RECENT NEWS
Hotel Group Buys 50% Stake in Orlando, Fla., Hotel
July 19, 2001 ORLANDO, Fla. – The Peabody Hotel Group, of Memphis, Tenn., has purchased a 50 percent stake in the Peabody Orlando hotel. Terms were not disclosed.The transaction gives the company full ownership of the 891-key resort...
RFS Extends $140Mln Credit Line
July 18, 2001 MEMPHIS, Tenn. – RFS Hotel Investors Inc. (NYSE:RFS) has extended its $140 million credit line.The maturity of the facility was extended to July 30, 2004, from July 30, 2003, with an interest rate ranging from...
LoopNet, PropertyFirst Complete Merger; Company Names CEO
July 18, 2001 SAN FRANCISCO – LoopNet Inc. and PropertyFirst.com Inc. have completed their merger. The company will retain the LoopNet name and has named LoopNet's technology director, Richard Boyle, as president and chief executive officer. Boyle had...
FINAL PRICING: $300 Mln Sawgrass Mills Trust, Series 2001-XLSGM
July 18, 2001 Class Amount Rating Moody's Rating S&P Avg. Life Price Talk Priced Benchmark A 176 Aaa AAA 4.7 +30-32 +30 Libor B 33 Aa2 AA 4.9 +43-45 +43 Libor C 34 A2 A 4.9 +75 area...
JP Morgan Provides $21.3Mln for Fla. Office Property
July 18, 2001 TAMPA BAY, Fla. – J.P. Morgan has provided $21.3 million of floating-rate financing to Harbert Management Corp. for the Koger Center office property.The 388,000-square-foot, 15 building property, at 5414 Mariner St., was acquired in June...
Fitch Rates Liberty Property’s $1.3Bln Senior Unsecured Notes
July 18, 2001 NEW YORK – Fitch has initiated coverage of Liberty Property Trust by assigning its triple-B rating to $1.3 billion of senior unsecured notes issued by the REIT's operating partnership.The notes mature from 2002 through 2018.The...
Salomon Provides $24.6Mln for Connecticut Office Campus
July 18, 2001 WILTON, Conn. – Salomon Smith Barney has provided $24.6 million of permanent financing for the Wilton Executive Campus. Terms were not disclosed. Tenants at the property, at 11-15 River Road in Wilton, Conn., include The...
Brandywine Amends Credit Line
July 18, 2001 By Commercial Real Estate Direct StaffBrandywine Realty Trust (NYSE:BDN) has amended its credit line to provide for revolving credit of up to $500 million that it will use to refinance existing debt, fund acquisitions and...
Lend Lease Won’t Replace Matthew Banks
July 18, 2001 Commercial Real Estate Direct Staff ReportLend Lease Real Estate Investments does not plan to name a replacement for Matthew Banks, who leaves his position as head of international investments at the end of next month.As...
Prentiss Properties Buys Va. Office Building for $17Mln
July 18, 2001 FAIRFAX COUNTY, Va. – Prentiss Properties Trust (NYSE:PP) has purchased the Park West at Dulles Corner for $17 million, or $113/sf. Prentiss Properties has managed the building since it opened in 1997. The company has...
Prudential Sells Va. Apartments for $22Mln
July 18, 2001 FAIRFAX, Va. – Prudential Realty has sold Jefferson at Fair Oaks, a 181-unit apartment community in Fairfax to a local partnership for $22 million.The $121,000/unit price for the class-A property represents a capitalization rate of...
Owners Plan to Offer 1185 Ave. of Americas, Paper Says
July 18, 2001 An investment group including Goldman Sachs is gearing up to market for sale 1185 Avenue of the Americas, according to the New York Post.The group purchased the 1.1 million-square-foot building in 1999 for about $195...
S&P Rates Equity Office’s Senior Unsecured Notes BBB+
July 18, 2001 NEW YORK – Standard & Poor's assigned its triple-B-plus rating to Equity Office Properties' $1.1 billion senior unsecured notes due 2011 and $300 million senior unsecured notes due 2031.The ratings on Equity Office reflect the...
WP Carey Buys Manufacturing Facilities for $37.7Mln
July 18, 2001 MOORPARK, Calif. – W.P. Carey & Co. LLC (NYSE:WPC) has purchased two manufacturing facilities from Special Devices Inc. for roughly $37.7 million on behalf of Corporate Property Associates 12 Inc. Under the terms of the...
Fitch Upgrades Citibank NA 1994-C2
July 18, 2001 NEW YORK – Fitch has upgraded Citibank NA, 1994-C2, because the performance of the property securing the deal's collateral mortgage has improved substantially since issuance.The rating agency upgraded the deal's $32.1 million class A to...
Mills Files to Sell Up to $300Mln of Common Stock
July 18, 2001 The Mills Corp. (NYSE:MLS) has registered with the SEC to sell up to $300 million of its common stock and warrants. The shelf registration also includes $136.6 million of securities that were previously registered but...
Investcorp Buys Fla. Apartments for $21Mln-plus
July 18, 2001 JACKSONVILLE, Fla. – Investcorp has purchased the 400-unit St. John's Plantation apartment community for more than $21 million. The property was purchased in conjunction with Shelter Properties of Baltimore. The apartment community, built in 1989,...
Southeast Regional Digest (7/18/01): Shorenstein receives $150Mln loan for First Union Financial Cen
July 18, 2001Shorenstein receives $150Mln of financing for First Union Financial CenterSouth Florida Business Journal, June 25MIAMI – Bayerische Landesbank Gironzentrale has provided a $150 million loan to SRI Miami Venture LP, an affiliate of the Shorenstein Co.,...
Matthew Banks to Leave Lend Lease
July 17, 2001 Matthew Banks, chief executive of Lend Lease Real Estate Investments – International, is leaving the firm at the end of August. He has decided to return to Australia later this month after nearly five years...
Southeast Regional Digest (7/17/01): Sprawling medical complex under way in Clermont, Fla.
July 17, 2001 Sprawling medical complex under way in Clermont, Fla.Orlando (Fla.) SentinelCLERMONT, Fla. – Ground has been broken on the Clermont Professional Center, a four-building complex that will cost $8 million to $10 million. The project's first...
Canada Digest (7/17/01): Wal-Mart rumored anchor of new St. Albert center
July 17, 2001 Wal-Mart rumored anchor of new St. Albert center The Edmonton Journal EDMONTON, Alberta - First Professional Management Inc. has begun site preparation on a new C$25 million (US$16.2 million) power center at the north end...
PRICE TALK: $1.378 Bln LB-UBS Commercial Mortgage Trust 2001-C3
July 17, 2001 Class Amount Sub. Rate Rating Fitch Rating S&P Avg. Life Price Talk Benchmark A-1 350.2 18 AAA AAA 5.8 +42 area Swaps A-2 779.4 18 AAA AAA 9.7 +45 area Swaps B 55.1 14 AA...
Lend Lease to Merge Apartment Affiliate Into Winn Management
July 17, 2001 BOSTON – Lend Lease Real Estate Investments Inc. and Winn Management Co. have agreed to merge Lend Lease's apartment management subsidiary into Winn.Under terms of the agreement Lend Lease will retain a minority interest in...
Weingarten REIT Sells $200Mln of 10-Year Unsecured Notes
July 17, 2001HOUSTON - Weingarten Realty Investors (NYSE:WRI) has sold $200 million of 10-year unsecured notes.The 10-year notes carry a 7 percent coupon and were priced at 178 basis points above Treasurys, to yield 7.02 percent.Proceeds from the...
Fitch Assigns BBB Rating to Equity Office’s $1.4Bln of Senior Notes
July 17, 2001 NEW YORK – Fitch has assigned a triple-B-plus rating to a $1.4 billion of senior unsecured notes offered by EOP Operating Limited Partnership, a subsidiary of Equity Office Properties Trust (NYSE:EOP).The notes were issued in...
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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.
