RECENT NEWS
JV Pays $15.7Mln for Sacramento, Calif., Apartment Complex
August 22, 2001 SACRAMENTO, Calif. – A joint venture of Haverford Capital and a Los Angeles-based investment company has paid $15.7 million for the Suncreek Apartments, a 268-unit complex in the Citrus Heights area of Sacramento.Haverford provided $3.9...
DirecTV Renews, Expands HQ Lease in El Segundo, Calif.
August 22, 2001 EL SEGUNDO, Calif. – DirecTV Inc. has signed a new seven-year lease to expand its headquarters at Kilroy Airport Center in El Segundo.The lease, which covers nearly 182,500 square feet in two buildings, is valued...
Staubach Hires C&W Exec to Lead New Advisory Division
August 22, 2001 NEW YORK – The Staubach Co. has hired Stevan Sandberg as president of Staubach Advisory Services, a new division within the company.Sandberg will direct the group that will formalize Staubach's strategic planning and financial consulting...
Israeli Company Buys 1.3Mln Equity One Shares for $14Mln
August 21, 2001 The Israeli company that has been buying a significant stake in Equity One Inc. (NYSE:EQY) has just purchased another 1.3 million shares of the Florida-based REIT for $10.875 per share.Alony Hetz Properties & Investments Ltd....
Westin Hotels Responds to Third Party Mini Tender Offer
August 21, 2001 WHITE PLAINS, N.Y. – Westin Realty Corp. is recommending that limited partners not accept an unsolicited tender offer that Everest Lodging Investors LLC made for a 1 percent stake in Westin Hotels LP.Everest is offering...
Fitch Upgrades Merrill Lynch Mortgage Investors, 1994-M1
August 21, 2001 NEW YORK – Fitch has upgraded Merrill Lynch Mortgage Investors Inc., 1994-M1, because of improved subordination levels that have resulted from loan paydowns. The rating agency upgraded the deal's $20.3 million class E to triple-A...
Ted LaRoche Retires From Full-time Posts at National HealthCare
August 21, 2001 MURFREESBORO, Tenn. – Richard F. (Ted) LaRoche Jr. is retiring effective May 2002 from his managerial positions at National HealthCare Corp. (AMEX:NHC) and two affiliated companies. LaRoche, who has been with the company for 30...
S&P Upgrades Merrill Lynch Mortgage Investors, 1995-C1
August 21, 2001 NEW YORK – Standard & Poor's has upgraded Merrill Lynch Mortgage Investors Inc., 1995-C1 because the collateral pool has had significant paydowns that have resulted in improved subordination. The rating agency upgraded the issue's class...
Fitch Upgrades JPMorgan Commercial Mortgage Finance, 1997-C5
August 21, 2001 NEW YORK – Fitch has upgraded J.P. Morgan Commercial Mortgage Finance Corp., 1997-C5 because loan payoffs and amortization have resulted in improved subordination levels. The rating agency upgraded the deal's $51.7 million class B to...
Newman Financial Provides $25Mln Debt for San Francisco Complex
August 21, 2001 Newman Financial Services Inc. has provided a $25 million debt package on 1700 California St., a mixed-use property in downtown San Francisco.The package, comprised of a mezzanine and debt component, will allow the owner to...
Wexford Bancgroup Arranges Construction Financing for Chicago Hotel
August 21, 2001 CHICAGO – Wexford Bancgroup has arranged debt and equity financing totaling more than $56 million for a 362-all suite Marriott Renaissance Suites Hotel under construction near O'Hare International Airport in Chicago. The package provided to...
Fed to Pay Mack-Cali $67Mln for D.C. Office Building
August 21, 2001 Commercial Real Estate Direct Staff ReportThe Federal Reserve Board has contracted to buy a Washington, D.C., office building from Mack-Cali Realty Corp. (NYSE:CLI) for $67 million, or nearly $404/sf.The Fed, which leases about 70 percent...
Lend Lease Tapped as Master, Special Servicer for Japan Securitization
August 21, 2001 NEW YORK – Lend Lease Real Estate Investments Inc. has been selected as master and special servicer for a 14.8 billion yen ($120 million) Japanese loan that Nomura Capital Investment Co. Ltd. is securitizing through...
Southeast Regional Digest (8/21/01): Hoover, Ala., OKs 80-acre retail complex
August 21, 2001 Hoover, Ala., OKs 80-acre retail complex The Birmingham (Ala.) NewsHOOVER, Ala. - The city council has unanimously approved a shopping center next to the Riverchase Galleria. The 600,000-square-foot Patton Creek development is on 80 acres....
State Farm Provides $26.9Mln of Financing for Atlanta Industrial Building
August 21, 2001 By Christina Caprio, Commercial Real Estate Direct Staff WriterATLANTA – State Farm Life Insurance Co. has provided $26.9 million in permanent, fixed-rate financing for four warehouse/office buildings in the Peachtree North industrial park in Gwinnett...
Ontario Pension Fund Makes Bid for Oxford Properties Group
August 21, 2001 TORONTO – BPC Properties Ltd., an affiliate of Ontario Municipal Employees Retirement, is looking to buy Oxford Properties Group Inc. (TSE:OXG) for C$23.75/share (US$15.34) in cash.The C$1.5 billion (US$969 million) deal for all of the...
Canada Digest (8/21/01): Cominar REIT buys 2 buildings in Montreal area
August 21, 2001 Cominar REIT buys 2 buildings in Montreal areaQUEBEC CITY - Cominar Real Estate Investment Trust has purchased two industrial and mixed-use buildings in the Montreal region, in Laval and Anjou. The buildings were purchased for...
Parkway Properties Says FFO Will Be Shy of Estimates
August 21, 2001 JACKSON, Miss. – Parkway Properties Inc. (NYSE:PKY) expects earnings for 2001 to be lower than analysts' projections. The REIT said funds from continuing operations will likely be $4.22-$4.30/share. That's lower than the consensus estimate of...
MeriStar Hired to Manage American Skiing Resorts
August 21, 2001 WASHINGTON – MeriStar Hotels & Resorts (NYSE:MMH) will manage the lodging facilities at eight American Skiing Co. (NYSE:SKI) resorts. The five-year agreement adds 3,423 units to MeriStar's resort management portfolio, nearly doubling its size.Among the...
Fitch Upgrades Prudential Securities Secured Financing Corp., 1995-C1
August 21, 2001 NEW YORK – Fitch has upgraded Prudential Securities Secured Financing Corp., 1995-C1, because of improved subordination resulting from loan payoffs and amortization.The rating agency upgraded the $7.4 million class C to triple-A from double-A-minus and...
Hillwood’s Norton Air Base Redevelopment in Calif. Advances
August 21, 2001 Special to Commercial Real Estate DirectRoss Perot Jr.'s Hillwood Strategic Services expects to bring a Midwest-based business and 900 jobs to the site of the former Norton Air Force Base in southern California's San Bernardino...
German Company Buys MTV Building in Santa Monica, Calif.
August 21, 2001 TMW Real Estate Group has closed on its purchase of the MTV Building in Santa Monica, Calif., according to a report in today's Los Angeles Times.The Atlanta-based German insurance adviser paid the M. David Paul...
GMAC Arranges $14Mln Loan for Fla. Multifamily Complex
August 20, 2001 CLERMONT, Fla. – GMAC Commercial Mortgage Corp. has arranged a $14.3 million Freddie Mac loan for a 272-unit apartment complex at 16554 Crossing Blvd.Cagan Crossings LLC used the fixed-rate permanent loan, which amortizes over 30...
Moody’s Upgrades AMC Depositor LLC
August 20, 2001 NEW YORK – Moody's Investors Service has upgraded AMC Depositor LLC, AMC, because amortization has resulted in a lower collateral loan balance and the underlying property's performance has improved.The agency upgraded the deal's Class C...
John McElwaine Leaves Online Mortgage-Trading Site
August 20, 2001 Commercial Real Estate Direct Staff ReportJohn P. McElwaine, who had been managing director at LoanAuction Inc., has left the online operation to join Coface North America.McElwaine is overseeing a newly opened Philadelphia office for Coface...
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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.
