RECENT NEWS
PRICE TALK: $574.2 Mln J.P. Morgan Commercial Mortgage Securities Corp., 2001-FL1
June 21, 2001 NOTE: Deal is due to price this afternoon. Class Amount Sub. Rate Rating Fitch Rating S&P Avg. Life Price Talk Benchmark A 359.6 37.375 AAA AAA 1.8 +25-27 Libor B 39.5 30.5 AA AA 2...
CMBS Global and Domestic Bookrunner Ranking Updated for Week Ended 6/22/01
June 21, 2001 The Commercial Real Estate Direct CMBS global and domestic bookrunner rankings have been updated.Click here to view global and domestic bookrunner rankings.Comments? E-mail Christina Caprio, or call her at (215) 504-4288, Ext. 214.
Pacific Property Buys Apartment Property in Milpitas, Calif.
June 21, 2001 MILPITAS, Calif. – Pacific Property Co. has closed on its purchase of the 137-unit Suntree Garden Apartments.The Palo Alto-based multifamily investment firm paid $21.05 million, or about 153,650/unit, for the complex, which as already reported,...
AmeriVest Stockholders OK Issuing Shares to Buy Denver Complex
June 21, 2001 DENVER – Shareholders of AmeriVest Properties Inc. (AMEX:AMV) have approved issuing 1.1 million shares of restricted common stock to buy two multi-tenant office buildings, both in Denver.The purchase price for the building, known as Sheridan...
S&P Raises JP Morgan Mortgage 1996-C3
June 21, 2001 NEW YORK - Standard & Poor's raised its ratings on five classes of J.P. Morgan Commercial Mortgage Finance Corp.'s commercial mortgage pass-through certificates 1996-C3. The deals other classes have been affirmed.The rating agency upgraded class...
FINAL PRICING: $574.2 Mln J.P. Morgan Commercial Mortgage Securities Corp., 2001-FL1
June 21, 2001 Class Amount Sub. Rate Rating Fitch Rating S&P Avg. Life Price Talk Priced Benchmark A 359.6 37.375 AAA AAA 1.8 +25-27 +27 Libor B 39.5 30.5 AA AA 2 +40-42 +40 Libor C 34.4 24.5...
Sutro Makes BNY Asset Solutions Master Servicer for CMBS Deal
June 21, 2001 NEW YORK – Sutro & Co. has named BNY Asset Solutions LLC master and hot back-up special servicer for Sutro 2001-GP1.The $111 million transaction was floated by Sutro, a San Francisco investment bank, on behalf...
Grubb & Ellis Names Ian Bress CFO
June 21, 2001 NORTHBROOK, Ill. - Grubb & Ellis Co. (NYSE:GBE) has named Ian Bress chief financial officer.Bress has joined the company from Wall Street Strategies. Previously, he was president of East Coast operations for HealthFusion.com. Prior to...
Prudential Mortgage Capital Originates $17.5Mln Loan for Seattle-Area Warehouse
June 21, 2001 RENTON, Wash. - Prudential Mortgage Capital Co. has originated a $17.5 million commercial mortgage loan for its conduit to the Seattle Packaging Center.The 419,000-square-foot office/warehouse complex near Seattle secures the loan. The 10-year loan has...
GMAC Floater to Price Monday; J.P. Morgan Deal Prints as Expected
June 21, 2001 Commercial Real Estate Direct Staff ReportFinal pricing is expected Monday, June 25, on the $448.5 million GMAC Commercial Mortgage Asset Corp. 2001-FL-A floating-rate CMBS transaction, sources within the underwriting syndicate said. Price talk on the...
Joel Shapiro Leaves BDO Seidman, Goes Solo
June 21, 2001 By Orest Mandzy, Commercial Real Estate Direct Managing EditorJoel Shapiro, who headed up BDO Seidman's real estate practice, has left the accounting firm to form his own consulting practice. Shapiro, who had been with BDO...
Lexington Corporate Properties Receives $17.1Mln of Financing
June 21, 2001 MILPITAS, Calif. – Lexington Corporate Properties Trust (NYSE:LXP) has raised $17.1 million of mortgage financing for a 100,026-square-foot office/research building. The three-year, floating-rate loan bears a 6.92 percent interest rate. The property was previously unencumbered...
Developer Puts Tony Manhattan Apartments on Block
June 21, 2001 A development team led by RFR Holdings has put up for sale the Wellington Tower, an upscale rental apartment building in Manhattan's upper East Side, according to the New York Post.The newspaper said the fully...
Southeast Regional Digest (6/21/01): Trinidad conglomerate plans $2Bln in Broward, Fla., real estate
June 21, 2001 Trinidad conglomerate considers $2Bln in Broward, Fla., real estate projects Orlando (Fla.) Sun-SentinelFORT LAUDERDALE, Fla. - CL Financial Ltd., based in Trinidad, plans to invest more than $2 billion in real estate redevelopment projects this...
Asyst Cancels HQ Construction in Fremont, Calif.
June 20, 2001FREMONT, Calif. – Asyst Technologies Inc. has decided not to proceed with the construction of a $130 million corporate headquarters due to the company's reduced revenue outlook.The semiconductor firm last year leased a development parcel on...
Prime Retail Negotiates Mortgage Extensions
June 20, 2001 BALTIMORE – Prime Retail Inc. (NYSE:PRT) has negotiated extentions for two first mortgages totaling $26.4 million.The company extended through Aug. 10 a $16.4 million first mortgage on Prime Outlets, a 298,000-square-foot property in Edinburgh, Ind.,...
Investors Seek $75Mln of Up-Leg Buys for 1031 Exchanges
June 20, 2001 By Brad Berton, Commercial Real Estate Direct Contributing WriterSteven Regenstreif, Marcus & Millichap's triple-net property investment specialist, is looking for net-leased properties in order to complete tax-deferred 1031 exchange transactions on behalf of two clients.Both...
Southeast Regional Digest (6/18/01): Next big attraction may be in store for Tampa
June 20, 2001 Next big attraction may be in store for TampaThe Tampa (Fla.) TribuneTAMPA, Fla. - The Penet Land Corp. is planning a $20 million, 170,000-square-foot complex at Seventh Avenue and 15th Street. Plans call for basement-level...
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...
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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.
