Deal NameCurrentPoolBal. $mlnOrig.PoolBal $mlnClassSize$mlnS&PNewRatingS&POldRatingReason for Rating ActionBear Stearns Commercial Mortgage Securities Trust, 2004-PWR3958.21,108.0B26.3AA+AA-Increased subordination; defeasance (6 percent of pool)---C12.5AAAA--COMM, 2005-LP51,720.01,790.0GMB-127.5AAABBBDefeasance of GM Building loan---GMB-228.0AAABBB-----GMB-316.2AAABBB--
Commercial Real Estate Direct Staff ReportInland American Real Estate Trust is forming a venture with an affiliate of Lexington Realty Trust to invest in properties throughout the United States that are net leased to single tenants.News of the...
Commercial Real Estate Direct Staff ReportA venture between NorthStar Realty Finance Corp. and Goldman Sachs' Whitehall Street Real Estate Funds has aborted its proposed $1.9 billion portfolio of apartment properties.The venture was to pay $525 million for the...
Commercial Real Estate Direct Staff reportCalifornia Public Employees Retirement System will be investing up to $2.5 billion in infrastructure assets. The pension fund's board has approved a pilot program that would invest $500 million to $2.5 billion in...
Eurohypo has provided $400 million of financing for KPMG Tower, a 1.1 million-square-foot office building in downtown Los Angeles that is owned by Maguire Properties Inc. The five-year loan pays a floating rate pegged to Libor plus 150...
Commercial Real Estate Direct Staff ReportJohn Beaman, a senior vice president and the head of CMBS trading at Lehman Brothers, has left the firm.One individual said he left to "pursue other opportunities." Lehman would not comment on his...
Commercial Real Estate Direct Staff ReportBear Stearns and Morgan Stanley late yesterday priced a $3.3 billion conduit transaction at spreads that indicate the CMBS market is still far from its pre-correction buoyancy.The super-senior AAA class from the deal,...
Commercial Real Estate Direct Staff ReportBentleyForbes is seeking partners for its eight largest properties, representing roughly 5.8 million square feet of office space and a 387-room hotel.The Los Angeles firm has tapped Eastdil Secured to market stakes of...
CB Richard Ellis has hired two seasoned real estate professionals to run a new unit within its capital markets group that will help clients raise equity and high-yield debt.The two executives are Michael C. Coyne, who previously was...
GE Real Estate has provided $30 million of financing for Southgate shopping center, a 117,000-square-foot property in the Long Island community of Massapequa, N.Y.The lender structured the debt as a $10 million fixed-rate mortgage and $20 million revolving...
Praedium Group has paid $44.1 million for a portfolio of three properties in the Tampa, Fla., area and another in West Palm Beach, Fla.The properties, with 304,000 square feet, were purchased from Capital Realty Investors, a Tampa investment...
Eurohypo has provided $400 million of financing for KPMG Tower, a 1.1 million-square-foot office building in downtown Los Angeles that is owned by Maguire Properties Inc. The five-year loan pays a floating rate pegged to Libor plus 150...
Commercial Real Estate Direct Staff ReportJohn Beaman, a senior vice president and the head of CMBS trading at Lehman Brothers, has left the firm.One individual said he left to "pursue other opportunities." Lehman would not comment on his...
Commercial Real Estate Direct Staff ReportBear Stearns and Morgan Stanley late yesterday priced a $3.3 billion conduit transaction at spreads that indicate the CMBS market is still far from its pre-correction buoyancy.The super-senior AAA class from the deal,...
CB Richard Ellis has hired two seasoned real estate professionals to run a new unit within its capital markets group that will help clients raise equity and high-yield debt.The two executives are Michael C. Coyne, who previously was...
Commercial Real Estate Direct Staff ReportBentleyForbes is seeking partners for its eight largest properties, representing roughly 5.8 million square feet of office space and a 387-room hotel.The Los Angeles firm has tapped Eastdil Secured to market stakes of...
GE Real Estate has provided $30 million of financing for Southgate shopping center, a 117,000-square-foot property in the Long Island community of Massapequa, N.Y.The lender structured the debt as a $10 million fixed-rate mortgage and $20 million revolving...
Praedium Group has paid $44.1 million for a portfolio of three properties in the Tampa, Fla., area and another in West Palm Beach, Fla.The properties, with 304,000 square feet, were purchased from Capital Realty Investors, a Tampa investment...
HRPT Properties Trust has priced $250 million of senior unsecured notes through bookrunners Wachovia Securities, Merrill Lynch and UBS Securities.The offering is the second this year for the Newton, Mass., REIT. Its earlier issue, which priced in June,...
ClassAmt$mlnSubLevel%AvgLife (yrs)RatingS&PRatingFitchFinalPricing (bp)BnchmarkA-1101.7530.003.39AAAAAA+50swapsA-2194.0530.004.85AAAAAA+70swapsA-3311.8030.006.79AAAAAA+79swapsA-AB132.0030.007.15AAAAAA+74swapsA-41,178.2630.009.76AAAAAA+62swapsA-1A364.3330.008.17AAAAAANAswapsA-M231.0320.009.87AAAAAA+84swapsA-MFL95.0020.009.87AAAAAA+69LiborA-J268.9711.759.95AAAAAA+115swapsB28.5310.8759.96AA+AA++135swapsC44.839.509.96AAAA+145swapsD24.458.759.96AA-AA-+155swapsE20.388.1259.96A+A++180swapsF28.537.509.96AA+205swapsG32.606.259.96A-A-+235swapsH36.685.1259.96BBB+BBB++300swapsJ32.604.1259.96BBBBBB+350swapsK32.603.1259.96BBB-BBB-+425swapsL12.232.759.96BB+BB+NATreasM12.232.3759.96BBBBNATreasN12.232.009.96BB-BB-NATreasO8.151.759.96B+B+NATreasP4.081.6259.96BBNATreasQ8.151.3759.96B-B-NATreasS44.830.0010.08NRNRNATreasXW3,260.26*NA8.63AAAAAANATreas*Notional amount, interest onlyCollateral balance: $3,260.26 millionBookrunner(s): Bear Stearns, Morgan StanleyLead Managers: Bear Stearns, Morgan StanleyB-piece Buyer: Centerline REITMaster Servicer: Wells Fargo, Prudential Asset ResourcesSpecial Servicer: Centerline ServicingTrustee: LaSalle BankOriginators: Wells Fargo (34.3 percent), Bear...
Phoenix Property Co. has paid $35.6 million for three office buildings with 210,652 square feet in the Briargate Business Complex in Colorado Springs, Colo.The Dallas company purchased the properties from affiliates of Westcore Properties of San Diego, which...
Argus Realty Investors has paid $51.3 million for 252,350 square feet of office space in Phoenix.The San Clemente, Calif., real estate firm, which generally sponsors tenant-in-common investor groups, purchased the two-property portfolio from Equastone of San Diego. It...
Strategic Real Estate Advisors has paid $270 million for a portfolio of 22 industrial properties with 5.5 million.The London investment manager purchased the portfolio on behalf of an institutional client from TIAA-CREF.The portfolio is comprised of properties in...
Apollo Real Estate Advisors has named Frank Buckley partner in its Los Angeles office.Buckley, formerly a managing director with Ramsey-Shilling Commercial Real Estate Services Inc., a Hollywood, Calif., brokerage, is charged with identifying potential acquisitions and business opportunities.At...
Commercial Real Estate Direct Staff ReportCarmel Partners has purchased six apartment properties with a total of 1,532 units in Colorado, California and Washington for $191 million. The San Francisco investment manager bought the properties in separate transactions from...
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