RECENT NEWS
Fitch Withdraws Ratings on PaineWebber IV 1995-M1
August 23, 2001 NEW YORK – Fitch has withdrawn its ratings on five classes of PaineWebber Mortgage Acceptance Corp. IV's 1995-M1 multifamily deal because the certificates have been paid in full.Fitch withdrew its triple-A rating on the A,...
WP Carey Closes $11.5Mln Deal with Jen-Coat
August 23, 2001 WESTFIELD, Mass. – W.P. Carey & Co. LLC (NYSE:WPC) has paid $11.5 million for two properties here in a sale-leaseback deal with Jen-Coat Inc. Jen-Coat, a packaging products manufacturer, will lease the 377,500 square feet...
Southeast Regional Digest (8/23/01): Atlanta apartments sell for $11.7Mln
August 23, 2001 Atlanta apartments sell for $11.7MlnATLANTA – Bank of America has sold a 364-unit apartment community in the city's South Fulton submarket for $11.7 million, according to a news release. Atlanta-based Jamco paid $32,143/unit for Chestnut...
Greenwich Group Hires Michael Hunter to Lead San Francisco Office
August 23, 2001 SAN FRANCISCO – Michael Hunter has joined The Greenwich Group International LLC as managing director of the San Francisco office.Hunter will be responsible for the sale of institutional quality assets and debt and equity placements...
Johnson Capital Group Opens East Coast Office
August 23, 2001 Johnson Capital Group, a West Coast mortgage banking firm, has opened up a shop in Washington, D.C., that is led by three newly hired multifamily finance specialists.The Irvine, Calif., firm has hired Patrick Kinlan, who...
Plan to Redevelop Pittsburgh Land Advances
August 23, 2001 PITTSBURGH – A short list of prospective developers have been selected from about 100 vying for the right to develop the land between PNC Park and Heinz Field, homes of the Pittsburgh Pirates and Steelers,...
Greenwich Capital Hires 2 Executives for Boston Branch Office
August 23, 2001 GREENWICH, Conn. – Greenwich Capital Markets has made two additions to its new Boston office at 100 Summer St., which is set to open early next month.Lee Apgar, who has been with Greenwich Capital for...
Colony Capital Sells Luxury Hotel in French Alps for $12.5Mln
August 23, 2001 PARIS – Colony Capital has sold a four-star luxury in the French Alps town of M?ribel to Alp A'zur H?tels for 13.7 million euros ($12.5 million).Jones Lang LaSalle Hotels arranged the sale of the 92-unit...
Equity Residential Begins Hunt for President
August 23, 2001 CHICAGO – Equity Residential Properties Trust (NYSE:EQR) has formally begun its search for a president who would ultimately succeed Douglas Crocker II, the REIT's current president and chief executive. The REIT said it has hired...
Lend Lease Global Properties Buys London Office Building
August 23, 2001 NEW YORK – A joint venture led by Lend Lease Global Properties has purchased a historic office building in London. The venture paid 12.5 million pounds ($18.1 million) for 10 Furnival St., an 88,000-square-foot building...
Grubb & Ellis Sees Optimism for Future of Beleaguered Telecom Sector
August 23, 2001 NORTHBROOK, Ill. – The nationwide telecom vacancy rate is 39 percent, but demand from traditional firms will eventually better those bleak figures and provide investment opportunities, according to Grubb & Ellis Co. (NYSE:GBE), which has...
Fitch Upgrades Midland Realty Acceptance, 1996-C2
August 23, 2001 NEW YORK – Fitch has upgraded Midland Realty Acceptance Corp., 1996-C2, because loan payoffs and amortization have resulted in improved subordination levels.The rating agency upgraded the deal's $30.7 million class B to double-A-plus from double-A,...
Keystone Re-Purchases Shares
August 23, 2001 WEST CONSHOHOCKEN, Pa. – Keystone Property Trust (NYSE:KTR) has priced a public offering that Merrill Lynch & Co. Inc. is underwriting.The 2.5 million common shares are priced at $13.65 each.Keystone is using the $32.3 million...
Crescent Sells Reckson Shares to Lehman
August 23, 2001 Commercial Real Estate Direct Staff ReportCrescent Real Estate Equities LP has sold 3.45 million shares of Reckson Associates Realty Corp. (NYSE:RA) to Lehman Brothers Inc. for $78.6 million.According to a regulatory filing, Lehman paid $22.75/share...
Security Capital Board OKs $250Mln Share Buyback
August 23, 2001 CHICAGO – Security Capital Group Inc.'s (NYSE:SCZ) board of directors yesterday authorized the repurchase of an additional $250 million in stock. Since initiating the share repurchase program in September 1999, the real estate operating company...
Canada Digest (8/22/01): $400Mln development will rise on the original Molson Brewery site
August 22, 2001 $400Mln development will rise on the original Molson Brewery siteTORONTO - A joint venture with H&R Developments and Lifetime Homes plans to develop and build Waterparkcity. The C$400 million (US$259 million) waterfront project, on the...
Common Fund Buys Last Building in NC Office Park
August 22, 2001 CHARLOTTE, N.C. – The New York State Common Retirement Fund has bought another building in the Coliseum Centre Office Park.The pension fund paid Crescent Resources Inc. $25.5 million for Four Coliseum Centre, a 200,000-square-foot building...
Pension Fund, Insurer Provide $96Mln Mall Loan
August 22, 2001 SAN BUENAVENTURA, Calif. – The New York State Common Retirement Fund and Connecticut General Life Insurance Co. have co-funded the $96 million mortgage recently placed on The Pacific View Mall.Cigna Investments Inc. recently provided the...
Debtx Puts RTC Loan Documents on Web Site
August 22, 2001 Commercial Real Estate Direct Staff ReportThe offering process for the first batch of mortgages from several terminated RTC securitizations has gotten under way. Debtx, which was hired to market the $90.1 million of loans remaining...
G&L Realty Declines Weisman Offer
August 22, 2001 BEVERLY HILLS, Calif. – A special committee of G&L Realty Corp. (NYSE:GLR) will advise the board of directors against a buyout proposal by Lyle Weisman and his associates.The special committee declined the latest offer because...
Cushman & Wakefield Appoints 4 Cushman Realty Executives
August 22, 2001 Cushman & Wakefield has appointed four former Cushman Realty Corp. executives to executive positions in the merged company.Stuart R. Essery and Robert A. Ortiz have been made executive managing directors, while Andrew D. Ratner has...
E&Y Looks to Sublease Space in New Manhattan Tower
August 22, 2001 Ernst & Young, which had agreed to lease all of a 1.1 million-square-foot office building being constructed in Manhattan's Times Square, is putting nearly 129,000 sf back on the market. The consulting firm has retained...
Legg Mason Adds Producer to Tampa Office
August 22, 2001 TAMPA, Fla. – J. Scott Davis has joined Legg Mason Real Estate Services as vice president for loan production at the Tampa regional office.Davis was most recently with Bank of America, where he was senior...
Southeast Regional Digest (8/22/01): Galleria in Orlando to get a $50Mln facelift
August 22, 2001 Galleria to get a $50Mln facelift Orlando (Fla.) Sun-SentinelORLANDO, Fla. - The Galleria is getting its first makeover in 18 years. Keystone Florida Property Holding Corp. will spend $50 million to update the 47-year-old-mall. Construction...
Fitch Upgrades DLJ Mortgage Acceptance, 1994-MF11
August 22, 2001 NEW YORK – Fitch has upgraded DLJ Mortgage Acceptance Corp., 1994-MF11, because the collateral pool has been significantly paid down.The rating agency upgraded five classes and affirmed the other class it rates. The classes that...
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.
