RECENT NEWS
Prudential Mortgage Capital Names Jesse Chancellor Principal
May 30, 2001 MCLEAN, Va. - Prudential Mortgage Capital Co. has named Jesse Chancellor a principal to oversee the company's affordable housing lending efforts.Chancellor will be responsible for providing specialized product expertise to the company's nationwide network of...
Glenborough Increases Credit Line to $180Mln
May 30, 2001 SAN MATEO, Calif. – Glenborough Realty Trust (NYSE:GLB) has increased its credit line to $180 million from $142 million, and extended the maturity date to June 2003 from June 2002. "Our conservative debt level provides...
Colo. Retail Center Returns to the Market
May 30, 2001By Susanna Potter, Commercial Real Estate Direct Staff WriterThe owner of The Shops at the Bluffs in Colorado Springs, Colo., is again looking to sell the grocery-anchored shopping center after a contract to sell the property...
GMAC, Newman Out with $420Mln Floater, Sources Say
May 30, 2001 Commercial Real Estate Direct Staff ReportGMAC Commercial Mortgage and its subsidiary, Newman & Associates, is out with a $420 million floating-rate CMBS deal, industry sources said today. Newman is lead-managing the deal, with Greenwich Capital...
GMAC Provides $13Mln in Financing for Charlotte, N.C., Hotel
May 30, 2001 CHARLOTTE, N.C. – GMAC Commercial Mortgage Corp. has provided $13.3 million in adjustable-rate financing to Charlotte Uptown R.I. LLC for a hotel property.The 11-story, 125,000-square-foot Residence Inn consists of 150 rooms. GMAC's Hospitality Industry Division...
Mills to Develop $300Mln Retail/Entertainment Complex Near Madrid, Spain
May 30, 2001ARROYOMOLINOS, Spain – The Mills Corp. (NYSE:(NYSE: MLS) plans to develop a nearly 2 million-square-foot, $300 million retail/entertainment center 13.6 miles from Madrid, the capital of Spain.Construction on 1.2 million-sf Phase I of the Madrid Xanadu...
Southeast Regional Digest (5/30/01): Properties sold near Dadeland Mall for $10.7Mln
May 30, 2001 Industry News: Properties sold near Dadeland Mall for $10.7MlnDaily Business ReviewDADE COUNTY, Fla. - Lo Curro Development LLC has bought several parcels of land and rental units at 7200 to 7250 SW 83rd Street Plaza...
Inland Empire Warehouse Sells for $31.5Mln
May 30, 2001 Special to Commercial Real Estate DirectAmerican Realty Advisors has purchased the 817,750-sf Commerce Way Distribution Center in Fontana, Calif., for $31.5 million, or about $38.50/sf, according to local real estate sources.The Commerce Way property, which...
Fitch Upgrades CSFB, 1995-WF1, Classes C & D
May 30, 2001 NEW YORK - Fitch has upgraded two classes of Credit Suisse First Boston Mortgage Securities Corp., 1995-WF1. The deals other classes were affirmed.The $19.5 million class C was upgraded to double-A-plus from double-A, and the...
Banyan Strategic Initial Liquidating Distribution Of $4.75/shr
May 30, 2001 CHICAGO - Banyan Strategic Realty Trust (Nasdaq:BSRTS) has authorized distribution of $4.75/share on June 28 to shareholders of record as of June 13.The REIT said this is the initial liquidating distribution pursuant. The company decided...
GMAC Provides $42Mln of Acquisition Financing for Ariz. Multifamily Complex
May 30, 2001 SCOTTSDALE, Ariz. – Investor James Almon, acting as Pillar Scottsdale LLC, received $42 million in fixed-rate acquisition financing for a 539-unit luxury multifamily complex from GMAC Commercial Mortgage. The Jefferson at Scottsdale, which sits on...
W.P. Carey Buys Manufacturing Facility in Ga. for $13.6Mln
May 29, 2001 DULUTH, Ga. – W.P. Carey & Co. LLC (NYSE:WPC) has acquired a manufacturing facility from Nexpak Corp. for $13.6 million. The 221,374-square-foot facility, purchased on behalf of Corporate Properties Associates 14 Inc., will be net...
Southeast Regional Digest (5/29/01): Crescent, Forum I in Memphis sell to investor
May 29, 2001 Crescent, Forum I in Memphis sell to investor Memphis (Tenn.) Business JournalMEMPHIS, Tenn. – Cooper Realty Investments plans to buy the Crescent Center at 6075 Poplar and Forum I at 6750 Poplar from The Archon...
Glimcher Realty Sells Additional 750,000 Shares to Underwriters
May 29, 2001 COLUMBUS, Ohio – McDonald Investments and Legg Mason Wood Walker have exercised their over-allotment option to purchase an additional 750,000 common shares of Glimcher Realty Trust (NYSE:GRT).Proceeds of $10.7 million increased the total net proceeds...
Historic Baltimore Hotel Sold to Venture
May 29, 2001 BALTIMORE, Md. – Radisson Olympus Capital Partners has purchased the Baltimore Hilton and Towers, with plans to change the name of the historic landmark hotel to the Radisson Plaza Hotel Baltimore Inner Harbor.Jones Lang LaSalle...
SL Green Sells 45% Equity Stake in One Park Avenue
May 29, 2001NEW YORK – SL Green Realty Corp. (NYSE:SLG) has sold a 45 percent interest in Manhattan's One Park Ave. for $105.25 million.The deal values the 910,000-square-foot office building at the same $233.9 million that the REIT...
CMBS Pricing Matrix Updated for Week Ended 5/25/01
May 29, 2001 The Commercial Real Estate Direct Weekly CMBS Pricing Matrix has been updated. Click Here to view the latest Matrix.
Canada Regional Digest (5/29/01): TGS purchases Edmonton office building
May 29, 2001 TGS purchases Edmonton office buildingEDMONTON, Alberta - TGS Properties Ltd. has purchased an 11-story, 165,025-square-foot Class-A office building for C$10.5 million (US$6.8million). The property, adjacent to the Alberta Legislature, is 98 percent leased, with more...
CSFB Provides $9.3Mln of Financing for Ohio Warehouse
May 29, 2001 Commercial Real Estate Direct Staff ReportFairmount Capital Group, a recently launched real estate advisory firm, has completed its first mortgage placement. The firm, which was formed by Joseph Tufariello, the former head of J.P. Morgan...
GE Capital Partnership Buys Portfolio for $18.7Mln in England
May 29, 2001 LONDON – Halladale Group has completed the sale of two portfolios to a limited partnership between GE Capital Real Estate and Norseman Holdings for $13.1 million pounds (US$18.7 million).One portfolio consists of retail properties in...
Ceebraid-Signal, Transwestern Close Deal for Apartments in Wyncote, Pa.
May 29, 2001WYNCOTE, Pa. – Ceebraid-Signal Corp. and Transwestern Investment Co. LLC have purchased the Cedarbrook Hill Apartment Homes for an undisclosed amount.The 40-acre community, at 8480 Limekiln Pike, features two 15-story towers and one 14-story tower.The property...
Gotham Withdraws Proposal to Merge with First Union Real Estate Equity
May 29, 2001 NEW YORK – Gotham Partners LP has withdrawn its proposal to merge its operations with First Union Real Estate Equity and Mortgage Investments (NYSE:FUR), a REIT it controls.Under the proposal Gotham, which owns a 16.7...
Trust Exits Md. Tech Park with Sale of Flex Building
May 29, 2001 GAITHERSBURG, Md. – Finmarc Management Inc. has purchased a flex building and an accompanying development parcel for $15 million.The Bethesda-based commercial real estate investment and property management firm bought the Edison Technology Centre, a 202,000-square-foot...
Universal Health REIT to Issue 3Mln Shares
May 29, 2001 KING OF PRUSSIA, Pa. - Universal Health Realty Income Trust (NYSE:UHT) plans a public offering of 3 million shares of beneficial interest.The trust expects to complete the offering in June. Net proceeds will be used...
Bernard Mendik Dies
May 28, 2001 Bernard H. Mendik, a well-known New York real estate entrepreneur, passed away on Sunday, May 27.According to BetweenTheBricks.com, a website that focuses on the New York real estate market, Mendik died at New York Presbyterian...
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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.
