RECENT NEWS
Cigna Provides $72Mln Financing for Md. Office Complex
September 25, 2001 BETHESDA, Md. – Cigna has provided $72 million in permanent, fixed-rate financing for two, five-story Class-A office buildings owned by Hines Corporate Properties.The financing was used to purchase the complex, known at Capital Gateway. Hines...
Southeast Regional Digest (9/25/01): JDN buys stake in shopping center owner
September 25, 2001 JDN Realty buys interest in shopping center ownerAtlanta Journal-ConstitutionATLANTA – JDN Realty has acquired a 49 percent interest in Hendon/Atlantic Rim John's Creek LLC, which owns a shopping center at Peachtree Parkway and McGinnis Ferry...
Sonnenblick-Goldman Arranges Loan Sale for TIAA
September 25, 2001 Teachers Insurance and Annuity Association, advised by Sonnenblick-Goldman Co., has sold six first mortgages secured by office buildings in New Jersey and Connecticut.A Midwestern savings bank bought the six loans, which were marketed as two...
Westfield Responds to Rodamco’s Share Issue
September 25, 2001 Westfield Holdings has responded to Rodamco North America's issuing yesterday of new shares to an independent trust by calling it a "brazen attempt to entrench management to the detriment of all shareholders."Rodamco North America issued...
CMBS Spreads Continue Widening
September 24, 2001 Commercial Real Estate Direct Staff ReportCMBS spreads continued to widen last week, as investors remained skittish following the terrorist attack that destroyed the World Trade Center. According to the Commercial Real Estate Direct CMBS Pricing...
New Plan Completes Sales of Garden Apartments for $380Mln
September 24, 2001 NEW YORK – New Plan Excel Realty Trust Inc. (NYSE:NXL) has completed the $380 million sale of its entire garden apartment portfolio.A group made up of Houlihan-Parnes Realtors LLC and CLK Management Corp. purchased the...
Urstadt Biddle Sells Fla. Retail Center for $16Mln
September 24, 2001 CLEARWATER, Fla. – A partnership between Urstadt Biddle Properties Inc. (NYSE:UBP) and Kimco Realty Corp. (NYSE:KIM) has sold the Countryside Square Village Shopping Center for $16 million to a local real estate investor.The 231,000-square-foot retail...
Grubb & Ellis Taps Joel Herskowitz to Head Tri-State Office
September 24, 2001 NEW YORK – Grubb & Ellis Co. (NYSE:GBE) has named Joel S. Herskowitz senior vice president and managing director of the firm's tri-state regional office.The office handles business in the region comprising New York, New...
CalSTRS Extends Deadline for Real Estate Fiduciary Apps
September 24, 2001 Commercial Real Estate Direct Staff ReportThe California State Teachers' Retirement System has extended the deadline for those firms applying for positions as independent fiduciaries to the pension fund.CalSTRS, which began soliciting proposals about a month...
S&P Puts CMBS Insurance-Dependent Ratings on Watch Negative
September 24, 2001 NEW YORK – Standard & Poor's has placed three CMBS transactions that include credit support from ZC Specialty Insurance Co. and Centre Reinsurance (U.S.) Ltd. on credit watch with negative implications.The move comes after S&P...
America First Mortgage Investments to Become REIT
September 24, 2001 NEW YORK – America First Mortgage Investments Inc. (NYSE:MFA) has agreed to merge with America First Mortgage Advisory Corp. As a result of the merger, America First Mortgage Investments will become a self-advised REIT.Sutro Capital...
Fitch Upgrades Resolution Trust Corp. 1995-C2
September 24, 2001 NEW YORK – Fitch has upgraded three classes of Resolution Trust Corp., 1995-C2, because the balance of the collateral loan pool exceeds the bond balance by $29.8 million.The rating agency lifted the deal's $7 million...
Common Fund Commits $100Mln to Affordable Housing Program in NY State
September 24, 2001 The New York State Common Retirement Fund has committed an additional $100 million to create affordable housing in the state.The pension fund previously committed $200 million to the Community Preservation Corp., which originates affordable housing...
Southeast Regional Digest (9/24/01): St. Joe building $24Mln HQ in Jacksonville, Fla.
September 24, 2001 St. Joe to construct $24Mln building in Jacksonville, Fla.Florida Times-UnionJACKSONVILLE, Fla. – The St. Joe Co. plans to build a seven-story, $24 million 140,000-square-foot headquarters office building on a little more than three acres at...
Federal Realty Buys Friendship Centre in DC for $32.7Mln
September 24, 2001 WASHINGTON, D.C. – Federal Realty Investment Trust (NYSE:FRT) has acquired the Friendship Centre for $32.7 million.The 119,000-square-foot center was built in 1998 by Chicago-based developer Dan McCaffery. City Center Realty Trust, which is controlled by...
Moody’s Sets Call to Assess Trade Center Bombing Impact on Market
September 24, 2001 Commercial Real Estate Direct Staff ReportMoody's Investors Services is conducting a conference call for tomorrow, Sept. 25, at 11 a.m. Eastern time, in which its analysts will discuss how real estate markets have been and...
DebtX Inks Deal With Online Bank Trading Platform
September 24, 2001 BOSTON – DebtX, an online mortgage-sales operation, has formed a partnership with FinancialOxygen, allowing it to directly offer its services to hundreds of banks.FinancialOxygen's BankOxygen online trading hub, which is used by independent financial institutions...
MeriStar Names President, COO
September 24, 2001 WASHINGTON – MeriStar Hospitality Corp. (NYSE: MHX) and MeriStar Hotels & Resorts (NYSE:MMH) have named John Emery as president and chief operating officer. Previously, Emery was the chief operating officer of MeriStar Hospitality and chief...
Rodamco Takes Steps to Halt Westfield Holdings’ Takeover
September 24, 2001 NEW YORK – Rodamco North America NV has issued 14.7 million shares to an independent trust as a way to thwart Westfield Holdings' attempt to take control of the company through its 24 percent stake.In...
Investcorp Sells NJ Building for $16Mln
September 24, 2001 SOUTH PLAINFIELD, N.J. – Investcorp has sold a three-story, Class-B-plus office building for about $16 million to an undisclosed buyer.Investcorp purchased the roughly 160,000-square-foot Southfield Center in partnership with Crow Holdings of Dallas and Lincoln...
Insignia/ESG Hires Brian Barringer for Capital Advisors Group
September 24, 2001 BOSTON – Insignia/ESG Inc. has hired Brian R. Barringer to help develop and oversee the Boston office of Insignia's Capital Advisors Group, the firm's real estate investment banking division. As managing director, Barringer will advise...
PS Business Parks Sells Securities Via $53Mln Private Placement
September 24, 2001 GLENDALE, Calif. – PS Business Parks LP, the operating partnership of PS Business Parks Inc. (AMEX:PSB), has sold $53 million of its 9.25 percent series E cumulative redeemable preferred units to GSEP 2001 Realty Corp.PS...
SL Green Buys Out Carlyle Interest in NY Offices
September 24, 2001 NEW YORK – SL Green Realty Corp. (NYSE:SLG) has acquired from Carlyle Group the 49.9 percent interest in 1250 Broadway in midtown Manhattan that it did not already own.The New York REIT paid Carlyle $29.5...
Senior Housing Properties Names John R. Hoadley CFO
September 21, 2001 NEWTON, Mass. – Senior Housing Properties Trust (NYSE:SNH) has elected John R. Hoadley chief financial officer and treasurer.Hoadley, a certified public accountant, has served as the REIT's controller since May 2000. His appointment relieves David...
Wellsford Venture Owns $24.8Mln of Trade Center Bonds
September 21, 2001 NEW YORK – A venture controlled by Wellsford Real Properties Inc. (AMEX:WRP) owns $24.8 million of bonds from GMAC Commercial Mortgage Securities Inc., 2001-WTC. The bonds are backed by a mortgage on Manhattan's World Trade...
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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.
