RECENT NEWS
LTC to Buy Back 3Mln Common Shares for $5.75/Share
September 6, 2001 OXNARD, Calif. – LTC Properties (NYSE:LTC) is offering to purchase up to 3 million shares of its common stock at $5.75/share.The offer will begin on Monday, Sept. 10, and expire at 5 p.m. EDT Monday,...
Equity Office Sells Assets Totaling $95Mln
September 6, 2001Equity Office Properties Trust (NYSE:EOP) recently sold five assets – four office buildings and an apartment building – for $94.9 million in three separate deals.As reported earlier, the REIT sold three office buildings in Northern Virginia's...
Dynex Names Stephen J. Benedetti Executive VP; Will Buy Back Shares
September 6, 2001 GLEN ALLEN, Va. – Dynex Capital Inc. (NYSE:DX) has promoted Stephen J. Benedetti to executive vice president and chief financial officer.He had served as the company's vice president, treasurer and acting chief financial officer.Dynex also...
Shurgard to Sell Stock, Buy Out Venture Partner
September 6, 2001 Commercial Real Estate Direct Staff ReportSEATTLE – Shurgard Storage Centers Inc. (NYSE:SHU) plans to raise $74.3 million from the sale of 2.5 million common shares through underwriter Salomon Smith Barney.The REIT will use the lion's...
Canada Digest (9/6/01): RioCan sells interest in 4 retail centers in Ontario
September 6, 2001 RioCan sells interest in 4 retail centers in OntarioTORONTO – RioCan Real Estate Investment Trust (TSE:REI) and its joint venture partner, Trinity Development Group, have sold a 20 percent interest in four retail centers in...
Jamaican Loan Offering Still Moving Along
September 6, 2001 By Orest Mandzy, Commercial Real Estate Direct Managing EditorThe Jamaican government's efforts to sell a portfolio of distressed loans that were originated by now-defunct banks and insurers is nearing completion. The government agency set up...
Moody’s Upgrades GS Mortgage Securities, 1997-GLI
September 6, 2001 NEW YORK – Moody's Investors Service has upgraded GS Mortgage Securities Corp. II, 1997-GL I, because loan payoffs have resulted in increased subordination levels. The rating agency upgraded the deal's Class B to Aa1 from...
Glimcher Secures $40Mln Refinancing of Minn. Mall
September 6, 2001 BLAINE, Minn. – Glimcher Realty Trust (NYSE:GRT) has secured a $40 million mortgage to refinance the Northtown Mall.Deutsche Bank provided the interest-only loan, which matures Aug. 31, 2003, but can be extended for an additional...
ARCS Commercial Provides $13.5Mln of Financing for Miami Apartments
September 6, 2001 ARCS Commercial Mortgage Co. has structured the conversion of $13.5 million of tax-free bond credit enhancement on a Miami apartment complex into permanent financing. The Fannie Mae Delegated Underwriting and Servicing financing carries a fixed...
Southeast Regional Digest (9/6/01): Soy company nixes plans to build $35Mln plant in Fla.
September 6, 2001 Alpro pulls $35 million plant planFlorida Times-UnionJACKSONVILLE, Fla. – Soy-based products producer Alpro North-America Inc. has nixed plans to build a $35 million 180,000-square-foot processing plant and distribution center on the city's Westside. The Belgian...
Legg Mason Arranges $25Mln of Debt for Boston-area Building
September 6, 2001 Bank of America has provided $25 million of permanent financing for 625 Massachusetts Ave., a 125,000-square-foot mixed-use building in Cambridge, Mass.The financing was arranged by Legg Mason Real Estate Services/Spectrum Financial, which was formed through...
NY Office Market Gets Reprieve From Vacancies
September 6, 2001 The pace at which tenants have been emptying New York office space slowed in July, but vacancy rates still climbed in two of the city's top three markets.According to Grubb & Ellis, negative absorption, or...
Holliday Hires Andrew Scandalios as Senior Director
September 6, 2001 NEW YORK – Holliday Fenoglio Fowler has hired Andrew Scandalios, a former senior vice president of Rockwood Realty Associates, as senior director in its New York office. Scandalios joined Holliday with Joe Morningstar, another Rockwood...
Fitch Upgrades JP Morgan’s 1995-C1
September 5, 2001 NEW YORK – Fitch has raised its ratings on two classes in J.P. Morgan's Commercial Mortgage Finance Corp.'s 1995-C1 and affirmed other classes it rates.The $10.3 million class B was upgraded to triple-A from double-A-plus,...
Calif. Flex Property Sells for $10.2Mln
September 5, 2001 LONG BEACH, Calif. – A California investment group has paid $10.2 million, or $85/sf, for a Long Beach, Calif., business park. The 120,000-square-foot property, at 105-161 Victoria St., was sold by AP Victoria LLC, another...
Greenwich, Conn., Property Sells for $26.7Mln
September 5, 2001 GREENWICH, Conn. – An affiliate of HB Nitkin Group has paid $26.7 million for a mixed-use property and former armory.The Greenwich real estate firm's Innovest Group operation purchased the Greenwich Financial Center, which has 57,400...
Southeast Regional Digest (9/5/01): Nashville apartments sell for $13.9Mln
September 5, 2001 Brentwood Oaks in Nashville soldTennesseanNASHVILLE, Tenn. – America First Real Estate Investment Partners paid $13.9 million for Brentwood Oaks, a 262-unit apartment complex near Old Hickory Boulevard and Edmonson Pike. Northwestern Mutual Life Insurance Co....
Air Cargo Facilities Developer Hires CB Richard Ellis for Recapitalization
September 5, 2001 AUSTIN, Texas – Lynxs Group has retained CB Richard Ellis to explore raising capital to expand its airport real estate development program globally. The Austin, Texas-based developer has built air cargo facilities at such airports...
TMW to Pay $50Mln for DC Offices
September 5, 2001TMW Real Estate has agreed to buy 2001 Pennsylvania Ave. NW in downtown Washington D.C.TMW has agreed to pay close to $50 million for the 147,000-square-foot office building, according to the Washington Business Journal.The property is...
Colonial Sells Ala., Ga., Properties to Philly Company
September 5, 2001 BIRMINGHAM, Ala. – Colonial Properties Trust (NYSE:CLP) has sold three multifamily properties in Alabama and Georgia to CMS Cos. of Philadelphia for an undisclosed sum.Proceeds will be used to reduce the REIT's unsecured credit line...
G&L Realty Declines Latest Weisman Proposal
September 5, 2001 BEVERLY HILLS, Calif. – G&L Realty Corp. (NYSE:GLR) has rejected the latest buyout proposal offered by Lyle Weisman and his associates.The health care REIT's special committee of its board of directors said it "had concluded...
CalSTRS Scouts for up to $150Mln of Affordable Housing Investments
September 5, 2001 Commercial Real Estate Direct Staff ReportThe California State Teachers Retirement System has earmarked $150 million of capital that it plans to invest in real estate investments with an affordable housing component.The pension fund, known as...
Archon Provides $40.8Mln Financing for Dallas-area Complex
September 5, 2001DALLAS – Archon Financial has provided $40.8 million of financing for part of the Southlake Town Square, a massive mixed-use development in Dallas' Metroplex.The Goldman Sachs' unit provided two 10-year mortgages to a group led by...
LaSalle Raises $53Mln in First Closing of Medical Office Fund
September 5, 2001 CHICAGO – LaSalle Investment Management Inc. has raised about $53 million in the first closing of the LaSalle Medical Office Fund, which will buy and develop medical office buildings throughout the United States. LaSalle expects...
FINAL PRICING: $487Mln GNR 2001-44 (CSFB)
September 5, 2001 Class Amt ($mln) Avg. Life FINAL PRICING (bp) Bench mark A 120.5 3.50 30 Swaps AB 40.0 3.99 35 Swaps B 162.4 7.50 55 Swaps C 106.3 10.79 60 Swaps Z 58.5 17.24 160 30yr...
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.
