RECENT NEWS
Criimi Bonds Were Sold to Orix
April 27, 2000 By Orest Mandzy, Commercial Real Estate Direct Managing EditorThe Lehman Brothers affiliate that acquired $140 million of subordinate commercial mortgage-backed securities from Criimi Mae (NYSE:CMM) has sold the bonds to Orix Real Estate Capital Markets....
Mark Gordon Promoted to Head of Sonnenblick-Goldman’s Hotel Group
April 27, 2000 NEW YORK – Sonnenblick-Goldman Co. has promoted Mark Gordon to the post of managing director and head of its lodging and leisure group. He has also been made a principal of the investment-banking boutique.Gordon, a...
CB, Jones Lang, Trammell Crow Form E-Commerce Venture
April 26, 2000 CB Richard Ellis (NYSE:CBG), Jones Lang LaSalle Inc. (NYSE:JLL) and Trammell Crow Co. (NYSE:TCC) have formed an alliance to develop Internet-based real estate applications.The three firms will initially focus on developing applications that would streamline...
PRICE TALK: $300 Mln 1211 Avenue of the Americas Trust
April 26, 2000 Go To Fitch IBCA Pre-Sale Report.Go To Moody's Pre-Sale Report.1211 Avenue of the Americas Trust, Series 2000-1211ClassAmount($mln)RatingMoody'sRatingFitchTalk(BP)BnchMarkA141.3AaaAAA+159-161Treas.B46.5Aa2AA+171-173Treas.C40.8A2A+181-183Treas.D43.7Baa2BBB+220-230Treas.E27.7Baa3BBB-+260-270Treas.X*300AaaAAAN/ATreas.* Interest-only strip.
Fleming Examining Future Of 161 Supermarkets
April 26, 2000 Associated PressOKLAHOMA CITY – As part of a plan to get out of the conventional supermarket business, Fleming Cos. has hired Morgan Stanley Dean Witter to help explore options, including the sale of 161 stores....
Ebay Signs Innovative Synthetic Lease for Headquarters
April 26, 2000 SAN JOSE, Calif. – Online auction company eBay Inc. has struck an unusual lease at its San Jose headquarters that gives it financial flexibility and the ability to expand when it needs to.The company struck...
Blackstone Pays $243 Mln for Westin St. Francis Hotel
April 26, 2000 An affiliate of Blackstone Real Estate Advisors has paid $243 million, or $204,000 per unit, for the Westin St. Francis hotel in San Francisco.The 1,192-unit hotel was sold by Starwood Hotels & Resorts (NYSE:HOT), which...
American Mortgage Buys Loan on Carolina Apartments
April 26, 2000 NEW YORK – American Mortgage Acceptance Co. (Amex:AMC) has acquired an FHA-insured mortgage on a Greenville, N.C., apartment community that is being developedIn addition to buying the $9 million mortgage, American Mortgage provided $1.5 million...
Southeast Regional Digest
April 26, 2000 Developer plans loft offices, condos for Old Fourth WardThe Atlanta Journal-Constitution, April 26ATLANTA – B.H.C. Property Group of Gwinnett County plans to build 446 residential condominiums, 45,000 square feet of loft office and 8,450 sf...
Canada Regional Digest
April 26, 2000 Brookfield Properties aims to raise profile The National Post, April 26 TORONTO – Executives from Brookfield Properties Corp. assured shareholders that it will make a stronger effort to market the firm to U.S. investors in...
PRICE TALK: $430 Mln Four Times Square Trust
April 26, 2000 Go To Moody's Pre-Sale Report.Go To S&P Pre-Sale Report.Four Times Square Trust, Series 2000-4TS*ClassAmount($mln)RatingS&PRatingMoody'sAvg.LifeTalk(BP)BnchMarkA-147AAAAaa5.6+30LiborA-2233AAAAaa10+42LiborB46AAAa210+52LiborC68AA210+62LiborD36BBBBaa210PresoldLiborX**430AAArAaaN/AN/ALibor* Not verified by underwriters.** Interest-only strip.
Finova Says it Has Quit the Conduit Business
April 26, 2000 IRVINE, Calif. – Finova Realty Capital has confirmed that it has quit the conduit business.The unit of Finova Group Inc. (NYSE:FNV) said it repositioned its product offering and would only provide bridge and mezzanine financing...
Firstar Commercial Arranges $51-Mln Loan for Minnesota Offices
April 26, 2000ST. PAUL, Minn. – Firstar Corp. (NYSE:FSR) has arranged a $51-million loan on 380 St. Peter Street, a 436,000-square-foot office building in downtown St. Paul.The loan was provided to Frauenshuh Cos., a developer and property manager...
OnSite Access to Wire Newmark Buildings
April 26, 2000 NEW YORK – OnSite Access Inc. has worked out a deal with Newmark & Co. Real Estate Inc. to provide broadband services to the 31 office buildings in the New York area that it owns...
MGI Moves Forward With Liquidation, Sells Illinois Shopping Center
April 25, 2000 MGI Properties (NYSE:MGI) has recovered $22.6 million from the sale of an Aurora, Ill., shopping center. The 362,000-square-foot shopping center was sold to M&J Wilkow Properties Inc. The sale, which was detailed in a Form...
Boddie-Noell Changes Name to BNP Residential Properties
April 25, 2000 CHARLOTTE, N.C. – Boddie-Noell Properties Inc. (Amex:BNP) has changed its name to BNP Residential Properties Inc.The REIT made the change to better reflect its business operations. When it was founded in 1987, the firm owned...
PRICE GUIDANCE: First Union-Merrill Lynch $783.09 Mln Conduit
April 25, 2000 Go To Fitch IBCA Pre-Sale Report.Go To S&P Pre-Sale Report.First Union National Bank Commercial Mortgage Trust, 2000-C1ClassAmount($mln)Sub. Level(%)RatingS&PRatingFitchAvg.LifeGuidance(BP)BnchMarkA-19625.75AAAAAA5.6L+24-26Int. Swap*A-2485.525.75AAAAAA10L+38-40Int. SwapB39.220.75AAAA10L+50-55Int. SwapC35.216.25AA10L+62-70Int. SwapD11.714.75A-A-10L+72-75Int. SwapE25.511.5BBBBBB10+240 areaTreas.F-11.710BBB-BBB-10+285 areaTreas.X**783.09N/AAAArAAA10+400Treas.* Guidance was issued against the interpolated swap spread in classes...
Southeast Regional Digest
April 25, 2000 After years of trouble, Terremark sells Grove headquartersThe Miami Herald, April 25COCONUT GROVE, Fla.– Terremark Centre has been sold for $58.8 million. which calculates to $200 per square foot, a record price for commercial Miami...
Canada Regional Digest
April 25, 2000Scaled down convention proposal exploredThe Ottawa Citizen, April 25 OTTAWA – Planners are developing a cheaper, less controversial proposal for expanding convention facilities at the Rideau Centre, scrapping plans to bury part of Colonel By Drive...
Asset Investors, Commercial Assets Prep Shareholders for Merger
April 25, 2000 Asset Investors Corp. (NYSE:AIC) and Commercial Assets Inc. (AMEX:CAX), which have agreed to merge, have filed a joint proxy statement with the SEC.A majority of shareholders from both companies must approve the plan for Commercial...
Georgia Manufacturing Plant Sells for $11 Mln
April 24, 2000 ATLANTA – Abrams Industries Inc. sold its former manufacturing facility in Douglas County, Georgia, for about $11 million to Gazelle LLC. Gazelle of Redwood City, California, intends to convert the property to an Internet infrastructure...
S&P Upgrades Servicer Rankings of CapMark, Lend Lease Asset Management
April 24, 2000 NEW YORK – Standard & Poor's raised the servicer ratings of CapMark Services LP and Lend Lease Asset Management LP.The ratings of the two former Amresco Inc. units were removed from CreditWatch, where they were...
Impac to Buy Back $11.6 Mln of its Shares
April 24, 2000 Impac Commercial Holdings Inc. (AMEX:ICMH) has made $11.6 million available to buy back more than 2 million shares of its outstanding stock at $5.75 per share.The offer stands until May 19, at which time Impac...
Goldman Invests in Elevator News Service
April 24, 2000 TORONTO – Goldman Sachs Group Inc. has invested in Elevator News Network, which provides news via monitors installed in office building elevators.Elevator News is one of several Internet, or new media companies that Goldman has...
Tishman/Travelers Put Piece of Chrysler Building on Block, Crain’s Says
April 24, 2000 Tishman Speyer Properties and Travelers Group are looking to sell a piece of the Chrysler Building and the adjoining 666 Third Avenue, which comprise some 2 million square feet in Midtown Manhattan.Eastdil Realty and Salomon...
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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.
