RECENT NEWS
JP Morgan Provides $28.6Mln in Bridge Financing for Illinois Apartments
August 13, 2001 NAPERVILLE, Ill. – J.P. Morgan has provided a $28.6 million, three-year bridge loan for a 321-unit apartment property.Proceeds were used to replace a construction loan. The Glenmuir Apartments, owned by Fairfield Residential, are 95 percent...
Corporate Office Buys 2 Buildings Near Baltimore Airport
August 13, 2001 BALTIMORE – Corporate Office Properties Trust (NYSE:OFC) has purchased two office buildings totaling 97,161 square feet near the Baltimore-Washington International Airport Terms of the transaction were not disclosed, but the REIT acquired the property at...
PREIT Refinances Fla. Apartment Complex
August 10, 2001 TAMPA, Fla. – Pennsylvania Real Estate Investment Trust (NYSE:PEI) recently took out a $15 million mortgage to refinance the Countrywood Apartments, an apartment complex in which it owns a half stake.The Federal Home Loan Bank...
2nd Qtr Earnings Recap
August 10, 2001 1st Quarter 2001 Second Quarter 2nd Quarter 2001 2nd Quarter 2000 Company FFO ($Mln) FFO/shr (diluted) Net Income ($Mln) Net Income/shr (diluted) Revenue ($Mln) FFO ($Mln) FFO/shr (diluted) Net Income ($Mln) Net Income/shr (diluted) Revenue...
Moody’s Upgrades American Southwest Financial, 1995-C1
August 10, 2001NEW YORK – Moody's Investors Service has upgraded American Southwest Financial Securities Corp., 1995-C1, because credit support levels have improved as a result of loan prepayments and amortization.The rating agency upgraded the deal's class A-3 to...
Fitch Withdraws Ratings for Kmart CMBS Financing 1997-1
August 10, 2001 NEW YORK – Fitch has withdrawn its ratings on Kmart CMBS Financing Inc., 1997-1, because the certificates were paid in full on July 15.Comments? E-mail
LA Law Firm Expands Lease at Trident Complex
August 10, 2001 Special to Commercial Real Estate DirectThe law firm of Manatt Phelps & Phillips has agreed to expand its Los Angeles offices through a sublease of approximately 72,000 square feet at the Trident Center complex.The 12-year...
Lend Lease Buys 2 Apartment Complexes in Md., R.I.
August 10, 2001 SILVER SPRING, Md. – Lend Lease Real Estate Investments Inc. has purchased two multifamily properties, one each in Silver Spring, Md., and Cranston, R.I., on behalf of its Arch Street Fund series.Terms were not disclosed.The...
Clarification: $277 Mln Credit Suisse First Boston Mortgage Securities Corp., Series 2001-SPG1 (Simo
August 10, 2001 A table posted yesterday regarding Credit Suisse First Boston's 2001-SPG1 single borrower deal said that a $58.7 million triple-A floating rate tranche "did not place."In fact, the bond was never created – instead, its $58.7...
Fitch Rates Health Care REIT’s $175Mln Note Offering
August 10, 2001 NEW YORK – Fitch has assigned its triple-B-minus rating to Heath Care REIT Inc.'s offering of $175 million senior unsecured notes due 2007.The rating outlook is stable.Proceeds from the sale will be used to repay...
Starwood Names Chief Executive Officer of New St. Regis Division
August 10, 2001 WHITE PLAINS, N.Y. – Starwood Hotels and Resorts Worldwide Inc. has named Atef Mankarios, former chairman and chief executive office of Rosewood Hotels and Resorts, as president of St. Regis. Mankarios, most recently the chief...
Burnham Pacific Sells Olympiad Plaza in Calif. for $11.8Mln
August 10, 2001 MISSION VIEJO, Calif. – Burnham Pacific Properties Inc. (NYSE:BPP) has sold the Olympiad Plaza to Retail Value Investment Program for about $11.8 million. Proceeds from the sale were used to reduce outstanding debt. The retail...
Home Properties Names Director of Investor Relations
August 10, 2001 ROCHESTER, N.Y. – Home Properties (NYSE:HME) has named Charis W. Copin as director of investor relations.Prior to joining the apartment REIT, she was director of investor relations at PSC Inc.Comments? E-mail
Cigna Provides $96Mln in Financing for Calif. Mall
August 10, 2001 VENTURE, Calif. – Cigna Investments Inc. has provided $96 million in permanent, fixed-rate financing to the Macerich Co. (NYSE:MAC) for the Pacific View Mall. The 10-year mortgage, which has a 30-year amortization schedule, replaces a...
AMLI Buys Houston Multifamily Property
August 10, 2001 HOUSTON – AMLI Residential Properties Trust (NYSE:AML) purchased the former Augusta Apartment Homes from a San Antonio, Texas, development company led by Walter Embrey.Terms of the deal were not disclosed. The REIT changed the name...
Sizeler Sells San Antonio, Texas, Mall
August 10, 2001 SAN ANTONIO, Texas – Sizeler Property Investors Inc. (NYSE:SIZ) has sold the Camelot Plaza.Terms of the transaction were not disclosed. Sizeler also declared a 23 cents/share dividend, payable on Sept. 6, to shareholders of record...
Southeast Regional Digest (8/10/01): Harry’s Farmers Market sells megastores to Whole Foods Market
August 10, 2001 Harry's Farmers Market Sells megastores to Whole Foods Market ATLANTA - Harry's Farmers Market Inc. has agreed to sell its three megastores and support facilities to Whole Foods Market Inc. for about $35 million. About...
Northland Buys Avalon Apartments in Conn. for $81.5Mln
August 10, 2001 MANCHESTER, Conn. – Northland Investment Corp. has acquired a 932-unit garden apartment community from AvalonBay Communities Inc. (NYSE:AVB) for $81.5 million.The Pavilions, which is the third largest multifamily community in Connecticut, sits on about 47...
Canada Digest (8/10/01): Investment firm buys major office complex in Ottawa
August 10, 2001 Investment firm buys major office complex in OttawaOTTAWA, ON - The British Columbia Investment Management Corp. through its real estate adviser, Penreal Capital Management Limited Partnership, has completed the purchase of World Exchange Plaza. The...
CMBS Global and Domestic Bookrunner Ranking Updated for Week Ended 8/10/01
August 10, 2001 The Commercial Real Estate Direct CMBS global and domestic bookrunner rankings have been updated.Click here to view global and domestic bookrunner rankings.Comments? E-mail Christina Caprio, or call her at (215) 504-4288, Ext. 214.
iStar Financial Prices $350Mln Senior Note Offering; Fitch Assigns BB+ Rating
August 10, 2001 NEW YORK – iStar Financial Inc. (NYSE:SFI) has agreed to pricing terms for a $350 million offering of 8.75 percent senior notes due 2008. The offering, which was increased to $350 million from $200 million...
Mack-Cali Buys 2 Office Properties for $14.7Mln
August 10, 2001 HAWTHORNE, N.Y. – Mack-Cali Realty Corp. (NYSE:CLI) purchased two office/flex buildings from Madeira-RMC LP for $14.7 million.The buildings total 168,177 square feet and are at 5 and 6 Skyline Drive in the Mid-Westchester Executive Park....
S&P Raises Ratings on 2 Classes in Merrill Lynch’s 1996-C2
August 10, 2001 NEW YORK – Standard & Poor's raised its ratings on two classes in Merrill Lynch Mortgage Investors Inc.'s 1996-C2 and affirmed seven classes. Class B was upgraded to double-A-plus from double-A, and class C was...
Key Provides $17Mln in Financing for Wash. Apartments
August 10, 2001BOTHELL, Wash. – Key Commercial Real Estate provided $17 million in permanent financing for the Willina Ranch Apartment project developed by RD Manning Inc. The 10-year loan has a 30-year amortization schedule and bears an interest...
Boykin Venture Buys N.J. Hotel for $17.5Mln
August 9, 2001LYNDHURST, N.J. – A joint venture between Boykin Lodging Co. (NYSE:BOY) and an affiliate of Concord Hospitality Enterprises has purchased a 219-key hotel in Northern New Jersey for $17.5 million. The venture purchased the hotel –...
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