RECENT NEWS
Health Care Selling $68Mln of Common Shares
June 15, 2001 TOLEDO, Ohio – Health Care REIT (NYSE:HCN) has priced an offering of 3 million common shares at $22.75/share, giving it proceeds of $68 million.The proceeds will be used to repay borrowings under the company's revolving...
Constellation Names Glen Barnard CEO; Closes on Financing
June 15, 2001 DENVER - Constellation Real Technologies has named Glen Barnard chief executive officer. Barnard was formerly president of e.KB Inc. He had been an executive vice president at KB Home responsible for the creation and execution...
Cash Flow from New Multifamily Complex to Pay for D.C. Public School
June 15, 2001 WASHINGTON – The revenues from a multifamily complex under development in northwest Washington will be used to pay for construction costs of a public school, the first to be built in the Capital in 20...
Lend Lease Real Estate Report Shows Middlesex, N.J., Apartment Market Tops
June 15, 2001NEW YORK - The best places to invest in multifamily properties over the next five years over the next five years are mostly in the New York/New Jersey metro area and in California, according to a...
First Union Provides $42Mln of Financing for Mass. Distribution Center
June 15, 2001 By Christina Caprio, Commercial Real Estate Direct Staff WriterCapital Lease Funding has provided $42 million of financing for a Boston-area retail center and has sold the loan to First Union.The financing, a 25-year self-amortizing mortgage...
Extended Stay America to Sell $300Mln of Senior Subordinated Notes
June 15, 2001 FORT LAUDERDALE, Fla. – Extended Stay America (NYSE:ESA) intends to sell $300 million of senior subordinated notes. Proceeds will be used to repay debt under existing credit facilities. Additionally, Extended Stay received commitments for $900...
Court Approves Settlement of 1995 Crown American Realty Lawsuit
June 15, 2001 JOHNSTOWN, Pa. - The United States District Court for the Western District of Pennsylvania has approved a settlement in a shareholder class action against Crown American Realty Trust (NYSE:CWN).The shareholders had filed the class action...
CSFB Second Most Active CMBS Bookrunner, Again
June 15, 2001 By Christina Caprio, Commercial Real Estate Direct Staff WriterCredit Suisse First Boston has moved back into second place in Commercial Real Estate Direct's CMBS bookrunner ranking following final pricing for its $1.1 billion conduit this...
Maxus Declares Results of Tender Offer, Cash Distribution
June 15, 2001 KANSAS CITY, Mo. - Maxus Real Property Investors-Four LP has redeemed 1,376 limited partnership units at $300/unit in connection with its tender offer that expired on June 5.As a result, there are now 12,153 outstanding...
Shurgard Trust Rating Withdrawn By Fitch
June 15, 2001 NEW YORK - Fitch has withdrawn its rating on Shurgard Pass-Through Trust's commercial mortgage modified pass-through certificate class A. The certificate has been paid in full.Comments? E-mail Dyanne Moon, or call her at (215) 504-4288,...
Security Capital Gets $450Mln Credit Line Renewed
June 14, 2001 CHICAGO – Security Capital Group (NYSE: SCZ) has renewed its $450 million line of credit through April 2003.Wells Fargo Bank and JP Morgan Securities were co-lead arrangers for the facility, Bank of America was syndication...
MassMutual Unit Gets Primary, Special Servicer Ratings from Fitch
June 14, 2001 NEW YORK – David L. Babson & Co., a unit of MassMutual Financial Group, has received a CPS2 primary servicer rating and CSS2 special servicer rating from Fitch.Fitch ranks servicers on a scale of one...
Southeast Regional Digest (6/14/01): Hogan Group to sell new Atlanta office building
June 14, 2001Industry news: Hogan Group to sell new Atlanta office buildingThe Atlanta Journal-Constitution, June 11ATLANTA – The Hogan Group has hired Cushman & Wakefield to market Glenridge Highlands Two, a 414,000-sf office tower at Ga. 400 and...
Realpoint Adds Aerial Images of Collateral Properties
June 14, 2001 DALLAS – Realpoint, GMAC Institutional Advisors' online CMBS analytic tool, is adding aerial images of properties that collateralize mortgages in deals it analyzes.The images are provided by GlobeXplorer Inc., a Walnut Creek, Calif., firm that...
Greystone Provides $41.5Mln Bridge Loan for Queens, N.Y., Health Care Facility
June 14, 2001 JACKSON HEIGHTS, N.Y. – Greystone Servicing Corp. Inc. has provided a $41.5 bridge loan to the owner of the Regal Heights Rehabilitation and Health Care Center.Terms of the financing were not disclosed.Jackson Heights Realty Associates...
US Restaurant Hires Senior Management
June 14, 2001 DALLAS – U.S. Restaurant Properties (NYSE:USV) has named Robert Stetson as chief executive officer.Stetson will replace Dave West, who will remain chairman of the company. Previously, Stetson was the president of the retail division and...
S&P Upgrades Meditrust Securities
June 14, 2001 NEW YORK - Standard & Poor's raised its rating to double-B-minus from single-B on Meditrust Exercisable Put Options Securities Trust's $150 million, 7.114 percent senior unsecured securities due 2011. The outlook is negative.All outstanding ratings...
AMLI Sells Dallas-Area Apartment Community
June 14, 2001 AMLI Residential Properties Trust (NYSE:AML) has sold a 690-unit apartment community in Carrollton, Texas.Price Realty Corp., a Dallas-based multifamily investment firm headed by Michael Ochstein, bought the Autumnchase Apartments using a $33.2 million acquisition loan...
FASB to Meet With Real Estate Roundtable Tomorrow
June 14, 2001 Commercial Real Estate Direct Staff ReportThe Real Estate Roundtable has arranged a meeting tomorrow, June 15, with the Financial Accounting Standards Board in Norwalk, Conn.The group requested to have the meeting with FASB in order...
Lend Lease Buys Suburban Chicago Office Building
June 14, 2001 ARLINGTON HEIGHTS, Ill. – Lend Lease Real Estate Investments Inc. has recently acquired, on behalf of one of its institutional investor clients, One North Arlington, a 161,900-sf office building in this northwest suburb of Chicago.Kohl...
Bank of America Provides $192.4Mln of Financing for Apartment Portfolio
June 14, 2001 HOUSTON – Bank of America has provided $192.4 million in financing to a Houston apartment developer that owns 18 apartment complexes with 5,000 units.The properties, which are owned by RCA Holdings Ltd., are in California,...
Southeast Regional Digest (6/13/01): Harbert Management Corp. buys Tampa, Fla., building for $28Mln
June 13, 2001 Harbert Managament Corp. buys Tampa, Fla., building for $28Mln The Wall Street JournalTAMPA, Fla. - Harbert Management Corp. has purchased Koger Center for $28 million. The company plans to raze some of its 15 buildings...
RioCan Buys Ottawa Site for Retail Development
June 13, 2001 OTTAWA, Ontario – RioCan Real Estate Investment Trust (TSE:REI.UN) and Trinity Development Group have teamed up to buy 43 acres on which they will build the Chapman Mills Marketplace.Construction on the 454,000-square-foot, US$58 million project...
Hilton Hotel in Vienna Sells to Developer
June 13, 2001 VIENNA, Austria – A Viennese developer has bought the Hilton Vienna for about 900 million Austrian schillings ($56 million, or $95,726/unit).Soravia Bautr?ger GmbH bought the 585-unit hotel from a venture between Swiss?tels subsidiary Sodereal Holdings...
Nationwide Sells 1 Million Shares of Common Stock
June 13, 2001 NEWPORT BEACH, Calif. - Nationwide Health Properties Inc. (NYSE:NHP) has entered into a transaction with two mutual funds and sold 1 million shares of its common stock at $18/share.The proceeds will initially be used to...
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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.
