RECENT NEWS
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...
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...
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...
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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.
