RECENT NEWS
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...
Home Properties Buys 728 Apartment Units for $44.6Mln
June 5, 2001ALEXANDRIA, Va. – Home Properties (NYSE:HME) has purchased two apartment communities, in two separate transactions, for $44.6 million.The 344-unit Virginia Villas was purchased for $27 million, or $78,600/unit. The purchase consisted of $9.6 million of assumed...
Universal Health Prices 2.6Mln Shares at $21.57 Each
June 5, 2001KING OF PRUSSIA, Pa. – Universal Health Realty Income Trust (NYSE:UHT) has priced 2.6 million shares at $21.57/share under its shelf registration filed with the SEC.Underwriters for the stock offering are UBS Warburg LLC, which is...
Construction Under Way on Office Tower in Boston
June 5, 2001 BOSTON – Congress Group Ventures has begun construction of a 900,000-square-foot Class-A office tower at 33 Arch St. The company has secured a four-year, $150 million construction loan from a group of banks led by...
NCB Capital Provides $70Mln of Financing for Calif. Co-Op
June 5, 2001 SANTA MONICA, Calif. – NCB Capital Corp. has provided $70 million in first mortgage financing to Ocean Tower Housing Corp., the owners of an earthquake-damaged 317-unit co-op complex.The 10-year loan refinances an existing mortgage of...
Report Finds REITS Offer Stable Dividends Despite Slowing Economy
June 5, 2001 ARLINGTON, Va. - Office and industrial REITS offer moderate growth and stable dividends despite the economic slowdown, which softened real estate market fundamentals, according to a report by Friedman, Billings, Ramsey & Co.The cash flow...
Texas Court Dismisses All Claims Against United Investors Realty Trust
June 5, 2001 DALLAS – The 44th District Court has dismissed all claims filed by Southwest Securities Inc. last summer against United Investors Realty Trust (Nasdaq:UIRT).Southwest filed suit against the REIT trying to prevent the sale of the...
Polestar Raises $9.4Mln Equity, Secures $20Mln Credit Facility
June 5, 2001 NEW YORK - Polestar Capital Group LLC raised $9.4 million in preferred equity in a private placement offering. The company also secured a $20 million revolving credit facility from iStar Financial Inc. (NYSE:SFI).Polestar Capital Group,...
Starwood to Operate Fla. Resort Under Westin Flag
June 5, 2001LaSalle Investment Management has named Starwood Hotels & Resorts Worldwide Inc. (NYSE:HOT) as the manager and operator of The Diplomat Resort in Hollywood, Fla.The property includes a 996-unit hotel, convention center, country club and spa. The...
Regus Confirms Talks to Buy HQ Global
June 4, 2001 CHERTSEY, England – Regus PLC (Nasdaq:REGS) has confirmed that it is in talks regarding a potential purchase of HQ Global Holdings Inc.Regus, like HQ Global, owns and operates executive suites. HQ Global is a unit...
Clarification: JPMorgan Chase Provides $350Mln Line to Lehman Fund
June 4, 2001 JP Morgan Chase has an investment banking team – led by Jim Sullivan, a managing director – that provides various services and products to opportunity funds, including mergers & acquisitions advisory, lines of credit, access...
Southeast Regional Digest (6/4/01): Cobb office tower hits the market in Atlanta
June 4, 2001 Industry news: Cobb office tower hits the market in AtlantaThe Atlanta Journal-ConstitutionATLANTA - Cumberland Center II has hit the sales block. Sibag, a real estate arm of Siemans, hired CB Richard Ellis to sell the...
Sonnenblick-Goldman Tapped to Market Manhattan’s Delmonico Hotel
June 4, 2001 Commercial Real Estate Direct Staff ReportSonnenblick-Goldman Co. has been hired to market for sale the Delmonico Hotel on Manhattan's Park Avenue.The estate of Sarah Korein had invited several brokerage firms to compete for the right...
ProLogis to Sell European Cold-Storage Unit
June 4, 2001 DENVER – ProLogis (NYSE:PLD) has agreed to sell its European cold-storage unit for 42 million euros ($36 million).The Denver industrial REIT will sell Frigoscandia to Nordfrost GmbH, a leading provider of temperature-controlled distribution facilities throughout...
Correction: FelCor Names Richard J. O’Brien as CFO
June 4, 2001 Richard J. O'Brien, who was named chief financial officer and executive vice president of FelCor Lodging Trust Inc., previously served as CFO of the Americas business unit of GE Capital Real Estate. A story on...
Prudential RE Investors Hires New Head of Latin America Operations
June 1, 2001 PARSIPPANY, N.J. – Prudential Real Estate Investors has appointed Roberto Ordorica as its vice president for Latin America.Ordorica will oversee the expansion of the firm's Latin American operations, including its Brazilian real estate advisory joint...
CDC Mortgage Provides $180Mln Financing to Denholtz
June 1, 2001 NEW YORK – CDC Mortgage Capital has provided $180 million of floating-rate financing, allowing Denholtz Associates to buy a 27-property portfolio of office and flex/industrial space from Banyan Strategic Realty Trust (Nasdaq:BSRTS).Denholtz paid $186.3 million...
Crestline Sells 10 Residence Inn Hotels for $119Mln
June 1, 2001 Crestline Capital Corp. (NYSE:CLJ) has agreed to sell its portfolio of 10 Residence Inn hotels, in a deal valued at $119 million.Apple Hospitality Two Inc., a REIT based in Richmond, Va., has agreed to buy...
L.A. County Pension Fund Invests $30Mln in UrbanAmerica
June 1, 2001 The Los Angeles County Employee Retirement Association has committed $30 million to UrbanAmerica LP, a real estate investment company that acquires and develops commercial properties in inner-city areas."This investment is a milestone for UrbanAmerica, as...
Southeast Regional Digest (6/1/01): Affiliates of ANC Rental sell properties in Miami for $15.6Mln
June 1, 2001ANC Rental subsidiaries sell, lease back facilities in MiamiDaily Business ReviewMIAMI - CBT-Airport Owners LLC and WF-Airport Owners Ltd. have purchased properties from Alamo Rent-A-Car LLC and National Car Rental Systems Inc., affiliates of ANC Rental...
Red Mortgage Provides $14.8Mln of DUS Financing to San Diego Apartments
June 1, 2001 COLUMBUS, Ohio – Red Mortgage Capital Inc. has provided $14.8 million of financing under Fannie Mae's delegated underwriter servicer program for a San Diego apartment complex.The mortgage bank provided the fixed rate loan for El...
NZ Corp. Closes $12.5Mln Sale of Real Estate in Sedona, Ariz.
June 1, 2001 SEDONA, Ariz. – The NZ Corp. (AMEX:NZ) has completed the sale of about 136 acres of land known as Seven Canyons to Sedona Development Partners, a company formed by the Pinnacle Group and Cavan Investments,...
Deutsche Provides $28Mln in Financing for Clarity Building
June 1, 2001 BEVERLY HILLS, Calif. – Deutsche Bank has provide $28 million in permanent financing to a private investor for the 103,000-square-foot Clarity Building. The 10-year, fixed-rate loan has a 30-year amortization schedule and carries an interest...
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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.
