RECENT NEWS
Dutch Financial Firm Repositions Real Estate Financing Activities
July 11, 2001 AMSTERDAM – ING Group NV (NYSE:ING) plans to merge the corporate real estate financing activities of its Westland/Utrecht, ING Real Estate and ING Bank Nederland into one.The combination of the Dutch financing operations will provide...
Canada Digest (7/11/01): Les Ailes De La Mode opens store at Fairview Pointe Claire in Quebec
July 11, 2001 Les Ailes De La Mode opens store at Fairview Pointe ClairePOINTE-CLAIRE, Quebec - Les Ailes de la Mode will open an upscale department store at the Fairview Pointe Claire shopping center in August 2002. Construction...
Fitch Upgrades Morgan Stanley Capital, 1996-WF1
July 11, 2001 NEW YORK – Fitch has upgraded Morgan Stanley Capital Inc., 1996-WF1, because the performance of the deal's collateral pool has improved as has its subordination levels.The rating agency upgraded the deal's $36.3 million class B...
Nationwide Life Provides $16.9Mln in Financing for Wash. Retail Center
July 11, 2001 SILVERDALE, Wash. – Nationwide Life Insurance Co. provided $16.9 million in financing for the Silverdale Plaza.The shopping center consists of 173,611 square feet in seven buildings with Safeway, Rite Aid, JoAnn Etc. and Staples as...
GMAC Provides $18Mln Loan for IRS facility in Philly
July 11, 2001 PHILADELPHIA – Inrevco Associates has secured an $18 million loan to refinance the Internal Revenue Service complex it owns in northeast Philadelphia.Credit Suisse First Boston placed the fixed-rate permanent loan, while GMAC Commercial Mortgage Corp....
U.N. Portfolio Could Fetch $360 million
July 11, 2001NEW YORK – One, Two and Three U.N. Plaza are on the sales block, and the roughly 900,000-sf package could go for $300 to $400/sf, or up to $360 million, according to the New York Post.The...
Pennsylvania REIT to Offer 2Mln Shares
July 11, 2001 PHILADELPHIA - Pennsylvania Real Estate Investment (NYSE:PEI) will sell 2 million shares at $23/share.PREIT expects to earn about $44.5 million in net proceeds from the offering. At the completion of the public offering, the company...
Trump Buying Out Conseco’s Stake in NY’s GM Building
July 11, 2001 NEW YORK – Donald Trump is paying Conseco Inc. $295 million for its 50 percent equity interest in the General Motors Building in a deal that values the 1.8 million-square-foot building at $995 million, or...
Wellsford Affiliate Receives $353Mln Credit Line
July 11, 2001NEW YORK – An affiliate of Wellsford Real Properties Inc. (AMEX:WRP) has received a three-year $353 million credit facility, with an initial funding of $273 million.The facility replaces a $204 million credit line, which was due...
GMAC Names James M. Rowan Senior Vice President
July 11, 2001 HORSHAM, Pa. - GMAC Commercial Mortgage has named James M. Rowan senior vice president of its agency lending unit. Rowan will be responsible for expanding GMACCM's Fannie Mae lending activities, particularly in the area of...
Senior Housing Properties Sells Common Shares
July 11, 2001 NEWTON, Mass. - Senior Housing Properties Trust (NYSE:SNH) has sold 245,000 common shares for $13/shr.There are now 29.4 million total outstanding shares of SNH.The company also issued 2.4 million of trust preferred securities, with a...
Fitch Upgrades Spieker Debt, Preferred
July 11, 2001 NEW YORK – Fitch has upgraded $1.9 billion of Spieker Properties Inc.'s senior debt and $381 million of its preferred stock.The debt has been assumed by Equity Office Properties Trust (NYSE:EOP) through its acquisition of...
C&W Buy of Cushman Realty Complete
July 10, 2001 NEW YORK – Cushman & Wakefield and Cushman Realty Corp. have completed their merger.The resulting entity retains the Cushman & Wakefield name. John C. Cushman III, who headed Cushman Realty, becomes chairman, and his twin...
Fitch Revises Healthcare Realty Rating Outlook to Stable
July 10, 2001 NEW YORK – Fitch has revised its rating outlook for Healthcare Realty Trust Inc. to stable from negative.The revised outlook reflects Healthcare Realty's refinancing of its short-term debt with a 10-year $300 million senior unsecured...
MeriStar Hospitality Lowers Earnings Guidance for 2nd-Qtr
July 10, 2001 WASHINGTON – MeriStar Hospitality Corp. (NYSE:MHX) is lowering its projected funds from operations for the second quarter to $1.13/share-$1.15/share.That compares to $1.25/share, which analysts had been expecting.MeriStar attributed the revised outlook to the softness in...
Weak Market Prompts FelCor to Slice 2nd Qtr FFO Projection
July 10, 2001 IRVING, Texas – FelCor Lodging Trust Inc. (NYSE:FCH) has lowered its projected funds from operations for the second quarter to 94 cents/share to 96 cents/share.The revised projection compares to the $1.12/share that analysts were expecting...
Glenborough Buys 343,000-sf Office Complex in Rockville, Md.
July 10, 2001 ROCKVILLE, Md. – Glenborough Realty Trust Inc. (NYSE:GLB) completed the purchase of Rockwall I and II for about $58.8 million, from a joint venture in which it held a 10 percent interest.The 343,000-square-foot office complex...
Westchester, N.Y., Vacancies Rise, Rents Dip
July 10, 2001 Add the Westchester County, N.Y., office market to those that have seen vacancies rise and rents drop in the second quarter. While the market is by no means massive – it has 33.6 million square...
Southeast Regional Digest (7/10/01): Apartments planned for Charlotte, N.C.
July 10, 2001 Apartments planned for Charlotte, N.C.Charlotte (N.C.) ObserverCHARLOTTE, N.C. - Construction workers are laying out the streets of a new neighborhood on more than five acres. By mid-August, the federal, state and local effort will begin...
FFCA Provides $110Mln of Financing to U.S. Realty Advisors Affiliate
July 10, 2001 SCOTTSDALE, Ariz. – Franchise Finance Corp. of America (NYSE:FFA) provide about $110 million in financing to U.S. Realty Advisors for the purchase of real estate from Johnson Oil Co.The properties will be leased to a...
BenltyForbes Buys Office/Technical Center in Bloomington, Minn.
July 10, 2001 BLOOMINGTON, Minn. – BentleyForbes has acquired the office/technical center building of GN ReSound Corp., a hearing instruments manufacturer, in a sale-lease back transaction valued at about $14 million. The property consists of a single-story, 122,177-square-foot...
Hilton Ponders Large UK Sale-leaseback
July 10, 2001 The Hilton Group is said to be mulling a 200 million pound (US$282.25 million) sale and leaseback of five more of its United Kingdom hotels, according to a report in today's The Times of London....
Mack-Cali JV Sells Calif. Office Complex for $67.2Mln
July 10, 2001 EL SEGUNDO, Calif. – A joint venture between Mack-Cali Realty Corp. (NYSE:CLI) and Highridge Partners has sold the Continental Grand Plaza II to MetLife for $67.2 million.The 239,086-square-foot office property, which was developed by the...
Greystone Provides $16.4Mln in Permanent Financing for Fla. Multifamily Complex
July 10, 2001 OVIEDO, Fla. – Greystone provided nearly $16.4 million in fixed-rate permanent financing for the 240-unit Oviedo Grove Apartments.Oviedo Grove Apartments Limited Partnership will use the proceeds of the mortgage, which carries a 30-year amortization schedule,...
Cindi Langendoen Moves to Cushman & Wakefield
July 10, 2001 Special to Commercial Real Estate DirectVeteran southern California property manager Cindi Langendoen has jumped from long-time employer CB Richard Ellis to rival Cushman & Wakefield. She will report to managing director Mary Marx.As senior portfolio...
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