RECENT NEWS
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...
Fremont Investment Provides $18Mln Financing to Prime Retail
July 3, 2001 BALTIMORE – Prime Retail Inc. (NYSE:PRT) has lined up $18 million of financing from Fremont Investment & Loan that it will use to refinance Prime Outlets at Edinburgh, Ind.The three-year mortgage, which amortizes over a...
Mid-America Apartment Sells Canyon Creek Apartments in St. Louis for $15.6Mln
July 3, 2001 ST. LOUIS – Mid-America Apartment Communities Inc. (NYSE:MAA) has sold the Canyon Creek Apartments for $15.6 million, or $48,750/unit, to an undisclosed buyer.Proceeds from the sale of the 320-unit apartment complex were used to pay...
AMB Raises $200Mln of Equity for Warehouse Fund
July 3, 2001 SAN FRANCISCO – AMB Property Corp. (NYSE:AMB) has raised $200 million of equity for its Alliance Fund II, which buys distribution facilities throughout the country.The fund has also raised a $125 million credit facility from...
Southeast Regional Digest (7/3/01): Tower proposed for Mobile, Ala.
July 3, 2001 Tower proposed for Mobile, Ala.The Birmingham (Ala.) NewsMOBILE, Ala. - The head of the Retirement Systems of Alabama is planning to build a 600-foot, 37-story building. The project and an additional $32 million to renovate...
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...
Newman Capital Provides $31.6Mln for Affordable Housing in Calif., Kan.
July 3, 2001 DENVER – Newman Capital has provided nearly $31.6 million in tax-exempt bond financing for four multifamily properties in California and Kansas.The California Statewide Communities Development Authority will use the 30-year bonds, which have a 6.86...
Home Properties Buys Apartments for $39.3Mln
July 3, 2001 BAYPORT, N.Y. – Home Properties (NYSE:HME) has acquired a 452-unit apartment complex for $39.3 million, or about $87,000/unit. The purchase of the Southern Meadows included $19.2 million of debt and $20.1 million of cash. The...
Developers Diversified Sells 2 Shopping Centers for $42.25Mln
July 3, 2001 CLEVELAND – Developers Diversified Realty (NYSE:DDR) has sold two shopping centers for $42.25 million to an undisclosed buyer.The proceeds were used to repay debt and fund property acquisitions and development projects. The properties sold were...
S&P Affirms Commercial Net Lease’s Rating
July 2, 2001 NEW YORK – Standard & Poor's has affirmed Commercial Net Lease Realty Inc.'s (NYSE:NNN) triple-B-minus corporate credit rating. The rating agency also said the REIT's outlook is stable. S&P's affirmation comes on the heals of...
Moody’s Upgrades Salomon Brothers Mortgage Securities VII, 2000-FL1
July 2, 2001 NEW YORK – Moody's Investors Service has upgraded five classes of Salomon Brothers Mortgage Securities VII Inc., 2000-FL1, because of improved subordination levels due to loan maturities, prepayments and amortization.The rating agency upgraded the deal's:–...
Jon Wittemyer Joins Insignia’s San Francisco Office
July 2, 2001 By Brad Berton, Commercial Real Estate Direct Contributing WriterJon Wittemyer, a leasing and investment-sales broker who had been with Cushman & Wakefield's San Francisco office for 12 years, has jumped to Insignia/ESG's upstart local office.The...
Summit Properties Sells Apartments for $26.3Mln
July 2, 2001 CHARLOTTE, N.C. – Summit Properties Inc. (NYSE:SMT) has recovered $26.3 million from the sale of two apartment properties.The properties, Summit Arbors, built in 1986, and Summit Radbourne, built in 1991, have a combined 345 units.The...
Southeast Regional Digest (7/2/01): Jacksonville, Fla., mall to be built by 2004
July 2, 2001 Jacksonville, Fla., mall to be built by 2004The Business Journal of Jacksonville (Fla.)JACKSONVILLE, Fla. - Simon Property Group is helping Ben Carter Properties develop its $60 million, 1.2 million-square-foot Southside upscale mall. The plans for...
Fitch Revises Commercial Net Lease Outlook to Negative
July 2, 2001 NEW YORK – Fitch has affirmed its triple-B rating for Commercial Net Lease Realty Inc. (NYSE:NNN), but revised its outlook to negative from stable.The negative outlook stems from the REIT's announced intention to acquire Captec...
GMAC Conduit May Price After Holiday
July 2, 2001 Commercial Real Estate Direct Staff ReportThe $755 million GMAC Commercial Mortgage CMBS conduit deal (2001-C2) currently being shopped might not price until after the Independence Day holiday on Wednesday, sources said.With price guidance out last...
Rob Maguire Said to Be Near Deal With Equity Office
July 2, 2001Maguire Partners is in talks to sell a majority stake in its portfolio to Equity Office Properties, according to a report in the Los Angeles Business Journal.The newspaper said the giant REIT would pay slightly more...
Duke-Weeks Realty Changes Name to Duke Realty
July 2, 2001 INDIANAPOLIS - Duke-Weeks Realty Corp. (NYSE:DRE) has changed its corporate name to Duke Realty Corp.The name change comes as part of the July 2, 1999, merger between Indianapolis-based Duke Realty Investments and Atlanta-based Weeks Corp.Duke-Weeks...
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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.
