RECENT NEWS
CREIT Buys Montreal Office Tower for C$36Mln
May 25, 2001 MONTREAL – Canadian Real Estate Investment Trust (TSE:KO) has acquired a 328,000-square-foot, Class-A office building in downtown Montreal for C$36 million (US$23.3 million).The US$71/sf price represents an initial unleveraged yield of 9.4 percent, the REIT...
Shidler Affiliate Buys Calif. Business Park for $12.3Mln
May 25, 2001 An affiliate of Westcore Industrial Properties has bought a four-building office complex in Sorrento Valley, Calif., for $12.3 million, or $107/sf. Westcore Sorrento Pines LLC acquired Sorrento Pines Park, a 114,497-square-foot business park at 4104,...
Southeast Regional Digest (5/25/01): Developer says suit won’t affect Jacksonville, Fla., loft plans
May 25, 2001 Developer says suit won't affect Jacksonville, Fla., loft plansFlorida Times-UnionJACKSONVILLE, Fla.- McNamara Associates of Atlanta has said that a lawsuit filed against the company, which plans to redevelop the vacant Ford Motor Co. plant, will...
Fitch Upgrades Allied Capital Trust, 1998-1
May 25, 2001 NEW YORK – Fitch has upgraded Allied Capital Commercial Mortgage Trust, 1998-1, because of a significant increase in subordination levels resulting from amortization and prepayments.The rating agency upgraded the deal's $21.7 million class C to...
Maguire Retains CSFB to Sell Stake in $2Bln Portfolio
May 25, 2001 LOS ANGELES – Maguire Partners has hired Credit Suisse First Boston to sell a majority stake in its portfolio, worth about $2 billion, in order to finance development at Playa Vista and other projects, The...
FINAL PRICING: $1.46 Bln TIAA CMBS I Trust, Series 2001-C1
May 25, 2001 Co-lead manager and sole bookrunner: Morgan Stanley Dean Witter. Co-lead manager: Credit Suisse First Boston. Co-managers: Lehman Brothers, Blaylock & Partners Class Amount Sub. rate (%) Avg. Life Pricetalk (bp) Priced (bp) Benchmark A-1 185.4...
Australian CMBS Deal Out
May 25, 2001 Commercial Real Estate DirectAn Australian property company is floating A$500 million (US$258.6 million) of CMBS.Westpac Banking Corp. and ANZ Banking Group are co-lead managing the transaction on behalf of Mirvac Group, with collateral comprised of...
Prime Group Realty Nears Deal to Sell Assets for $315Mln
May 25, 2001 Prime Group Realty Trust is close to inking a huge deal that would raise cash for the troubled REIT, The Chicago Tribune reported.The company is in final negotiations to sell all but one of its...
Goldman Sachs Second Most Active CMBS Bookrunner; Morgan Stanley Continues to Lead
May 25, 2001By Christina Caprio, Commercial Real Estate Direct Staff WriterGoldman Sachs has moved into second place in Commercial Real Estate Direct's CMBS bookrunner ranking as a result of the $1.2 billion 2001-Rock deal, which priced this week.To...
Federal Trade Commission Signs $80Mln-Plus Lease in Washington, D.C.
May 24, 2001 WASHINGTON – The Federal Trade Commission has signed a 10-year lease, valued at more than $80 million, for 200,000 square feet at 601 New Jersey Ave.Lowe Commercial Development, a joint venture between Lowe Enterprises and...
Resort to Open at Grand Geneva Resort & Spa
May 24, 2001 LAKE GENEVA, Wis. - Marcus Hotels & Resorts is building a $30 million Timber Ridge Lodge & Waterpark at Grand Geneva Resort & Spa. The complex will include 224 one- and two-bedroom suites and will...
FINAL PRICING: $1.21 Bln GS Mortgage Securities Corp. II, Series 2001-ROCK (Rockefeller Center)
May 24, 2001 The deal's final pricing reflects changes made in the structure of the tranches since initial price guidance on May 16. For instance, the transaction originally had four triple-A classes, but ended with three. Co-managers: Credit...
Amerihost Properties Changes Name to Arlington Hospitality
May 24, 2001 ARLINGTON HEIGHTS, Ill. - Amerihost Properties Inc. (Nasdaq:HOST) has formally changed its name to Arlington Hospitality Inc. In addition, the Board of Directors has approved a stock buyback of up to 1 million shares of...
First Union Provides $34.4Mln Financing for Pa. Multifamily Complex
May 24, 2001 By Christina Caprio, Commercial Real Estate Direct Staff WriterMALVERN, Pa. – Korman Communities has received $34.4 million from First Union to refinance a 275-unit apartment complex.The 10-year, fixed-rate loan amortizes over 30 years and carries...
FINAL PRICING: $775.8 Mln Salomon Bros. Mortgage Securities VII/CDC Securitization Corp., Series 200
May 24, 2001 Class Amount ($mln) Rating Fitch Rating Moody's Rating S&P Avg. Life Priced Benchmark A 523.7 AAA Aaa AAA 1.7 +24 Libor B 55.5 AA NR AA 2.6 +39 Libor C 27.3 A NR A 2.7...
Southeast Regional Digest (5/24/01): St. Petersburg, Fla., mall to become $70Mln power center
May 24, 2001 St. Petersburg, Fla., mall to become $70Mln power centerSt. Petersburg TimesST. PETERSBURG, Fla. - Clearwater Mall will be leveled within two years under The Sembler Co.'s plans, which call for stores opening as soon as...
Lenders Sign On to LoopNet
May 24, 2001 SAN FRANCISCO – LoopNet has launched FinanceNow, a feature that allows prospective buyers of properties on the company's online listing site to get preliminary mortgage quotes from lenders.Archon Financial, ARCS Commercial Mortgage, CIT Small Business...
Charlesbank Receives $49Mln in Financing from American General
May 24, 2001CHICAGO – American General Life has provided $49 million of permanent financing to Charlesbank Capital Partners for 200 W. Monroe St. in Chicago.The 10-year, fixed-rate loan has a 25-year amortization schedule and a 70 percent loan-to-value...
S&P Revises Outlook on PS Business Parks to Positive
May 24, 2001 NEW YORK – Standard & Poor's has revised its outlook on PS Business Parks LP to positive from stable. The company's credit and preferred stock rating were affirmed.The revision reflects the strong operating performance of...
Lexington Receives $42Mln in Financing for Parsippany, N.J., Office Park
May 24, 2001 PARSIPPANY, N.J. – Lexington Corporate Properties Trust has received $42 million in permanent financing from Principal Financial for the Aventis-Morris Corporate Center.The 341,000-square-foot Class-A office building, at 1 Upper Pond Road, is net leased for...
CMBS Pipeline Updated
May 24, 2001Commercial Real Estate DirectThe Commercial Real Estate Direct CMBS Pipeline has been updated, reflecting final pricing information from the $775.8 million Salomon Smith Barney/CDC deal and the $1.2 billion Goldman Sachs-Rockefeller Center single-asset transaction. The Pipeline...
Houston Office Gets $125Mln of Financing
HOUSTON ??" Texas Tower Ltd. has received $125 million in long-term financing for a 1.7 million-square-foot office tower. Proceeds will be used to replace existing debt on the property.The 75-story Chase Tower, which was originally named the Texas...
Mass Mutual Provides $16Mln in Financing for Campbell, Calif., Mutlifamily Complex
May 24, 2001 CAMPBELL, Calif. – Mass Mutual has provided a $16 million permanent mortgage for the 259-unit Kirkwood Village Apartments, owned by Kirkorian Enterprises.The garden apartment complex is at 45-150 Fulton St. and 1663-1885 Whitwood St.The five-year...
Moody’s Confirms CMBS Deal With Heavy Senior Housing Exposure
May 24, 2001 NEW YORK – Moody's Investors Service has affirmed the ratings of GMAC Commercial Mortgage Securities Inc., 1998-C1, a CMBS transaction that would surely be downgraded if not for a surety bond guaranteeing a poorly performing...
TrizecHahn Names Gregory Hanson CFO
May 24, 2001TORONTO - TrizecHahn Corp. has named Gregory F. Hanson as chief financial officer.Hanson has served as chief financial office of GE Capital Real Estate since 1997. Prior to joining GE, Hanson was a partner at KPMG...
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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.
