RECENT NEWS
Nippon Life Insurance to Sell 80 Percent Stake in PaineWebber Building
June 20, 2001 NEW YORK – Nippon Life Insurance Co. has agreed to sell its 80 percent interest in the 1.7 million-square-foot PaineWebber Building to Equitable Life, according to The Wall St. Journal.The deal values the property at...
GMAC Provides $15Mln Acquisition Financing for Fla. Office Building
June 20, 2001 TAMPA, Fla. – GMAC Commercial Mortgage Corp. has provided $15 million in adjustable-rate acquisition financing to America's Capital Partners for the purchase of the Westshore Corporate Center.The 12-story office tower, at 600 North Westshore Blvd.,...
Prudential Originates $51.2Mln Loan for NJ Apartments
June 20, 2001 JERSEY CITY, N.J. – Prudential Mortgage Capital Co. has originated a $51.2 million mortgage for The Pacific at Newport, a 336-unit multifamily housing project.The loan, which has a 40-year term and carries an interest rate...
Senior Housing Properties Issues $25Mln Trust Preferred Securities
June 19, 2001 NEWTON, Mass. – Senior Housing Properties Trust (NYSE:SNH) has priced an offer of 1 million 10.125 percent trust preferred securities at $25/security.The distribution rate is $2.53 per security per year and is paid quarterly. The...
Kimco JV Buys Retail Centers in NJ and Ga.
June 19, 2001 By Susanna Potter, Commercial Real Estate Direct Staff WriterA joint venture involving Kimco Realty Corp. (NYSE:KIM) recently purchased two community/power shopping centers for a combined $67 million. The venture is looking to put more than...
CalPERS Taps 4 Real Estate Firms for Urban Development
June 19, 2001 SACRAMENTO, Calif. - The California Public Employees' Retirement System has selected four real estate investment partners to invest $200 million in the development of real estate projects in California's urban settings.Also, the pension fund has...
Dockser, in Show of Confidence, Buys Criimi Shares
June 19, 2001 ROCKVILLE, Md. – William B. Dockser, chairman of Criimi Mae Inc. (NYSE:CMM), has purchased 100,000 Criimi Mae shares.The shares were purchased at prices of 59 cents to 61 cents apiece, or a total of up...
HUD Proposes Higher Mortgage Insurance in Return for FHA Subsidy
June 19, 2001By Orest Mandzy, Commercial Real Estate Direct Managing EditorThe U.S. Department of Housing and Urban Development is trying to jump-start loan originations under various Federal Housing Administration programs that were effectively shut down because of a...
Southeast Regional Digest (6/19/01): Ballantyne adding office to Charlotte, N.C.
June 19, 2001 Ballantyne adding office to Charlotte, N.C.CHARLOTTE, N.C. - Bissell Development has begun construction of the $15 million five-story, 104,000-square-foot Ballantyne Three at Ballantyne Corporate Park. The developer was encouraged to start another building in the...
Mandarin Oriental to Manage New Luxury Hotel in Tokyo
June 19, 2001 TOKYO – Mandarin Oriental International Ltd. has agreed to manage a luxury hotel in Tokyo that is slated to open in late 2006.The company will enter a long-term lease agreement with Mitsui Fudosan Co. Ltd.,...
Fitch Upgrades Manufacturers Life Insurance Co., 1996-1
June 19, 2001 NEW YORK – Fitch has upgraded Manufacturers Life Insurance Co., 1996-1, because loan payoffs have resulted in a significant increase in the deal's subordination levels. The rating agency upgraded the transaction's class E to triple-A...
Deutsche Buy of 60 Wall Advances
June 19, 2001 Deutsche Bank is expected to complete its purchase of 60 Wall St. in downtown Manhattan by the end of the year. According to the New York Post, J.P. Morgan Chase, which owns the 1.6 million-square-foot...
Canada Digest (6/19/01): Transamerica Life, Menkes to develop Toronto office project
June 19, 2001 Transamerica Life, Menkes to develop Toronto office projectTORONTO - Transamerica Life Canada and Menkes Developments Inc. have entered into an equity partnership to develop a C$120 million (US$78.3million) office complex at 5000 Yonge St. by...
Construction of Large Southern Calif. Industrial Park Begins
June 19, 2001 By Brad Berton, Commercial Real Estate Direct Contributing WriterSpirit Properties breaks ground today on the 240-acre Centre Point Business Park – one of the biggest master-planned business parks launched in southern California during the latest...
Southeast Regional Digest (6/18/01): Four Seasons is luxury to the max in Miami
June 18, 2001 Four Seasons is luxury to the max in MiamiOrlando (Fla.) Sun-SentinelMIAMI - Millennium Partners is building the Four Seasons Hotel and Tower Miami, a mixed-use project on Brickell Avenue. The $379 million project takes up...
Fitch Upgrades Morgan Stanley Capital, 1997-C1
June 18, 2001 NEW YORK – Fitch has upgraded Morgan Stanley Capital I Inc., 1997-C1, because the performance of the collateral pool has improved and loan paydowns have resulted in increased subordination levels.The rating agency upgraded the deal's:...
Deutsche Bank Provides $17Mln Financing for Fla. Hotel
June 18, 2001 Commercial Real Estate Direct Staff ReportDeutsche Bank has provided $17 million of fixed-rate financing for the Radisson Riverwalk Hotel in Jacksonville, Fla.The 322-unit hotel, which has some 25,000 square-feet of meeting space, was recently purchased...
CMBS Pricing Matrix Updated for Week Ended 6/15/01
June 18, 2001The Commercial Real Estate Direct weekly CMBS Pricing Matrix has been updated. An historical trendline of 10-Year AAA CMBS spreads has been added.Click Here to view the latest Matrix.
Offers for Finova Loan Portfolio Due June 20
June 18, 2001 Commercial Real Estate Direct Staff ReportInvestors will be turning in offers for a $455 million offering of commercial real estate loans from Finova Group.Secured Capital Corp. of Los Angeles has been marketing the portfolio since...
Hospitality Properties Buys Four Marriott Hotels for $101.5 Mln
June 18, 2001 NEWTOWN, Mass. – Hospitality Properties Trust (NYSE:HPT) has purchased four hotels from Marriott International Inc. (NYSE:MAR) for $101.5 million.The properties consist of: a 356-key resort hotel, Kauai, Hawaii; a 295-unit Courtyard by Marriott in California;...
JP Morgan Chase, Lehman, RAIT Investment Finance Office Portfolio
June 18, 2001 Commercial Real Estate Direct Staff ReportJ.P. Morgan Chase, Lehman Brothers and RAIT Investment Trust have provided a total of $55 million of financing allowing Stratford Business Corp. to refinance a portfolio of suburban office buildings....
FINAL PRICING: COMM 2001-FL4
June 18, 2001 Class Amount Rating Moody's Rating S&P Avg. Life Price Talk Final Pricing Benchmark A-1 214.6 Aaa AAA 1.6 NA +21 Libor A-2 379.4 Aaa AAA 2.8 NA +24 Libor B 60.9 Aa3 AA 2.9 +38-40...
Mixed-use Project in Ventura County, Calif., Moves Forward
June 18, 2001 Special to Commercial Real Estate DirectKey elements of the initial phase of RiverPark, the biggest development in Ventura County, Calif., have been approved by the Oxnard City Council.According to the Los Angeles Times, the agreements...
The Source Interlink to Sell 5 Properties for $25.3Mln
June 18, 2001 NEW YORK – The Source Interlink Co. (Nasdaq:SORC) will sell five properties, totaling more than 700,000 square feet of manufacturing and office space, for $25.3 million, to an undisclosed buyer.The transaction consists of $19 million...
China Looks to U.S. Investors for Help With Bad Loans
June 18, 2001 Commercial Real Estate Direct Staff ReportChina is looking to the United States for help in resolving nonperforming assets.The country's China Huarong Asset Management Corp., which was set up to handle the troubled loans on the...
About
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.
