RECENT NEWS
Claridge Nears Sale of Atlantic City, N.J., Hotel
May 22, 2001 ATLANTIC CITY, N.J. – A U.S. Bankruptcy Court has approved the sale of the Claridge Casino Hotel in Atlantic City, N.J., to Park Place Entertainment Corp.The U.S. Bankruptcy Court in Camden, N.J., confirmed the fourth...
W.P. Carey Sells San Diego Facility for $30.5Mln
May 22, 2001 SAN DIEGO – Corporate Property Associates 12 Inc., an affiliate of W.P. Carey & Co. (NYSE:WPC), has sold a 210,500-square-foot facility for about $30.5 million, or $145/sf, to BAE Systems Mission Solutions.As a result of...
International Asset Managers buys Las Vegas Apartments for $9.5Mln
May 22, 2001 LAS VEGAS, Nev. – International Asset Managers Inc. has purchased the 136-unit Mesa Verde Apartments from Cirque Property for $9.5 million, or $70,220 per unit.The 156,356-square-foot apartments, at 6335 Annie Oakley Drive, are 97 percent...
S&P Raises Ratings on Midland Realty Acceptance Corp., 1996-C1
May 22, 2001 NEW YORK - Standard & Poor's has raised its ratings on four classes of Midland Realty Acceptance Corp.'s commercial mortgage pass-through certificates series 1996-C1.The ratings on three other classes are affirmed.The ratings are as follows:...
CMBS Pricing Matrix Updated for Week Ended 5/18/01
May 22, 2001 The Commercial Real Estate Direct Weekly CMBS Pricing Matrix has been updated. Click Here to view the latest Matrix.
Bedford Property Investors Renews $150Mln Credit Line
May 22, 2001LAFAYETTE, Calif. – Bedford Property Investors Inc. (NYSE:BED) has renewed its secured credit line with a $150 million facility with a group led by Bank of America.The $150 million facility has a three-year term with an...
PRICE TALK: $1.46 Bln TIAA CMBS I Trust, Series 2001-C1
May 22, 2001 Price guidance was set yesterday for this resecuritization from Teachers Insurance and Annuity Association, lead managed by Morgan Stanley Dean Witter. Pricing is scheduled for Thursday. Click here for yesterday's story about the deal. Class...
C&W Hires New Executive Director from JP Morgan/Chase
May 22, 2001 NEW YORK – Dennis R. Irvin has joined Cushman & Wakefield as an executive director.He will work with a team of brokerage professionals headed by vice chairman August DiRenzo to provide real estate financial advisory...
Northeast Regional Digest (5/22/01): LCOR moving forward with project for Fifth and 42nd Street
May 22, 2001LCOR hires architects to transform corner of Fifth Avenue and 42nd StreetNEW YORK – LCOR has hired Kohn Pedersen Fox to transform the northeast corner of Fifth Avenue and 42nd Street from a junk mall and...
S&P Raises iStar Asset Receivables Trust, 2000-1
May 22, 2001NEW YORK - Standard & Poor's has raised its rating on iStar Asset Receivables Trust, 2001-1 Class B to triple-A from double-A. The deals other class has been affirmed.The raised rating is due to an increase...
Southeast Regional Digest (5/22/01): Miami apartment project sells for $17Mln
May 22, 2001 Miami apartment project sells for $17Mln Daily Business Review (Miami, Fla.)MIAMI, Fla. - United Dominion Realty Trust (NYSE: UDR) of Richmond, Va. sold a 252-unit apartment project, Mediterrancea at the Moors, for $17 million, or...
Four Seasons Ends Hong Kong Hotel Management Deal, Picks Up Another
May 22, 2001 TORONTO – Four Seasons Hotels Inc. (NYSE:FS) will cease management of The Regent Hong Kong, effective June 1. However, the Toronto-based company has agreed to pick up management of another hotel being built on the...
Southeast Regional Digest (5/22/01): Miami apartment project sells for $17Mln
May 22, 2001Miami apartment project sells for $17Mln Daily Business Review (Miami, Fla.)MIAMI, Fla. - United Dominion Realty Trust (NYSE: UDR) of Richmond, Va. sold a 252-unit apartment project, Mediterrancea at the Moors, for $17 million, or $58.98...
FINAL PRICING: $215 Mln Banc of America Large Loan, Series 2001-1166
May 22, 2001 Priced May 17. Collateral is a $215 million first mortgage on nine floors of the 44-story 1166 Avenue of the Americas building in Midtown Manhattan. Class Amount ($mln) Rating Fitch Rating Moody's Avg. Life Pricetalk...
Home Properties Sells Suburban Buffalo Apartments for $37Mln
May 21, 2001 BUFFALO, N.Y. – Home Properties (NYSE:HME) has sold three apartment communities, totaling 875 units, for $37 million, or about $42,300 per unit. Proceeds of $22.2 million will be reinvested later this quarter to purchase additional...
Whitbread Secures Parcel for Hotel at Heathrow Airport
May 21, 2001 LONDON – Whitbread Hotel Co. plans to develop a 614-unit budget hotel on a prime site near Heathrow Airport.The company has signed a long-term ground lease for a prime 6.5-acre site on Bath Road from...
Gazit-Globe to Consolidate U.S. Operations in $280Mln Deal
May 21, 2001Equity One Inc. (NYSE:EQY) has agreed to buy Centrefund Realty Corp.'s (TSE:CFE) wholly owned U.S. subsidiary in a stock-for-stock deal valued at $280 million, including transaction costs.Both companies are controlled by Gazit-Globe (1982) Ltd., an Israeli...
Midwest Regional Digest (5/21/01): Oneida tribe gets $22.7Mln loan to expand Green Bay, Wis., hotel
May 21, 2001 Oneida tribe gets $22.7Mln loan to expand Green Bay, Wis., hotelGREEN BAY, Wis. – A group of local banks, co-led by Bay Bank, has provided a $22.7 million taxable loan to Oneida Airport Hotel Corp.,...
Gables Extends $225Mln Unsecured Credit Facility
May 21, 2001 ATLANTA – Gables Residential (NYSE:GBP) has extended its $225 million unsecured revolving credit facility to May 2004 from May 2003. Pricing on the facility depends on the senior unsecured debt ratings of the company and...
Corrections Corp. of America Completes Reverse Stock Split
NASHVILLE, Tenn. - Corrections Corp. of America (NYSE:CXW) has completed its reverse stock split of its common stock at a one-for-ten ratio. As a result of the split, every ten shares of the company's common stock issued and...
Kennedy-Wilson Buys More Office Property in Japan
May 21, 2001 Kennedy-Wilson Inc. (Nasdaq:KWIC), through its Kennedy-Wilson Japan subsidiary, last month acquired five offices in Japan for about $80 million.The 350,000 square feet of acquisitions brings the firm's Japanese property portfolio to more than 1.2 million...
West Regional Digest (5/21/01): Insignia buying Calif. office building for $124Mln
May 21, 2001Insignia buying Calif. office building for $124MlnLos Angeles Business JournalCENTURY CITY, Calif. – Insignia/ESG Inc. plans to buy the 486,000-square-foot office tower at 1888 Century Park East for $124 million. According to Westside real estate sources,...
Northeast Regional Digest (5/21/01): Senator’s commission to recommend new office space in 3 N.Y. ne
May 21, 2001 Schumer panel targets 3 areas for new spaceCrain's New York NEW YORK – Sen. Charles Schumer's economic development commission is expected to recommend creating office space in three neighborhoods: Manhattan's far West Side, downtown Brooklyn...
German Bank Provides $37Mln to Refinance Manhattan Office/Retail Building
May 21, 2001NEW YORK – A German bank has provided 200 W. 57th Street Associates with $37 million in financing for a 151,125-square-foot, 14-story plus office and retail building across from Carnegie Hall. The seven-year loan, which amortizes...
Southeast Regional Digest (5/21/01): Graybar finds 208,000-sf home at Parkway Center in Tampa Bay, F
May 21, 2001Graybar finds 208,000-sf home at Parkway Center in Tampa Bay, Fla.The Business Journal of Tampa BayTAMPA BAY, Fla. - Crescent Resources LLC is building a 208,000-square-foot distribution center at Parkway Center at Oak Creek for Graybar...
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