RECENT NEWS
Canada Digest (7/27/01): Residential Equities Buys Two Niagara Area Properties
July 27, 2001 Residential Equities buys two Niagara area propertiesST. CATHERINES, Ontario - Residential Equities REIT purchased 351 and 363 Geneva St. in St. Catharines for C$4.3 million (US$2.8 million) and C$3.9 million, respectively. The properties contain a...
AMLI JV to Develop $82Mln Chicago-area Apartment Complex
July 27, 2001WOODRIDGE, Ill. - A joint venture between AMLI Residential Properties Trust (NYSE:AML) and National Electrical Benefit Fund is planning to develop a 520-unit apartment complex in the Seven Bridges community of Woodbridge, Ill.The $82 million project,...
Southeast Regional Digest (7/26/01): Cingular move boosts N. Fulton, Ga.
July 26, 2001 Cingular move boosts N. Fulton, Ga.ALPHARETTA, Ga. - Cingular Wireless has leased an office complex at Winward and Westside parkways that was built for Nortel Networks. The 376,000-square-foot complex is spread over two buildings. Barry...
PRICE TALK: $383 Mln Banc of America Large Loan Inc., 2001-7WTC
July 26, 2001 Class Amount Rating Moody's Rating Fitch Avg. Life Price Talk Benchmark A 211.2 Aaa AAA 4.5 +30 area Libor B 19.3 Aa1 AA+ 4.5 +38 area Libor C 26.8 Aa2 AA 4.5 +45 area Libor...
Hotel Manager Buys Half Interest in Boston Hotel for $23Mln
July 26, 2001 Fairmont Hotels & Resorts Inc. has purchased a 50 percent equity interest in The Fairmont Copley Plaza Boston, a luxury hotel in Boston's Back Bay that it has managed since 1996.The $23 million deal also...
Moody’s Upgrades DLJ Mortgage Acceptance Corp., 1996-CF1
July 26, 2001 NEW YORK – Moody's Investors Service has upgraded DLJ Mortgage Acceptance Corp., 1996-CF1, because the collateral pool, which has performed well, has shrunk by nearly 15 percent because of prepayments and amortization. That has resulted...
FelCor Ups Credit Line to $700Mln
July 26, 2001 IRVING, Texas - FelCor Lodging Trust Inc. (NYSE:FCH) has raised a $700 million line of credit that it will use to fund its $2.7 billion acquisition of MeriStar Hospitality Corp. (NYSE:MHX)The 5-year, floating rate line...
FINAL PRICING: $383 Mln Banc of America Large Loan Inc., 2001-7WTC
July 26, 2001 Class Amount Rating Moody's Rating Fitch Avg. Life Priced Benchmark A 211.2 Aaa AAA 4.5 +30 Libor B 19.3 Aa1 AA+ 4.5 +38 Libor C 26.8 Aa2 AA 4.5 +45 Libor D 14.9 Aa3 AA-...
G&L Realty Seeks $16/share from Buyout
July 26, 2001BEVERLY HILLS, Calif. – G&L Realty Corp. (NYSE:GLR), which has received a $15/share buyout proposal, said it would support the offer if it were increased to $16/share.G&L, a health-care REIT, gave the group that made the...
Essex Forms Apartment-Buying Fund
July 26, 2001 PALO ALTO, Calif. – Essex Property Trust Inc. (NYSE:ESS) has formed an investment fund that has been capitalized with $105 million of equity. The apartment REIT, which is among the fund's investors, also sold to...
Brookfield Puts Chief of U.S. Unit in Top Slot
July 25, 2001 Brookfield Properties Corp. (NYSE:BPO) has named Richard (Ric) Clark president and chief executive, effective March 31, 2002.Clark is currently president and chief executive of Brookfield's U.S. office property unit. He joined the firm in 1996...
Capital Automotive to Buy 9 Properties for $102.4Mln
July 25, 2001 MCLEAN, Va. Capital Automotive REIT (Nasdaq: CARS) has agreed to buy nine automotive retail properties for $102.4 million in seven states.The REIT expects to fund the deal with $150 million of 12-year secured financing from...
Maritz, Wolff Offers $80Mln for Bankrupt Las Vegas Hotel
July 25, 2001 Maritz, Wolff & Co. has turned in what appears to be the high bid for the 541-key Regent Las Vegas hotel-casino, according to the Las Vegas Review-Journal. The Los Angeles company has made an $80...
FINAL PRICING: $996.1 Mln J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2001-CIBC2
July 25, 2001 Class Amount Sub. Rate Rating S&P Rating Fitch Avg. Life Price Talk Priced Benchmark A-1 50 22 AAA AAA 2.5 +35 area +33 Swaps A-2 153.25 22 AAA AAA 7 +44-45 +45 Swaps A-3 573.75...
Fitch Upgrades Prudential Securities 1995-MCF2
July 25, 2001 NEW YORK – Fitch has upgraded Prudential Securities Secured Financing Corp., 1995-MCF2 because a 34 percent reduction in the collateral pool's principal balance has resulted in improved subordination levels.The rating agency upgraded the deal's $8.9...
Summit Properties Gets $20Mln for Apartments; Extends Credit Line
July 25, 2001 WEST PALM BEACH, Fla. – Summit Properties sold the 304-unit Summit Palm Lake apartment complex in West Palm Beach, Fla., to an undisclosed buyer for $20 million, or $65,800/unit.Proceeds were used to pay down the...
Moody’s Upgrades SMA Finance 1998-C1
July 25, 2001 NEW YORK – Moody's Investors Service has upgraded SMA Finance Co., 1998-C1, as a result of improved subordination levels.The deal's collateral pool has shrunk to $210.4 million from $225.1 million at issuance and it has...
FINAL PRICING: $956.8 Mln Salomon Bros. Commercial Mortgage Trust, Series 2001-C1
July 25, 2001 Class Amount Sub. Rate Rating Moody's Rating S&P Avg. Life Price Talk Priced Benchmark A-1 50 23 Aaa AAA 2.6 +35 area +33 Swaps A-2 172.7 23 Aaa AAA 6.6 +44 area +47 Swaps A-3...
Guthrie Buys Calif. Industrial Complex for $10.1Mln
July 25, 2001 TUSTIN, Calif. – Guthrie Development Co. purchased the Tustin Freeway Commerce Center for $10.1 million.The 184,032-square-foot industrial complex, at 320-694 B St. and 320-437 6th St., is about 95 percent leased to tenants such as...
Residential Equities REIT Raises C$44.3Mln from Stock Offering
July 25, 2001 TORONTO - Residential Equities REIT completed a public offering of 3.41 million units at C$13.00/unit.The Canadian REIT raised C$44.3 million (US$28.8 million), which will be used to pay down debt and fund capital improvements.The offering...
Mission West Buys More Calif. R&D Properties from the Berg Group
July 25, 2001 CUPERTINO, Calif. – Mission West Properties Inc. (AMEX:MSW) has purchased three research and development properties in San Jose and Sunnyvale, Calif., during the latest quarter.The properties, which were bought from the Berg Group, added 206,000...
Canada Digest (7/25/01): Residential Equities REIT buys Burlington property
July 25, 2001 Residential Equities REIT buys Burlington property TORONTO - Residential Equities REIT purchased 1360-1422 Tyandaga Park Drive in Burlington, Ontario, for C$7.4 (US$4.8 million). The 84-unit property consists of two three-story apartment buildings and three two-story...
Southeast Regional Digest (7/25/01): Golf car maker to call Charlotte, N.C. home
July 25, 2001Golf car maker to call Charlotte, N.C. homeCHARLOTTE, N.C. - Textron Golf, Turf & Specialty Products signed a lease for 14,000 square feet at Whitehall Corporate Center in southwest Mecklenburg County. The company will relocate from...
More CMBS Hit Market as Large Conduits Price
July 25, 2001Commercial Real Estate Direct Staff ReportThe month of July, already one of the busiest ever for CMBS issuance volume, is showing no signs of letting up. So far, more than $5.4 billion has been priced since...
RREEF Buys Dallas-Area Apartment Complex
July 25, 2001 By Brad Berton, Commercial Real Estate Direct Contributing WriterRREEF Funds has purchased the recently completed 590-unit Villa Miranda Apartments in Irving, Texas from JPI, a local merchant builder.The principals to the transaction declined to disclose...
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