RECENT NEWS
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...
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...
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...
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...
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...
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...
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...
Holiday Inn Wall Street District Hotel Reopens for Business
September 21, 2001 NEW YORK – Six Continents Hotels (NYSE:SXC) has reopened its Holiday Inn Wall Street District hotel in lower Manhattan.The hotel, at 15 Gold St., had been closed since Sept. 11 due to a loss of...
Southeast Regional Digest (9/21/01): Blue Cross to sell 2 NC properties
September 21, 2001 Blue Cross to sell 2 properties to raise cashThe Charlotte (N.C.) ObserverCHAPEL HILL, N.C. – Blue Cross and Blue Shield is trying to sell its headquarters building here and its Durham customer service center, which...
Prime Retail to Lose NYSE Listing; Securities to Trade Over the Counter
September 21, 2001 The New York Stock Exchange has notified Prime Retail Inc. (NYSE:PRT) that it will no longer list the REIT's securities effective Thursday, Sept. 27.Prime Retail, which had its common stock, series A senior cumulative preferred...
PRICE TALK: $535 Mln Credit Suisse First Boston 2001-FL2
September 21, 2001 Class Amount Rating Moody's Rating S&P Avg. Life Price Talk Benchmark A 365.2 AAA AAA 1.7 +33 area Libor B 46.4 AA AA 1.9 +55 area Libor C 35.6 A A 2.2 +100 area Libor...
Canada Regional Digest (9/21/01): Pension fund unit makes offer for Oxford Properties convertible de
September 21, 2001 Pension fund unit makes offer for Oxford Properties convertible debenturesTORONTO – BPC Properties Ltd., a subsidiary of Ontario Municipal Employees Retirement System, has agreed with holders of C$70 million (US$44.6 million) of the Oxford Properties...
A&B Partnership Building $46Mln Condo Project in Hawaii
September 21, 2001 Commercial Real Estate Direct Staff ReportKO OLINA, Oahu – A&B Properties Inc., the development and management arm of Alexander & Baldwin Inc. (NYSE:ALEX) and an affiliate of Armstrong Builders Ltd., has formed a joint venture...
Equity One Buys Centrefund
September 21, 2001 MIAMI BEACH, Fla. – Equity One Inc. (NYSE: EQY) has completed its purchase of Centrefund Realty Corp., a subsidiary of First Capital Corp,. in a stock-for-stock deal valued at $280 million, including transaction costs.Under the...
Layton-Belling Developing Offices for PacLife
September 21, 2001 Special to Commercial Real Estate DirectLayton-Belling & Associates is developing for Pacific Life & Annuity Co. a 135,000-square-foot office property in its 10-acre Main Corporate Center project in Irvine, Calif. Newport Beach, Calif.-based real estate...
Tri-National Files Suit Against Senior Care
September 21, 2001 SAN DIEGO, Calif. – Tri-National Development Corp. (OTCBB:TNAV) has filed a lawsuit against Senior Care Industries (OTCBB:SENC) alleging fraud, breach of contract and SEC violations.The lawsuit in part claims that Senior Care failed to producing...
Vornado Realty Sells Securities Via $45Mln Private Placement
September 21, 2001 PARAMUS, N.J. – Vornado Realty LP, the operating partnership of Vornado Realty Trust (NYSE:VNO), has sold $45 million of 8.25 percent series D-9 cumulative redeemable preferred units. The private placement sale to an institutional investor...
MeriStar Sells Richmond, Va., Hotel
September 21, 2001 RICHMOND, Va. – MeriStar Hospitality Corp. (NYSE:MHX) has sold the 280-key Richmond Hotel & Conference Center to an affiliate of Columbia Sussex Corp. for an undisclosed amount. Proceeds will be used to pay down existing...
FelCor, MeriStar Terminate Merger
September 21, 2001 IRVING, Texas – FelCor Lodging Trust (NYSE:FCH) and MeriStar Hospitality Corp. (NYSE:MHX) have agreed to terminate their merger, due to the effect on the financial markets from last week's terrorist attacks on New York City...
Global REIT Index to Launch Oct. 1
September 21, 2001 The European Public Real Estate Association, National Association of Real Estate Investment Trusts and Euronext are launching a global real estate equities index on Oct. 1.The EPRA/Nareit Global Real Estate Index is a composite of...
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...
Mack-Cali Boosts Dividend to $0.62/share
September 21, 2001 CRANFORD, N.J. – Mack-Cali Realty Corp. (NYSE:CLI) has increased its quarterly dividend to 62 cents/share from 61 cents/share. The increase means the REIT is paying an annual dividend of $2.48/share. The dividend is payable Oct....
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...
S&P Lowers Ratings on Asset Securitization Corp.’s 1997-MDVII
September 21, 2001 NEW YORK – Standard & Poor's has lowered its ratings on two classes of Asset Securitization Corp.'s $12.49 million 1997-MDVII to reflect the interest shortfall due to fees that were paid to the special servicer,...
Calif. Offices Sell for $14Mln
September 21, 2001 Special to Commercial Real Estate DirectA group of private local buyers has purchased the six-story, 128,000-square-foot One Civic Plaza office building in Carson, Calif., for about $14 million, or $110/sf.The group includes Ed-Pac Drive-In Theatre...
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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.
