RECENT NEWS
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...
Fitch Also Finds Increasing Defaults in CMBS
May 7, 2001 NEW YORK – Commercial mortgages packaged in bond transactions rated by Fitch have seen their default rates double over the past two years – no surprise given the softening real estate economy.In a study of...
GMAC Provides $10.5Mln for Mass. Hotel
May 7, 2001 WORCESTER, Mass. – GMAC Commercial Mortgage Corp. has provided $10.5 million in permanent financing to Nairin LLC for a 130-unit hotel. The Courtyard by Marriott Worcester, at 72 Grove St., sits on 2.6 acres and...
GMAC Provides $15.8Mln for Fla., Ariz. Hotels
May 7, 2001 TUCSON, Ariz. – GMAC Commercial Mortgage Corp. has provided $15.8 million in financing for two hotels.Canada Avenue Hotel Associates Ltd. received $8.6 million in interim financing for the 200-key Fairfield Inn and Suites, in Orlando,...
Southeast Regional Digest (5/7/01): $782Mln Jacksonville, Fla., project may lure companies
May 7, 2001 $782Mln Jacksonville, Fla., project may lure companiesThe Business Journal of JacksonvilleJerry Mallot is planning a $782 million development at the former shipyards, a 45-acre riverfront site on Bay Street between Metropolitan Park and Berkman Plaza....
S&P Assigns Above Average Ranking to Franchise Finance
May 7, 2001 NEW YORK – Standard & Poor's assigned an above average to Franchise Finance Corp. of America as franchise loan servicer, and added the company to its select servicer list.The quality of Franchise's management team, procedures...
Starwood to Raise $500Mln Through Zero Coupon Convertible Senior Notes
May 7, 2001 WHITE PLAINS, N.Y. – Starwood Hotels & Resorts Worldwide Inc. (NYSE:HOT) is raising $500 million through two issues of zero-coupon convertible senior notes due 2021.The offering is being made only to qualified institutional buyers and...
Post Properties Forms JV With New York State Common Retirement Fund
May 7, 2001 ATLANTA – Post Properties Inc. (NYSE:PPS) is developing two apartment communities with the New York State Common Retirement Fund, at a cost of $67 million. The communities, which are under construction, total 397 units. The...
Investor Makes Bid for Owner of Chicago Westin Hotel
May 7, 2001 WHITE PLAINS, N.Y. – MacKenzie Patterson Inc. has made an unsolicited mini-tender offer for 2.9 percent of Westin Hotels LP's 135,600 outstanding units.The $575/unit offer values the partnership's sole asset, the Westin Michigan Avenue in...
Prudential Expects Real Estate to Outperform Most Sectors
May 7, 2001 PARSIPPANY, N.J. – The outlook for the real estate sector remains brighter than the outlook for the U.S. economy as a whole and could prove to be a stabilizing force for investors, according to a...
Moody’s Upgrades Fortress Commercial Mortgage Trust, 1999-PC1
May 7, 2001 NEW YORK – Moody's Investors Service has upgraded four classes of Fortress Commercial Mortgage Trust, 1999-PC1, because loan paydowns have increased the deal's subordination levels.The rating agency upgraded the issue's:– Class B to Aaa from...
S&P Revises Archstone Communities’ Outlook to Negative Upon Merger News
May 7, 2001 NEW YORK – Standard & Poor's today revised its outlook on Archstone Communities Trust to negative from stable.In addition, the agency affirmed the ratings for the company's $1.4 billion of senior notes and its $285...
Reckson to Sell $600Mln in Properties
NEW YORK – Reckson Associates Realty Corp. plans to sell properties worth $600 million during the next two years to fund property acquisitions, according to a report in New York Newsday.The company plans to sell a 50 percent...
Amstar Buys Washington Hotel
May 4, 2001 WASHINGTON – A subsidiary of Amstar Group Ltd. has purchased the Doubletree Washington Park Terrace Hotel from Washington Park Hotel Associates Limited Partnership. Terms of the transaction were not disclosed. The company plans to renovate...
Southeast Regional Digest (5/4/01): JEDC sends Jacksonville, Fla., shipyards project along
May 4, 2001 JEDC sends Jacksonville, Fla., shipyards project along The Times-Union (Jacksonville, Fla.)JACKSONVILLE, Fla. - The proposed $860 million Shipyards project has been approved by Jacksonville Economic Development Commission. Commissioners voted to support $75 million in public...
FleetBoston Lends $55Mln to Tishman Speyer for Rock Center
May 4, 2001 NEW YORK – FleetBoston Financial has provided $55 million of financing to Tishman Speyer for the firm's acquisition of a remaining interest in Rockefeller Center.The financing is part of a larger $150 million package that...
Banyan Buyer Deposits More Escrow, Considering Partial Financing Arrangement
May 4, 2001 CHICAGO – Banyan Strategic Realty Trust (Nasdaq:BSRTS) has revealed that Denholtz Management Corp, the contract purchaser of substantially all of Banyan's assets, earlier this week deposited an additional $750,000 in escrow as required by the...
L.A. Area Building Sold for $12.45Mln
May 4, 2001By Brad Berton, Commercial Real Estate Direct Contributing WriterInstitutional investment manager Douglas Emmett Realty Advisors has acquired the 60,000-square-foot, four-story Sanwa Bank building on Ventura Boulevard in the Los Angeles suburb of Sherman Oaks for $12.45...
Fitch Places Archstone on Watch Negative following Merger Announcement
May 4, 2001 NEW YORK - Fitch has placed its single-A-minus senior unsecured debt rating for Archstone Communities Trust on rating watch negative due to the company's planned merger with Charles E. Smith Residential Realty Inc.The company's triple-B-plus...
S&P Sees CMBS Delinquencies Accelerating
May 4, 2001 NEW YORK – Delinquencies in the CMBS market totaled $1.14 billion in the first quarter, tripling the average quarterly increases experienced in 1999 and 2000, according to Standard & Poor's "Surveillance-Servicer Quarterly: First Quarter 2001."The...
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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.
