RECENT NEWS
Western Realco Receives $37Mln Financing for Calif. Industrial Park
May 10, 2001 ONTARIO, Calif. - Western Realco has received $37 million in construction financing from Times Square Real Estate Investors for a proposed industrial park. Mission Business Park will consist of three industrial buildings totaling 1.1 million...
Hayman Co. Hires Sanford Aaron as VP, Business Development
May 10, 2001 TROY, Mich - The Hayman Co. has named Sanford Aaron vice president of business development.Aaron previously worked with KPMG in its Washington, D.C., national tax office in the real estate and pass-through entity division. Prior...
Fitch Rates Starwood Hotel & Resorts Convertible Notes
May 10, 2001CHICAGO - Fitch has assigned a triple-B-minus rating to Starwood Hotel & Resorts Worldwide Inc.'s zero-coupon convertible senior notes. The outlook is stable.The notes, which mature in 2021, will be issued in two tranches: $200 million...
Pension Fund Invests in 2 Boston-Area Apartment Communities
May 10, 2001 GE Capital Investment Advisors has invested in two luxury-apartment communities in the greater Boston area on behalf of one of its pension-fund clients. The firm in February acquired Jefferson on the Park, a 240-unit apartment...
PRICE TALK: $1.34 Bln LB-UBS Commerical Mortgage Trust 2001
May 9, 2001 Class Amount Sub. Rate Rating Moody's Rating Fitch Avg. Life Price Talk Benchmark A-1 257.4 20.75 Aaa AAA 5.8 +41 area Swaps A-2 806.2 20.75 Aaa AAA 9.64 +46 area Swaps B 50.3 17 Aa2...
BNY Servicer Rankings Upgraded by Fitch
May 9, 2001 NEW YORK – Fitch has upgraded BNY Asset Solutions' primary servicer rating to CPS2 from CPS3 and affirmed the firm's master (CMS3) and special servicer (CSS2) ratings.The rating agency said the upgrades are a reflection...
J.P. Morgan Provides $28.6Mln Loan for Illinois Apartment Building
May 9, 2001 J.P. Morgan has provided a $28.6 million loan for Glenmuir Apartments, a 321-unit apartment complex in Naperville, Ill.Fairfield Residential received the five-year, floating-rate loan, pegged off of Libor, to refinance the property, which was developed...
Cigna Unit Pays $15.4Mln for Calif. Industrial Park
May 9, 2001 By Brad Berton, Commercial Real Estate Direct Contributing WriterCigna Investments Inc.'s Times Square Real Estate Investors fund has acquired a fully leased industrial park in Fullerton, Calif., from institutional clients of RREEF Funds.The deal's principals...
$349.2Mln CMBS bid list in play
May 9, 2001 Commercial Real Estate DirectA $349.2 million CMBS bid list was due to be marketed at 10:15 to 10:30 EST today.The list contains 10-year triple-A paper from three deals – the 1998-C2 conduit from First Union...
Southeast Regional Digest (5/8/01): Daytona Beach, Fla., awards group right to develop oceanfront
May 9, 2001 Daytona Beach, Fla., awards group right to develop oceanfrontThe Wall Street JournalDAYTONA BEACH, Fla. – The City of Daytona Beach, Fla., awarded a group headed by Trammel Crow Co. the rights to develop 17 acres...
German Investors Still on the Prowl for U.S. Real Estate
May 9, 2001 German investors, the biggest foreign buyers of U.S. real estate in the late 1990s, are still looking to buy properties in the states, according to The Wall Street Journal. Between 1995 and 2000, German buyers...
Canada Digest (5/9/01): Revenue Properties subsidiary to sell P.T. Gaming Interest
May 9, 2001Revenue Properties subsidiary to sell P.T. Gaming InterestTORONTO - Revenue Properties Co. Ltd.'s subsidiary RPC Gaming Inc. and its Nevada partners will sell P.T. Gaming LLC, with the exception of the 15,000-square-foot casino, to PDS Financial...
Jones Lang LaSalle Selling Indianapolis Retail Site
May 9, 2001 INDIANAPOLIS – Jones Lang LaSalle (NYSE:JLL) is selling the former Venture Store site in the East Washington Street Shopping Center. The property, which lies between Shadeland Avenue and I-465, consists of a 96,476-square-foot building on...
Colo. Pension Fund Commits $25Mln to Capital Trust’s Mezz Fund
May 9, 2001 Commercial Real Estate Direct Staff ReportPublic Employees' Retirement Association of Colorado is investing $25 million in CT Mezzanine Partners II LP, a fund that will focus on high-yield mezzanine investments in commercial real estate.The Colorado...
Archon Provides $28.2Mln Mortgage for Pa. Warehouse
May 9, 2001DALLAS – Archon Financial has provided $28.2 million of mortgage debt for a distribution facility in Carlisle, Pa., that is net leased to Ames Industrial.The mortgage, which was arranged by Cohen Financial's Deerfield, Ill., office carries...
LoopNet Launches Online 1031 Exchange Program
May 9, 2001 SAN FRANCISCO – LoopNet, in partnership with Asset Preservation Inc., Investment Property Exchange Services Inc. and LandAmerica Exchange Co., has launched an online program for tax-deferred investment property exchanges.1031 Exchanges offer real estate investors the...
S&P Publishes Rating Policy on J-REITs
May 9, 2001 TOKYO – Standard & Poor's expects to assign issuer credit ratings and issue credit ratings to Japanese REITS. The issuer rating will reflect J-REITs' ability to repay debt, based on financial stability and profitability. Standard...
Summit Properties Prices $60Mln in Senior Unsecured Notes
May 8, 2001 CHARLOTTE, N.C. – Summit Properties Inc. (NYSE: SMT) has priced $60 million of senior unsecured notes through its medium term note program in two separate transactions. One transaction consisted of $35 million in ten-year notes...
Bora Bora Lagoon Resort Sold to Property Manager
May 8, 2001 Orient-Express Hotels Ltd. has purchased the Bora Bora Lagoon Resort in French Polynesia for about $20 million, or roughly $250,000/unit.Nara Tahiti SA of Japan had owned the 80-unit resort since developing it in 1993, and...
TrizecHahn to Focus on U.S. Portfolio to Boost Shareholder Returns
May 8, 2001 TORONTO – TrizechHahn Corp. plans to improve shareholder returns by disposing of non-core assets, maximizing the value of its carrier-hotel investments and focusing on the company's U.S. office-property market.TrizecHahn, which sold off $1.3 billion worth...
Industrial Property Trading Heats Up in Pa., Says C&W
May 8, 2001 Cushman & Wakefield has recently brokered the sales of two properties totaling 1.23 million square feet of warehouse/distribution space in suburban Pennsylvania. First Industrial Trust Inc. sold a 630,000-sf building to Denver Realty Associates LLC...
PRICE TALK: $1.44 Bln TrizecHahn Office Properties Trust, Series 2001-TZH
May 8, 2001 Class Amount Sub. Rate Rating S&P Rating Fitch Rating Moody's Avg. Life Price Talk Benchmark A-1FL 256.6 38.4 AAA AAA Aaa 4.92 +28-30 Libor A-2 74.9 38.4 AAA AAA Aaa 5.68 +55 area Swaps A-3FL...
Sale of Church Street Station in Orlando, Fla., Closes
May 8, 2001 ORLANDO, Fla. – F.F. South and Co. Inc., an Orlando real estate investment company, has paid $15.85 million for Church Street Station, a retail, restaurant and entertainment center. The 6.8-acre complex, part of Orlando's Downtown...
GE Capital Real Estate, Oxford Buy Calgary’s Telus Tower
May 8, 2001CALGARY – GE Capital Real Estate and Oxford Properties Group (TSE:OXG) have bought the Telus Tower, a 27-story office complex in downtown Calgary for C$120 million (US$77.8 million), or about US$108/sf.GE Capital Real Estate will own...
Canada Digest (5/8/01): Developers ease off building permits
May 8, 2001 Developers ease off building permitsThe Star (Toronto)TORONTO – Canadian developers have eased off building commercial and residential projects for the second month in a row as the economy starts to cool, Statistics Canada reports. Builders...
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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.
