RECENT NEWS
Equity Office Buys 87.5 Percent Interest in L.A. Office Complex for $74.3Mln
June 28, 2001 LOS ANGELES – Equity Office Properties Trust (NYSE:EOP) has purchased a 87.5 percent equity interest in a joint venture with Maguire Partners to develop a 450,000-square-foot office complex.The total cost for the purchase of the...
Commercial Capital Provides $10.8Mln of Financing for Texas Mall
June 27, 2001 ROUND ROCK, Texas – GMAC Commercial Mortgage's Commercial Capital Initiatives has provided $10.8 million in financing for a 183,547-square-foot retail center.The Renaissance Square Shopping Center in Round Rock, which is outside of Austin, was built...
CB Richard Ellis Names Calvin Frese COO for Americas
June 27, 2001 LOS ANGELES - CB Richard Ellis has named Calvin Frese chief operating officer/Americas.Frese will oversee the financial planning and strategic operations of all business units within the Americas with exception to CB Richard Ellis' independently...
Minshall Stewart Properties Receives $26.9Mln Financing for 3 Office Buildings
June 27, 2001 Minshall Stewart Properties has received $26.9 million financing from Bear Sterns and CIBC World Markets to refinance three office buildings in Ohio, Denver and Maryland.The financing consisted of a $15.5 million loan from Bear Sterns...
Spencer Haber Named President of iStar Financial
June 27, 2001 NEW YORK – Spencer B. Haber, chief financial officer of iStar Financial Inc. (NYSE:SFI), has been named to the added post of president of the mortgage REIT. Haber joined iStar in 1998. He previously was...
Patronis Group, LNR Buy Texas Apartments for $34.5Mln
June 27, 2001 AUSTIN, Texas - An investment team involving the Patronis Group and LNR Property Corp. has completed the $34.5 million purchase of the Spraddle Creek Apartments.The luxury apartment complex, at 500 West Parmer Lane, is comprised...
Southeast Regional Digest (6/27/01): Office-retail center will rise at Huntersville, N.C., interchan
June 27, 2001 Office-retail center will rise at Huntersville, N.C., interchange The Charlotte ObserverHUNTERSVILLE, N.C. - Construction has begun on the Northcross Business Center at Interstate 77 and Sam Furr Road. The initial building will have 23,000 square...
GMAC Institutional Advisors Names Linda M. Hart CFO
June 27, 2001 HORSHAM, Pa. – GMAC Institutional Advisors LLC has named Linda M. Hart as chief financial officer, and appointed four other executives.Hart, who was previously responsible for client services at Berwind Property Group, will be responsible...
Technical Problems Keep CMBS Industry at Bay During FASB Meeting
June 27, 2001By Thomas J. Walsh, Commercial Real Estate Direct Senior WriterToday's scheduled meeting of the Financial Accounting Standards Board and its staff (9:30 a.m. to noon) is being made available in listen-only mode via a $0.75 per...
Owner of Upscale Hotel in Puerto Rico Files for Chapter 11
June 27, 2001 Green Isle Partners Ltd. SE, the owner of an upscale hotel in Puerto Rico, has defaulted on its debt obligations and filed for Chapter 11 Bankruptcy protection.The Weston, Fla., firm's case is now pending in...
Canadian Real Estate Company to Review, Sell Properties
June 27, 2001WINNIPEG – Consolidated Properties Ltd. (TSE:COP) plans to review its asset mix and dispose of smaller non-core retail assets. "Our corporate goal is to methodically dispose of smaller retail and residential assets and acquire larger assets...
Principal Capital Provides $15Mln Debt for Fla. Industrial Complex
June 27, 2001 Special to Commercial Real Estate DirectPrincipal Capital Management has provided PM Realty Advisors with $15 million in acquisition financing for a 441,876-square-foot industrial complex within the 112-acre Pompano Business Center in Pompano Beach, Fla.Atlanta-based Industrial...
FASB Phone Connection Re-established
June 27, 2001Commercial Real Estate DirectThe meeting of the Financial Accounting Standards Board and its staff is now audible – although just barely – in listen-only mode via its 800 number. The call-in number is (800) 846-4717 at...
Fitch Upgrades Asset Securitization Corp., 1995-D1
June 27, 2001 NEW YORK – Fitch has upgraded Asset Securitization Corp., 1995-D1, because amortization and loan payoffs have resulted in increased subordination levels. The rating agency has upgraded the deal's $12.7 million class A-2 to double-A-plus from...
O&Y REIT Closes C$150Mln IPO; Makes Property Purchases
June 27, 2001 TORONTO – O&Y Real Estate Investment Trust has completed its initial public offering of 15 million limited voting units at a price of C$10 per unit, resulting in total proceeds of C$150 million.The limited voting...
Extended Stay America Places $300Mln of Senior Sub Notes
June 27, 2001FORT LAUDERDALE, Fla. - Extended Stay America Inc. (NYSE:ESA ) has completed the private placement of $300 million of 9.875 percent senior subordinated notes due 2011.Proceeds will be used to repay debt under existing credit facilities....
Smith Residential Begins Secondary Offering of Common Stock
June 27, 2001 ARLINGTON, Va. - Charles E. Smith Residential Realty Inc. (NYSE:SRW) has begun a secondary public offering of 2.3 million shares of common stock.The preferred shares and units were purchased in September 1999 for about $90...
Makar Properties Buys Cerritos Corporate Tower in Calif. for $26.5Mln
June 26, 2001 CERRITOS, Calif. – An affiliate of Makar Properties LLC has paid $26.5 million, or nearly $142/sf, for the Cerritos Corporate Tower.Rob Mitchell and Peter Castleton of Voit Commercial Brokerage's Anaheim Metro office represented both buyer...
FINAL PRICING: $448.5 Mln GMAC Commercial Mortgage Asset Corp., 2001-FL-A (Newman, Greenwich)
June 26, 2001 Class Amount Sub. Rate Rating Moody's Rating S&P Avg. Life Price Talk (June 12) Priced Benchmark A-1 210 38 Aaa AAA 2.1 +24-25 area +30 Libor A-2 62.55 NA NR AAA 2.6 +50 area +60...
Correction: S&P Upgrades Criimi Mae, 1998-C1
June 26, 2001 Criimi Mae Commercial Mortgage Trust, 1998-C1, does, in fact, own first-loss pieces of CMBS. A story published June 26, S&P Upgrades Criimi Mae, 1998-C1, incorrectly described the trust's collateral pool. The deal is backed by...
TrizecHahn Plans Cost-Cutting, Realigns Executive Management
June 26, 2001 TORONTO – TrizecHahn Corp. (NYSE:TZH) is putting in place a massive structural reorganization that will result in the lay-off of 200 of its employees, or 15 percent of its workforce, by the end of next...
Cornerstone Realty Buys Richmond Apartment Community for $21.2Mln
June 26, 2001 RICHMOND, Va. – Cornerstone Realty Income Trust ((NYSE:TCR) has purchased a 328-unit garden-style apartment community for $21.2 million.The Chase Gayton Apartments, built in 1984, consist of 16 two- and three-story buildings on about 28 acres....
Pension Fund was REIT’s Partner in Va. Industrial Building Deal
June 26, 2001The New York State Common Retirement Fund was the joint venture partner that teamed with Lexington Corporate Properties Trust (NYSE:LXP) to buy the Kraft Foods Distribution Center in Winchester, Va., last month.The Lexington Acquiport Joint Venture's...
Crescent Sells Stake in Houston Office Building to JPMorgan Unit
June 26, 2001 FORT WORTH, Texas – Crescent Real Estate Equities Co. (NYSE:CEI) has sold a 75 percent interest in 5 Houston Center, a 577,000-square-foot office building it is constructing in Houston, to JPMorgan Fleming Asset Management.Although Crescent...
Southeast Regional Digest (6/26/01): Noble Investment buys hotel in Tenn. for $32.5Mln
June 26, 2001 Noble Investment buys hotel in Tenn. for $32.5MlnThe Atlanta Journal-ConstitutionFRANKLIN, Tenn. - Noble Investment Group bought the 300-room Franklin Marriott Cool Spring Hotel for $32.5 million. The company bought the 11-story hotel from Stromont Trice...
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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.
