RECENT NEWS
Host Marriott Tries Restructuring Terms of Debt; Won’t Pay 4th Qtr Dividend
October 26, 2001Commercial Real Estate Direct Staff ReportHost Marriott Corp. (NYSE:HMT), like other hotel companies, is reeling from the effects the Sept. 11 attacks have had on its business and is trying to modify terms of some of...
Southeast Regional Digest (10/26/01): Publisher seeks 50,000 sf of office space in Fort Lauderdale
October 26, 2001 American Media looking for 50,000 sf of office spaceSun-Sentinel (Fort Lauderdale, Fla.)FORT LAUDERDALE, Fla. – American Media Inc is shopping for new office space and is seeking to sign a five to seven-year lease. Colliers...
Closing Date Extended for Burnham Pacific Sale to Apollo Group
October 26, 2001 SAN DIEGO – Burnham Pacific Properties Inc. (NYSE:BPP) said it has agreed to push out the projected closing date of its $158.5 million sale of 18 properties to Pacific Retail LP to Nov. 30 from...
Southeast Regional Digest (10/25/01): Bellevue, Tenn., mixed-use project under review
October 25, 2001Bellevue, Tenn., mixed-use project under reviewTennesseanBELLEVUE, Tenn. – A developer's desire to turn vacant land west of Bellevue into one of Middle Tennessee's largest communities has Metro planners calling for a timeout. The as-yet-unnamed project would...
Canada Regional Digest (10/25/01): Relocation of Edmonton’s largest medical lab expected by late ’02
October 25, 2001 Relocation of city's largest medical lab expected by late '02The Edmonton JournalEDMONTON, Alberta – A pair of announcements promise to breathe fresh life into downtown Edmonton with a major retail redevelopment and a business relocation...
LoopNet Names Jason Greenman VP of Business Development
October 25, 2001 SAN FRANCISCO – LoopNet Inc. has named Jason D. Greenman as vice president of business development. Greenman is responsible for managing, marketing and expanding the company's business partnerships and alliances, including identifying and negotiating new...
BofA provides $13.3Mln Loan for Wisc. Apartments
October 25, 2001 MADISON, Wisc. – Bank of America has provided roughly $13.3 million in permanent, fixed-rate financing for a 119-unit apartment complex owned by Mills Spring LLC.The 10-year mortgage bears a 6.96 percent interest rate and carries...
AvalonBay Postpones Construction of $48.9Mln Apartment Complex in Seattle
October 25, 2001 SEATTLE – AvalonBay Communities (NYSE:AVB) has decided to defer construction on a $48.9 million, 16-story high-rise apartment community in the city's Capitol/First Hill neighborhood until the economic conditions in Seattle and the nation improves.Construction on...
G&L Realty Stockholders OK Merger With Gottlieb, Lebowitz
October 25, 2001 BEVERLY HILLS, Calif. – Stockholders of G&L Realty Corp. (NYSE:GLR) have approved the merger of the REIT with an entity owned by Daniel M. Gottlieb and Steven D. Lebowitz.G&L Realty is a health care REIT...
GE Completes $5.3Bln Buy of Heller Financial
October 25, 2001 STAMFORD, Conn. – General Electric Capital Corp. (NYSE:GE) has completed its purchase of Heller Financial for $5.3 billion in cash, or $53.75/share.Heller's primary businesses in commercial finance, equipment leasing and real estate finance will be...
Freddie Mac Provides $63.8Mln for Apartment Portfolio
October 25, 2001 Freddie Mac has provided $63.8 million in fixed-rate financing for a portfolio of six apartment properties totaling 1,992 units owned by Apartment Investment and Management Co. (NYSE:AIV).The terms of the transaction were not disclosed.The portfolio...
Simmons Vedder Gets $59Mln Financing for Houston Apartments
October 25, 2001 HOUSTON – Simmons Vedder has received $59 million in equity and debt financing to build a 33-story apartment high-rise near downtown Houston.Corus Bank provided a construction loan, while Peabody Global Real Estate Partners provided the...
Cominar REIT to Raise $37.5Mln From Share Sale
October 25, 2001 QUEBEC CITY, Quebec – Cominar REIT (TSE:CUF.UN) plans to raise C$37.5 million (US$24 million) from the sale of 3.5 million units at C$10.7/share.Proceeds will be used to reduce the REIT's debt.National Bank Financial Inc. is...
Jonathan Cappo Launches Cutwater Capital
October 25, 2001 By Orest Mandzy, Commercial Real Estate Direct Managing EditorJonathan Cappo, a former managing director at Rockwood Realty, has launched Cutwater Capital LLC through which he will make opportunistic real estate investments and serve as adviser...
Boston Properties Secures $145.3Mln in Financing for 4 Properties
October 25, 2001 Commercial Real Estate Direct Staff ReportBOSTON – Boston Properties Inc. (NYSE:BXP) has secured $145.3 million in loans to refinance four properties, two each in Washington, D.C., and Boston during the third quarter.The lenders could not...
REVISED PRICE TALK: $113.8 Mln J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2001-A
October 24, 2001 J.P. Morgan Chase has restructured the six-year, $57.75 million triple-A class of its current $113.8 million offering, made up mostly of fixed-rate loans kicked out of previous CMBS transactions. Investors will now be able to...
Salomon Provides $24Mln Loan for Ore. Business Center
October 24, 2001 Commercial Real Estate Direct Staff ReportBEAVERTON, Ore. – Salomon Smith Barney has provided $24 million in permanent, fixed-rate financing to Time Equities Inc. for the Murray Business Center. Proceeds from the 10-year mortgage, which bears...
SL Green CEO Selling Shares
October 24, 2001 NEW YORK – Stephen L. Green, chairman and chief executive officer of SL Green Realty Corp. (NYSE:SLG), plans to sell up to 350,000 common shares to facilitate family and estate planning needs.Beginning in the first...
Kramont to Buy Pa. Retail Center for $18.9Mln
October 24, 2001 ALLENTOWN, Pa. – Kramont Realty Trust (NYSE:KRT) has signed a letter of intent to buy the Village West Shopping Center for about $18.9 million.The acquisition is in the form of an exchange of partnership interest...
Southeast Regional Digest (10/24/01): Golf Trust sells Fla. golf club for $8.4Mln
October 24, 2001 Golf Trust sells Polo Trace Golf & Country ClubDELRAY BEACH, Fla. – Golf Trust of America has sold the Polo Trace Golf & Country Club for $8.35 million to Southern Golf Partners, the company said...
Canada Regional Digest (10/24/01): Industrial lands given new future with office development
October 24, 2001 Industrial lands given new futureThe Victoria TimesVICTORIA, British Columbia – A $20 million high-tech office project will start next month on Tyee Road near the Point Ellice Bridge, the first new construction on the long-vacant...
RealtyLogix Launches Realty RiskPro
October 24, 2001 ATLANTA – RealtyLogix has launched Realty RiskPro, a software that allows banks and financial institutions to assess and monitor their commercial real estate loan portfolios.Realty RiskPro analyzes performance, cash flow and value as well as...
MortgageRamp Signs Bond Street Capital to Origination Platform
October 24, 2001MortgageRamp has lined up Bond Street Capital for its DealCentral loan-origination platform, which also includes the company's entire package of financial services.Bond Street Capital – the mortgage lending operation headed by Barry Reiner, a former First...
Arnold Rosen, Co-founder of Lennar, Dies
October 24, 2001 MIAMI – Arnold Rosen, co-founder and former executive vice president of Lennar Corp. (NYSE:LEN), died on Oct. 18. Rosen was also a member of the company's board of directors.In addition to his contributions to Lennar's...
PRICE TALK: $938.3 Mln Banc of America Commercial Mortgage Inc., 2001-PB1
October 23, 2001 Class Amount Sub. Rate (%) Rating S&P Rating Moody's Avg. Life Price Talk Benchmark A1 72.8 22 AAA Aaa 3 +47-48 Swaps A2 24.3 22 AAA Aaa 5.75 +55-57 Swaps A3 34 22 AAA Aaa...
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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.
