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...

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...

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...

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...

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...

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...

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...

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,...

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...

June 5, 2001 TORONTO – Revenue Properties Inc. (TSE:RPC) has sold 900,000 common shares of Pan Pacific Retail Properties to a U.S. institutional investor for about C$32 million (US$20.8 million).Proceeds will be used for general corporate purposes.Comments? E-mail

June 5, 2001 The Commercial Real Estate Direct weekly CMBS Pricing Matrix has been updated. Click Here to view the latest Matrix.

June 5, 2001 SAN ANTONIO, Texas – Mack-Cali Realty Corp. (NYSE:CLI) has sold the Tetco Towers for $21.9 million to Koontz/McCombs 2 Ltd.The 256,137-square-foot, 15-story property, at 1777 NE Loop 410, is 84.9 percent leased.Proceeds will be used...

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...

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...

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...

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...

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...

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...

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...

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,...

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...

June 1, 2001 WHITE PLAINS, N.Y. – SSR Realty Advisors has purchased GE Capital Investment Advisors, the pension fund advisory arm of GE Capital Real Estate that has $1.7 billion of assets. The purchase gives SSR Realty a...

June 1, 2001ENGLEWOOD, Colo. – A private developer received $27 million in permanent financing from J.P. Morgan Chase for a 206,000-square-foot Class-A office property in Englewood, Colo.Fiddler's Green is at 6399 S. Fiddler's Green Circle and is 100...

June 1, 2001 NEW YORK – Shareholders of Clarion Commercial (NYSE:CLR) have approved the company's liquidation plan and dissolution."It became clear to us that with the stock market not properly valuing our assets, some alternative strategy would have...

June 1, 2001 By Christina Caprio, Commercial Real Estate Direct Staff WriterFirst Union moved up this week to ninth place from 11th in Commercial Real Estate Direct's CMBS bookrunner ranking, as a result of the pricing of the...