RECENT NEWS
Grubb & Ellis Names Jim Munson Managing Director, Executive VP in San Diego
June 11, 2001 SAN DIEGO - Grubb & Ellis Co. (NYSE:GBE) has named Jim Munson executive vice president and managing director of its San Diego Real Estate Advisory Services office. Munson will be responsible for the overall management,...
First Union Provides $26.1Mln of Financing for 600 Battery St. in San Francisco
June 8, 2001 By Christina Caprio, Commercial Real Estate Direct Staff WriterFirst Union Securities has provided $26.1 million of fixed-rate permanent financing to Mark Wilkow for the purchase of 600 Battery St. in San Francisco.The 10-year mortgage amortizes...
SL Green Pays $105.6Mln for Manhattan Office Tower
June 8, 2001 NEW YORK – SL Green Realty Corp. (NYSE:SLG) has closed on its $105.6 million purchase of 317 Madison Ave. in Manhattan. The REIT bought the 22-story office tower at the northeast corner of Madison Avenue...
Southeast Regional Digest (6/8/01): Fulton County, Ga., rejects hospital plan in Atlanta
June 8, 2001 Fulton County, Ga., rejects hospital plan in AtlantaThe Atlanta Journal-ConstitutionATLANTA - The Fulton County Commission has denied a request from the Hospital Authority of Fulton County to increase to 20 stories the height restrictions on...
Fitch Sees Weaker Property Markets, But No Changes in CMBS Subordination Levels
June 8, 2001 Commercial Real Estate Direct Staff ReportDespite seeing a weakening in most property sectors, Fitch does not expect subordination levels for CMBS to change anytime soon.The rating agency, in its just published Property Market Metric report,...
PRICE TALK: $1.13 Bln Credit Suisse First Boston Mortgage Securities Corp., Series 2001-CK3
June 8, 2001 Class Amount Sub. Rate Rating Moody's Rating Fitch Avg. Life Price Talk Benchmark A-1 50 23.25 Aaa AAA 2.5 +37 area Swaps A-2 105.5 23.25 Aaa AAA 4.6 +45-47 Swaps A-3 127 23.25 Aaa AAA...
CMBS Global and Domestic Bookrunner Ranking Updated for Week Ended 6/8/01
June 8, 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
Franchise Finance Provides $25Mln for Sale/Leaseback of Uno Restaurants
June 8, 2001 SCOTTSDALE, Ariz. - Franchise Finance Corp. of America provided about $25 million in financing to U.S. Realty Advisors LLC for 12 locations sold and leased back by Uno Restaurant Corp. (NYSE:UNO).The purchase of the 12...
S&P Raises Ratings on CSFB 1995-WF1
June 8, 2001 NEW YORK – Standard & Poor's raised its ratings on two classes in Credit Suisse First Boston Mortgage Securities Corp.'s 1995-WF1 and affirmed two other classes.The rating agency raised class C to triple-A from double-A...
O&Y REIT Files for $150Mln IPO
June 8, 2001 TORONTO - O&Y REIT has filed for an initial public offering of 15 million limited voting units, designed to raise C$150 million (US$98.6 million).O&Y REIT will use proceeds of the IPO to fund the C$506...
Canada Digest (6/8/01): Bentall signs 2 more major tenants for office project
June 8, 2001 Bentall signs 2 more major tenants for office projectVANCOUVER - Bentall Corp. has signed two more major tenants for its Bentall Five office tower, now under construction. Marsh Canada Ltd. has leased 34,000 square feet,...
Fitch Downgrades Red Mountain Funding, 1997-1, Cites Potential Defaults
June 8, 2001 NEW YORK – Fitch has downgraded one class from Red Mountain Funding LLC, 1997-1, because of a decline in collateral performance. The rating agency downgraded the deal's $4 million class H to triple-C from single-B-minus....
GMAC Provides $19.5Mln of Financing for NJ Office Building
June 7, 2001SOUTH BRUNSWICK, N.J. – GMAC Commercial Mortgage Corp. provided $19.5 million in fixed-rate financing for a South Brunswick, N.J., office building. The 10-year loan amortizes over a 30-year schedule.The loan refinances the three-story Princeton Park Office...
Jones Lang LaSalle Markets Tenn. Warehouse
June 7, 2001MADISON, Tenn. – Jones Lang LaSalle (NYSE:JLL) is selling a 528,840-square-foot distribution/warehouse facility.The property, at 530 Myatt Drive, consists of 418,480 sf of warehouse/distribution space, 104,260 sf of processing/packaging space and 6,100 sf of office space.The...
Security Capital Sells Stake in CWS Communities for $289.7Mln
June 7, 2001 CHICAGO – Security Capital (NYSE:SCZ) agreed to sell its entire 94.1 percent stake in CWS Communities Trust to Chateau Communities (NYSE:CPJ) for $289.7 million in cash.Proceeds from the sale are expected to be used to...
Southeast Regional Digest (6/7/01): IRT Sells 2 Assets for $5.9Mln
June 7, 2001 IRT Sells 2 Assets for $5.9MlnATLANTA - IRT Property Co. sold two properties for about $5.9 million, according to a company statement. The properties include the 10 Old Phoenix National Bank branch locations in Medina...
Developers Buy Land for Seattle Waterfront Hotel
June 7, 2001 By Brad Berton, Commercial Real Estate Direct Contributing WriterA venture between Wright Hotels Inc. and Host Marriott Corp. has purchased a site for a downtown Seattle waterfront hotel that has been in the planning for...
Deutsche Provides $160Mln of Financing for 1.8Mln-sf Portfolio
June 7, 2001PASADENA, Calif. – Deutsche Bank Alex. Brown has provided $160 million of floating-rate financing for a portfolio of California and Texas properties owned by Shidler Group and Angelo, Gordon & Co.The three-year adjustable-rate bridge loan allows...
AEW to Spend $50Mln to Revitalize West Coast Urban Areas
June 7, 2001 BOSTON – AEW Capital Management plans to invest up to $50 million on behalf of an institutional client to develop and redevelop projects in under served urban neighborhoods in major west coast markets.The company will...
PRICE TALK: $948.1 Mln Banc of America Commercial Mortgage Inc., Series 2001-1
June 7, 2001 Class Amount Sub. Rate Rating Moody's Rating Fitch Avg. Life Price Talk Benchmark A-1 161.6 22.01 Aaa AAA 5.75 +44-45 Swaps A-2 577.8 22.01 Aaa AAA 9.4 +48-49 Swaps B 35,5 18.26 Aa2 AA 9.8...
Insignia/ESG to Expand Services Through Alliances
June 7, 2001 NEW YORK - Insignia/ESG Inc. will forge alliances with leading independent real estate service companies to expand the geographic reach of its services.The first two strategic service providers in the program are Oxford Realty Services,...
Group Proposes to Buy G&L Realty
June 7, 2001 BEVERLY HILLS, Calif. - G&L Realty Corp. (NYSE:GLR) has received an offer to buy at least the majority of its stock or the entire company.Under terms of the proposal, Lyle Weisman and his associates would...
Wellsford Repurchases Common Shares From Investor
June 7, 2001 NEW YORK - Wellsford Real Properties Inc. (AMEX:WRP) will repurchase about 2 million shares of its outstanding common stock from an institutional investor.The shares were repurchased at $18.10/share, for total consideration of about $36 million...
J.P. Morgan Underwrites Brit Floating-rate ‘Heritage’ Deal
June 7, 2001 Commercial Real Estate Direct Staff ReportA 164.2 million pound (US$228.6 million) floating-rate securitization has been launched in England by J.P. Morgan Securities. Heritage Mortgage Securities PLC has five tranches, with the deal's triple-A class totaling...
Moody’s Downgrades Morgan Stanley Capital I, 1998-CF1
June 7, 2001 NEW YORK – Moody's Investors Service has downgraded Morgan Stanley Capital I Inc., 1998-CF1, because the collateral pool of mortgages has deteriorated since securitization.Even though property performance has suffered, subordination levels have actually improved because...
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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.
