RECENT NEWS
Gerald Rohm Tapped as President, COO of eProperty
June 20, 2000 LOS ANGELES – eProperty, an Internet real estate site formed by Kennedy-Wilson Inc. (Nasdaq:KWIC), has named Gerald M. Rohm as president and chief operating officer. Previously, Rohm was managing director & vice president of portfolio...
Related Capital Arranges $10.5 Mln Equity Financing for Philly Property
June 19, 2000 NEW YORK – Related Capital Co. has arranged $10.5 million of historic tax-credit funding allowing Dranoff Properties to invest in the rehabilitation of a University City property in Philadelphia. The property is slated to become...
PRICE TALK: $738.7 Mln Chase/GE CMBS Deal
June 19, 2000 Go To Fitch Presale Report. Go To Moody's Presale Report. Chase Commercial Mortgage Securities Corp., Series 2000-2ClassAmount($mln)Sub. Level(%)RatingFitchRatingMoody'sAvg.LifePricetalk(BP)BnchMarkA-111924AAAAaa5+28-303-mo. LiborA-2442.524AAAAaa10+37-393-mo. LiborB26.820.375AAAa210+49-523-mo. LiborC34.215.75AA210+61-643-mo. LiborD1214.125A-A310+71 area3-mo. LiborE2311BBBBaa210+240 areaTreas.X*738.7NAAAAAaaNA+365 area**Treas.* Interest-only strip.** At 100 percent CPR.
Terremark Leases Chunk of Miami Carrier Hotel
June 19, 2000 MIAMI – A unit of Global Crossing Ltd. has agreed to lease at least 125,000 square feet, and up to 250,000 sf at Technology Center of the Americas, a carrier hotel being developed by a...
Shareholders Okay Equity Office, Cornerstone Merger
June 19, 2000 CHICAGO – Shareholders of Equity Office Properties Trust (NYSE:EOP) and Cornerstone Properties Inc. (NYSE:CPP) have approved the merger of the two REITs, paving the way for the deal to close.The combined entity will operate under...
Swig Gets Full Ownership of San Francisco Offices
June 19, 2000 The Swig Co. has purchased the 50 percent interest in 633 Folsom Street in San Francisco that it did not already own from William Wilson & Associations. Terms of the deal were not disclosed.The deal...
Michael Pralle Named President, CEO of GE Capital Real Estate
June 19, 2000 STAMFORD, Conn. – Michael E. Pralle, president and chief executive of the private-equity investment arm of GE Capital, has been named president and chief executive of GE Capital Real Estate.Pralle replaces Ron Pressman, who was...
Crocker Realty to Sell Assets for $500 Mln
June 19, 2000 Crocker Realty Trust has signed an agreement to sell virtually all its real estate assets to MSJ Realty Trust for $500 million. The acquisition, reported by the South Florida Business Journal, will comprise 6.1 million...
Southeast Regional Digest (6/19/00): MSJ Realty to pay $500 Mln for Crocker portfolio
June 19, 2000 MSJ Realty to pay $500 Mln for Crocker portfolioSouth Florida Business Journal, June 19 BOCA RATION, Fla. – MSJ Realty Trust plans to pay $500 million for Crocker Realty Trust's 6.1 million-square-foot office portfolio, which...
Hospitality Properties to Buy 10 Marriott Hotels for $145 Mln
June 19, 2000 Hospitality Properties Trust (NYSE: HPT) has agreed to buy 10 hotels from Marriott International Inc. (NYSE: MAR) for $145 million. Eight of the hotels were purchased last week, the remainder are still being developed and...
Heidelberger Buying Piece of Kodak Manufacturing Hub
June 19, 2000 Associated PressROCHESTER, N.Y. – The digital division of German printing giant Heidelberger Druckmaschinen AG, which bought Eastman Kodak Co.'s office-imaging unit last spring, is purchasing a big chunk of Kodak's Elmgrove industrial hub. Heidelberg Digital...
2 Small REITs Review Operations to Ensure No Wrongdoing
June 19, 2000DALLAS – Income Opportunity Realty Investors Inc. (Amex:IOT) and Transcontinental Realty Investors Inc. (NYSE:TCI), two Dallas REITs that are managed by Basic Capital Management Inc., have hired independent counsel to review their operations to ensure that...
Pacific Gateway To be Bought by Mission Orchard Statutory Trust
June 19, 2000 SAN FRANCISCO – Pacific Gateway Properties Inc. (AMEX: PGP) has agreed to be acquired by Mission Orchard Statutory Trust, an affiliate of Integrated Capital Associates Inc.Under the terms of the agreement, Pacific Gateway's shareholders will...
Singapore Puts Washington-Area Complex on Block
June 19, 2000 The government of Singapore has put Metro Park North, a 908,000-sf complex in Rockville, Md., up for sale. According to the Washington Business Journal, the portfolio could sell for up to $120 million. Singapore paid...
Reichmanns Consider Next Move for Montreal Theme Park
June 19, 2000 Montreal Gazette/Associated PressMONTREAL (CP) – Albert Reichmann refused Thursday to give up on a Montreal sports and entertainment complex that would cost 1 billion Canada dollars (US$682 million). "We're studying the situation," Reichmann, the chairman...
Summit/Mack-Cali Break Ground on Anaheim Offices
June 19, 2000 ANAHEIM, Calif. – Summit Commercial Properties and Mack-Cali Realty Corporation (NYSE:CLI) have started construction on a $40 million Class-A office building in Anaheim.The 260,000-square-foot Stadium Gateway is 30 percent pre-leased to New Horizons Worldwide Inc,...
Bankruptcy Forces Offering of 77 Acres of Property Along Hudson River
June 16, 2000 Bankruptcy is forcing the sale of 76.6 acres of Hudson River waterfront property in Kingston, N.Y.The unnamed debtor has claimed Chapter 11 bankruptcy and has retained Keen Realty Consultants Inc. of Great Neck, N.Y., to...
Southeast Regional Digest (6/16/00): JDN Realty charges $13 Mln against fourth quarter earnings
June 16, 2000 JDN Realty takes a charge of $13 Mln for quarterThe Atlanta Journal-Constitution, June 16ATLANTA – JDN Realty Corp. has charged $13 million against its fourth quarter earnings to cover costs associated with inaccurate accounting that...
S&P Gives Orix Strong Ranking as Servicer, Special Servicer
June 16, 2000 NEW YORK – Standard & Poor's has issued ORIX Real Estate Capital Markets LLC rankings of "Strong" as a commercial master servicer, commercial loan servicer, and commercial special servicer. Over the past several years, the...
CSFB’s Conduit Coming in July
June 16, 2000By Thomas J. Walsh, Commercial Real Estate Direct Senior WriterCredit Suisse First Boston is readying it's next conduit – a $1.3 billion affair – for launch in early to mid-July. Morgan Stanley will likely be the...
Bevy of CMBS on Deck
June 16, 2000 By Thomas J. Walsh, Commercial Real Estate Direct Senior WriterCommercial mortgage-backed securities deals being cued up for next week are many and varied, as the heaviest transaction flow period of the year continues.First out of...
Schottenstein Files Action Seeking Burnham Annual Meeting
June 16, 2000 (NewsTraders.com) – A group led by Schottenstein Stores chairman and chief executive Jay Schottenstein filed a civil complaint in U.S. District Court in Maryland on June 14 to compel Burnham Pacific Properties Inc. (NYSE: BPP)...
Fitch Upgrades BofA’s Primary Servicer Rating
June 16, 2000 NEW YORK – Fitch has upgraded Bank of America's primary servicer rating to CPS2 from CPS3.The primary servicer rating reflects the company's ability to service commercial mortgages. Fitch rates primary servicers as CPS1, CPS2, CPS3,...
Chateau Communities Secures $116 Mln Credit Facility from Fannie Mae
June 16, 2000GREENWOOD VILLAGE, Colo. – Chateau Communities (NYSE:CPJ) has raised a $116 million secured credit facility through Fannie Mae's Multifamily and Manufactured Housing Community pilot program.Collateral Mortgage Ltd. of Birmingham, Ala., underwrote the 10-year fixed rate facility,...
Debtx Adds High-Profile Names to Advisory Board
June 16, 2000 BOSTON – The Debt Exchange Inc. has named three seasoned executives to its advisory board.The three executives are: Foster L. Aborn, who is vice chairman of John Hancock Financial Services; Alex d'Arbeloff, the founder of...
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