RECENT NEWS
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....
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...
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,...
AMLI Residential Closes on $140Mln Financing
June 6, 2001 CHICAGO - AMLI Residential Properties Trust (NYSE:AML) has closed on a $140 million mortgage financing for seven of its stabilized communities.The interest rate on the 10-year loan is 6.56 percent. Freddie Mac provided the financing...
Single-Tenant Office Complex in Northern NJ Fetches $240/sf
June 6, 2001 A privately-held real estate investment and development company has paid $61.55 million, or about $240/sf, for the Morris Technology Center, a newly built and fully leased office complex in Parsippany, N.J.The Benenson Capital Co. bought...
Fremont Investment Provides $17Mln of Financing for D.C. Hotel
June 6, 2001 WASHINGTON, D.C. – Fremont Investment & Loan has provided Whitewood LLC–Packwood Management $17 million in floating-rate financing for The Churchill, previously called the Hotel Sofitel.The company has the option to convert the three-year bridge loan...
Trepp to Launch Web-Based Analytic Service
June 6, 2001 By Orest Mandzy, Commercial Real Estate Direct Managing EditorTrepp LLC is launching its full-blown CMBS analytic service on the World Wide Web. The New York firm has thus far relied on the Bloomberg platform to...
Mission West Appoints Raymond V. Marino as President, COO
June 6, 2001 CUPERTINO, Calif. – Mission West Properties Inc. (Amex:MSW) has named Raymond V. Marino as president and chief operating officer, effective immediately.Carl E. Berg will remain chief executive officer and chairman of the board.Marino previously was...
Entertainment Properties Trust Secures $50Mln Secured Financing
June 6, 2001IStar Financial (NYSE:SFI) has provided Entertainment Properties Trust (NYSE:EPR) with a $50 million multi-draw secured credit facility. The three-year loan has two one-year extension options.The Kansas City, Mo., REIT said it plans to use proceeds of...
S&P Raises Ratings on Cabot Industrial Trust
June 6, 2001 NEW YORK - Standard & Poor's raised its ratings on Cabot Industrial Trust and its operating partnership, Cabot Industrial Properties LP. The company's outlook was revised to stable from positive.Cabot Industrial Trust's corporate credit rating...
Fitch Upgrades Penn Mutual Life, 1996-PML
June 6, 2001 NEW YORK – Fitch has upgraded Penn Mutual Life Insurance Co., 1996-PML, because the prepayment of three loans has resulted in an increase in subordination levels.The rating agency upgraded the deal's following classes: – $31.3...
Innkeepers USA Lowers Quarterly, Full-Year FFO Guidance
June 6, 2001 PALM BEACH, Fla. – Innkeepers USA Trust (NYSE:KPA) is lowering its quarterly and year-end 2001 earnings projections as a result of the decrease in the demand for lodging. "Lodging demand remains sluggish as reflected in...
Southeast Regional Digest (6/6/01): Home Properties completes acquisitions for $44.6Mln in Va., Balt
June 6, 2001 Home Properties completes acquisitions for $44.6Mln in Va., BaltimoreHome Properties has purchased two apartment communities with 728 units in two unrelated transactions for $44.6 million. The company paid $27 million for the 344-unit Virginia Village...
CSFB Provides $13.3Mln of Financing for Princeton, N.J., Corporate Center
June 6, 2001 PRINCETON, N.J. – Credit Suisse First Boston has provide $13.3 million in fixed-rate financing to the Seltzer Group for the Princeton Park Corporate Center.The research and development facility consists of 86,000 square feet and is...
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