010.The notes were priced at 99.371 to yield 8.595 percent, which equates to 285 basis...
Allied Capital Deals Through MortgageRamp
September 25, 2000 CHARLOTTE, N.C. – Allied Capital Corp. (Nasdaq:ALLC) has struck a deal to offer small business loans through MortgageRamp.com.The loans will be offered by Allied Capital Express, which provides loans of up to $3 million that...
Southeast Regional Digest (9/25/00): Holiday Inn hotel in Hollywood, Fla., sold for $17.5 Mln
September 25, 2000 Holiday Inn hotel in Hollywood, Fla., sold HOLLYWOOD, Fla. – Maryland-based Boulevard Motel has sold the Holiday Inn at 4000 S. Ocean Drive in Hollywood for $17.5 million, or about $54,500 per unit. Hollywood Hotel...
Newark, N.J., Office Building Sells for $57 Mln
September 25, 2000 NEW YORK – A partnership between Gale & Wentworth and Morgan Stanley Real Estate Fund III has sold Three Gateway Center in Newark, N.J., and an adjacent parking garage to Tahl-Propp Equities for $57 million.The...
Investment Firm Owns 17.2 Percent of Hanover Capital
September 25, 2000 (NewsTraders.com) -- Wallace R. Weitz & Co. said that its ownership stake in Hanover Capital Mortgage Holdings (Amex:HCM) now stands at 17.2 percent.Weitz, an investment firm said in April that it planned to take on...
Mack-Cali, Prentiss Merger Dies
September 22, 2000CRANFORD, NJ – As expected, Mack-Cali Realty Corp. (NYSE:CLI) and Prentiss Properties Trust (NYSE:PP) have formally terminated their merger agreement.As part of the termination agreement, Prentiss will acquire, for $47.1 million, or $175/sf, Mack-Cali's Cielo Center,...
Edward S. Gordon Succumbs to Cancer
September 22, 2000 NEW YORK – Edward S. Gordon, the former chairman of one of the best-known and most active commercial real estate firms in New York, died Thursday afternoon after a lengthy bout with cancer. He was...
Southeast Regional Digest (9/22/00): Residents ready to fight against $146 Mln mixed-use project pro
September 22, 2000 North Springs plan causing a flapAtlanta Journal-Constitution, September 22NORTH SPRINGS, Ga. – Roberts Properties Peachtree Dunwoody plans to develop 720,000 square feet of office space, 100,000 sf of retail and 440 residential units on Peachtree...
Boykin Lodging Boosts Stake in Downtown Chicago Hotel
September 22, 2000 CLEVELAND – Boykin Lodging Co. (NYSE:BOY) has increased its ownership interest to 43.75 percent from 18.75 percent in the 421-room Executive Plaza Hotel in downtown Chicago.The company acquired the additional 25 percent interest from a...
Excel Legacy Sells Offices, Land
September 22, 2000SAN DIEGO – The Price Enterprises Inc. affiliate of Excel Legacy Corp (AMEX:XLG) has recovered $22.1 million, or $160/sf from the sale of two Sacramento, Calif., office buildings.In addition, Price recovered $4.2 million from the sale...
Sarofim Realty Sells Suburban New Orleans Offices for $27.5 Mln
September 22, 2000 METAIRIE, La. – Sarofim Realty Advisors has sold the Causeway Plaza in Metairie, La., to a venture between Concorde Realty Partners LLC and Lehman Brothers for $27.5 million.Sarofim owned the property on behalf of institutional...
FINAL PRICING: $776 Mln Chase Commercial Mortgage Securities Corp. 2000-3
September 22, 2000 Chase Commercial Mortgage Securities Corp. 2000-3ClassAmount($mln)Sub. Level(%)RatingMoody'sRatingFitchAvg.LifePriced(BP)BenchMarkA-1120.223.875AAAAAA5.7+281-mo. LiborA-247123.875AAAAAA9.6+371-mo. LiborB36.919.125AAAA10+531-mo. LiborC31.0615.125AA10+651-mo. LiborD10.6813.75A-A-10+751-mo. LiborE24.2710.625BBBBBB10+230Treas.F7.769.625BBB-BBB-10+270Treas.X*776.6NAAAAAAA--+345**Treas.*Interest only, notional amount.** At 100 percent CPR.
About
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.
