RECENT NEWS
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 (6/6/01): 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...
Fitch Upgrades Mortgage Capital Funding, 1996-MC1
June 6, 2001 NEW YORK – Fitch has upgraded Mortgage Capital Funding Inc., 1996-MC1, because loan payoffs and amortization have resulted in increased subordination levels.The rating agency upgraded the deal's following classes:– the $31.3 million class C to...
Criimi Mae’s Servicer Rankings Reinstated by S&P
June 6, 2001 NEW YORK – Criimi Mae Services LP, the mortgage servicing unit of Criimi Mae Inc. (NYSE:CMM), has been reinstated on S&P's select list of special, master and commercial loan servicers.Criimi was removed from S&P's lists...
Canada Digest (6/6/01): Bonnis Properties buys Vancouver building to extend shopping area
June 6, 2001 Bonnis Properties buys Vancouver building to extend shopping areaVANCOUVER - Bonnis Properties Inc. will purchase the former Royal Bank building and adjacent lots at the northeast corner of Robson and Granville streets for an undisclosed...
Offshore Investor Buys San Francisco Building for $310/sf
June 6, 2001 An entity controlled by Falcon Real Estate and Urban Realty Co. has purchased the historic office building at One Montgomery St. in downtown San Francisco for about $23.5 million, or about $310/sf.The offshore investor bought...
IRS Rules Landowning Cos. Can Spin Off Land to Reduce Taxes
June 6, 2001 NEW YORK – A ruling by the Internal Revenue Service could allow companies to cut tax burdens by moving real estate assets off their books and paying rent to a REIT they would create.The ruling...
Genesis, Multicare File Bankruptcy Reorganization Plan
June 6, 2001KENNETT SQUARE, Pa. - Genesis Health Ventures Inc. and The Multicare Companies Inc. have filed a joint plan of reorganization with the U.S. Bankruptcy Court.The companies filed for bankruptcy protection on June 22, 2000. The plan...
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...
PS Business Buys Office Campus in Va. for $88.4Mln
June 5, 2001 FAIRFAX, Va. – PS Business Parks Inc. has acquired the Prosperity Business Campus for $88.4 million in cash from an undisclosed seller.The 12-building campus consists of four office buildings, totaling 355,000 square feet, and eight...
JPMorgan Chase, BofA, Salomon Lead $1Bln Facility for Equity Office
June 5, 2001 Commercial Real Estate Direct Staff ReportA lender group led by JP Morgan Chase, Banc of America Securities and Salomon Smith Barney has agreed to provide a $1 billion senior term loan that Equity Office Properties...
Southeast Regional Digest (6/5/01): FEMI building $12Mln condo project in Fla. this fall
June 5, 2001Construction on Smyrna Beach condos to begin this fallDaytona Beach News-Journal NEW SMYRNA BEACH, Fla. - FEMI Inc. will begin construction on the $12 million Atlantic Villas project this fall. The 19-unit, eight-story condominium is planned...
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