RECENT NEWS
LoanAuction Forms Alliances With Service Providers
July 6, 2001 CONSHOHOCKEN, Pa. – LoanAuction, an online loan-trading operation, has developed relationships with several firms that allow it to offer its investor clients one-stop shopping for valuation, due diligence and property inspection services.Investors looking to buy...
Arbor Commercial Names Ronald Cazalot Managing Director
July 6, 2001 UNIONDALE, N.Y. – Arbor Commercial Mortgage LLC has named Ronald Cazalot managing director of principal transactions and agency production for the Midwest and Southeast.Cazalot, a 17-year industry veteran, was previously senior vice president of Newport...
Scotia Capital Floating $175.3Mln Canadian CMBS Deal for Sun Life
July 6, 2001 Commercial Real Estate Direct Staff ReportScotia Capital is underwriting a C$265.2 million (US$175.3 million) CMBS deal for Sun Life Assurance Co. of Canada that is now in the market. The mortgage pool consists of 86...
Prime REIT Looks to Reduce Debt by Selling 6 Malls
July 6, 2001 Prime Retail Inc. is hoping to sell six shopping centers, 10 percent of its portfolio, to pay down debt, according to The Baltimore Sun.The REIT wants to sell malls in California, Georgia, Massachusetts, New York,...
FINAL PRICING: $755 Mln GMAC Commercial Mortgage Securities, 2001-C2
July 6, 2001 Class Amount Sub. Rate Rating Fitch Rating S&P Avg. Life Price Talk Priced Benchmark A-1 143.6 23 AAA AAA 5.7 +43-44 +44 Swaps A-2 437.7 23 AAA AAA 9.75 +46-47 +47 Swaps B 34 18.5...
TrizecHahn Sells Mall in Spain to a DePfa Fund
July 5, 2001 TrizecHahn (NYSE:TZH) has sold La Gran Manzana, a prime retail property in Alcobendas, a northern suburb of Madrid in Spain, to an investment fund for about 7 billion pesetas ($35.2 million, or about $242/sf).The fund...
Pru Provides $10Mln Loan for Minneapolis Hotel
July 5, 2001 CHICAGO – Prudential Mortgage Capital Co. has provided $10 million of fixed-rate financing for the Minneapolis Residence Inn.The 124-room property, which was built three years ago, is owned by GLM LLC. The 10-year financing, which...
Mack-Cali Sells South Jersey Apartment Complex for $20Mln
July 5, 2001 Mack-Cali Realty Corp. has sold a 327-unit apartment complex in Delran, N.J., for $20 million.Tenby Chase Investors, an affiliate of Pantzer Properties, made the purchase through the nearby Philadelphia office of Insignia/ESG.The complex is one...
Insignia Names Director of Philly Regional Office
July 5, 2001Insignia/ESG has named Bert DiClemente director of the Philadelphia regional office.DiClemente was an Insignia associate director in the firm's Wilmington, Del., office. He has been with the brokerage since 1997.Comments? E-mail Thomas J. Walsh, or call...
GMAC Provides $16Mln Loan for California Medical Center
July 5, 2001 GMAC Commercial Mortgage Corp. has provided $16 million in permanent fixed rate financing for a medical office building in the Brentwood area of Los Angeles.The 11-story building, which contains 75,000 square feet of space, is...
Amresco, One-time Mortgage Powerhouse, Files Chapter 11
July 5, 2001 DALLAS – Amresco Inc. (Nasdaq:AMMB), which got hammered during the debt market's downturn in late-1998, has filed for Chapter 11 Bankruptcy protection.The Dallas company, which is being advised by Greenhill & Co. Inc., has also...
Southeast Regional Digest (7/5/01): Skyscraper to be tallest in Alabama
July 5, 2001 Skyscraper to be tallest in AlabamaMobile (Ala.) RegisterBIRMINGHAM, Ala. - Retirement Systems of Alabama chief David Bronner is planning a $100 million building at Water and St. Francis streets. The office building will rise 543...
Canada Digest (7/5/01): Residential Equities REIT buys Burlington, Ontario, property
July 5, 2001 Residential Equities REIT buys Burlington, Ontario, propertyBURLINGTON, Ontario - Residential Equities REIT has purchased 2051-2067 Prospect St. for C$4.4 million (US$2.9 million), according to a news release. The 71-suite building is built on a three-acre...
GMAC Provides $27Mln Loan for D.C. Hotel Buy
July 5, 2001 GMAC Commercial Mortgage Corp. has provided $27 million in acquisition financing for the Residence Inn Vermont Avenue in Washington, D.C.RIDC LLC received the adjustable-rate loan for the purchase of the 202-unit hotel at 1199 Vermont...
Equity Office to Price $1Bln of Unsecured Notes Next Week
July 5, 2001 CHICAGO – Equity Office Properties Trust (NYSE:EOP) has launched a $1 billion offering of intermediate-term, senior unsecured notes.Proceeds of the note offering will be used to fund the cash portion of the REIT's acquisition of...
Revenue Properties Reduces Stake in Pan Pacific
July 5, 2001 SAN DIEGO – Paul D. Campbell, chief executive and president of Revenue Properties Co. Ltd. (TSE:RPC), has resigned from the board of directors of Pan Pacific Retail Properties Inc. (NYSE:PNP) as a result of Revenue...
Hines to Develop Union Pacific HQ in Omaha, Neb.
July 5, 2001 OMAHA, Neb. – Union Pacific Corp. has named Hines development manager for its proposed 1.1 million-square-foot headquarters building in Omaha. The $260 million building, which will have 19 floors, is slated for completion in 2004....
Crescent Real Estate Simplifies Operating Strategy
July 5, 2001 FORT WORTH, Texas - Crescent Real Estate Equities Co. (NYSE:CEI) is buying hotel leases and residential development operations from its Crescent Operating Inc. affiliate for $78.4 million.While the transaction will initially be slightly dilutive to...
Pru Provides $16.8Mln Mortgage for Mich. Offices
July 5, 2001DETROIT – Prudential Mortgage Capital Co. has provided $16.8 million of mortgage financing to DM Associates LLC for Village Plaza, an office building in Dearborn, Mich.The 10-year mortgage amortizes over 30 years and carries a rate...
Fitch Upgrades KS Mortgage Capital LP, 1995-1
July 5, 2001 NEW YORK – Fitch has upgraded KS Mortgage Capital LP, 1995-1, because loan payoffs and amortization have resulted in "significant" increases in subordination levels.The rating agency upgraded the deal's: – $13.2 million class C to...
Florida East Coast Industries Closes $160Mln Financing
July 5, 2001 ST. AUGUSTINE, Fla. – Flagler Development Co., the commercial real estate subsidiary of Florida East Coast Industries Inc. (NYSE:FLA), has secured $160 million of mortgage debt from MetLife. The financing, which consists of various loans...
Correction: Contributors to CMBS Deals in First Half
July 5, 2001Goldman Sachs incorrectly received credit in a story earlier this week for funding $1.4 billion of financing to TrizecHahn, which was then securitized. The investment bank, along with Morgan Stanley, served as agents for TrizecHahn, allowing...
FASB Publishes Revised Q&A on 140 Guidelines
July 5, 2001 Commercial Real Estate Direct Staff ReportThe Financial Accounting Standards Board has published its final, revised question-and-answer supplement to Statement 140. The new Q&A is the result of several meetings over the past month, the last...
Dip in Libor Results in $6Mln Annual Savings to TrizecHahn, Analyst Says
July 3, 2001 Commercial Real Estate Direct Staff ReportTrizecHahn Corp. (NYSE:TZH) was a big beneficiary of the decline in Libor rates. The office building owner in May raised $1.4 billion of financing through the CMBS market. And thanks...
GMAC Provides $23.5Mln in Financing for 550 Broad St. in Newark, N.J.
July 3, 2001 NEWARK, N.J. – GMAC Commercial Mortgage Corp. has provided $23.5 million in acquisition financing for an 18-story Class-A, 287,053-square-foot office building at 550 Broad St.An affiliate of Heritage Management Co. purchased the property from Tremont...
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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.
