RECENT NEWS
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...
S&P Raises Ratings on Nomura Asset 1994-C3
May 3, 2001 NEW YORK – Standard & Poor's raised its ratings on three classes of Nomura Asset Securities Corp.'s series, 1994-C3, and affirmed other classes it rates. The ratings are as follows: class A-3 to double-A-plus from...
Former JP Morgan Realty Exec Joins Apartment Developer
May 3, 2001 HOUSTON – Stanley D. Levy, a former JP Morgan Chase real estate executive, has joined Morgan Group Inc. as executive vice president and chief financial officer.Levy, who formerly served as managing director for JP Morgan's...
NYSTRS to Invest up to $100Mln in Capital Trust’s Mezz Fund
May 3, 2001 Commercial Real Estate Direct Staff ReportThe New York State Teachers' Retirement System will invest up to $100 million as a limited partner in CT Mezzanine Partners II LP, a fund that will focus on high-yield...
Atlantic Gulf Communities Files Chapter 11
May 3, 2001 Commercial Real Estate Direct Staff ReportAtlantic Gulf Communities Corp. (OTC Bulletin Board:AGLFE) has filed for chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Delaware.The troubled developer of upscale residential...
Arbor, Deutsche Provide $12Mln Loan for Pa. Retail Center
May 3, 2001 UNIONDALE, N.Y. – Arbor Commercial Mortgage LLC have provided $12 million of mortgage financing for the Ridley Shopping Center in Ridley, Pa.The fully amortizing 16-year loan carries a rate of 7.33 percent. It was purchased...
$406Mln Bidlist Scheduled for Noon
May 3, 2001Commercial Real Estate DirectA $406.2 million commercial mortgage-backed securities bidlist is scheduled for noon today.The list is comprised of bonds from eight separate deals, including one floated in 1998 (Mortgage Capital Funding, 98-MC3) and one from...
Law Firm Expands Lease at L.A. Tower
May 3, 2001 Special to Commercial Real Estate DirectSan Francisco law firm McCutchen Doyle Brown & Enersen LLP has renewed and expanded its lease at the KPMG Tower atop Bunker Hill within downtown Los Angeles' Well Fargo Center...
Southeast Regional Digest (5/3/01): Ground broken on $40Mln Palm Coast, Fla., beach club
May 3, 2001 Ground broken on $40Mln Palm Coast, Fla., beach club Daytona Beach (Fla.) News-JournalPALM COAST, Fla. - Construction has begun on the $40 million-plus Hammock Beach Club. The site is being prepared at the end of...
RREEF Buys Mass. Industrial Properties
May 3, 2001Special to Commercial Real Estate DirectRREEF Funds has completed its acquisition of two new industrial buildings totaling 384,000 square feet within the Franklin Industrial Park in Franklin, Mass., about 20 miles southwest of Boston.The Chicago-based investment...
FINAL PRICING: $1 Bln Bear Stearns Commercial Mortgage Securities, Series 2001-TOP2 Trust
May 3, 2001 Class Amount Sub. Rate Rating Fitch Rating S&P Avg. Life Price Talk Priced Benchmark A-1 325.9 15 AAA AAA 5.7 +43-44 +41 Swaps A-2 529.7 15 AAA AAA 9.7 +47-48 +46 Swaps B 26.4 12.375...
Grubb & Ellis Names Foster Werner to Lead National Service Center
May 3, 2001 NORTHBROOK, Ill. - Grubb & Ellis Management Services Inc. a subsidiary of Grubb & Ellis Co. (NYSE:GBE), has named Foster Werner vice president of facility management.Werner most recently served as vice president at AIG Global...
Mills to Place Convertible Preferred Stock
May 3, 2001 ARLINGTON, Va. - The Mills Corp. (NYSE:MLS) will issue $75 million of convertible preferred stock in a private placement.The stock has an initial coupon of 10.5 percent with 50 basis point increases in each of...
Nomura to Throw Coming-Back-Out Party
May 3, 2001 By Thomas J. Walsh, Commercial Real Estate Direct Senior WriterNomura Securities, which this year has been re-building its CMBS desk, is throwing a big party at the upcoming Commercial Mortgage Securities Association conference in New...
Greenwich Capital Markets Establishes CDO Group
May 3, 2001GREENWICH, Conn. – Greenwich Capital Markets has hired Fred Matera as managing director to establish the firm's new CDO Group.Matera, who previously worked at Donaldson, Lufkin & Jenrette (and subsequently Credit Suisse First Boston), successfully established...
Corporate Center Buys Miami Office Property for $21.5Mln
May 2, 2001 MIAMI – Corporate Center Holdings has purchased the Lennar Corporate Center from Plantation Development Co. for $21.5 million. The 281,985-square-foot office property, on the west side of 107th Ave., consists of four four-story buildings. Major...
FINAL PRICING: $455 Ten Affiliates of Strategic Hotel Capital, Series 2001-SHC1
May 2, 2001 Priced April 30. Class Amount ($mln) Rating Moody's Rating S&P Avg. Life Pricetalk Revisedtalk Priced Benchmark A 154.8 Aaa AAA 5 +28 area +30 area +30 Libor B 105.5 Aaa AA 5 +40 area +43...
Home Properties Expands Stock Repurchase Program
May 2, 2001 ROCHESTER, N.Y. - Home Properties (NYSE:HME) will repurchase an additional 1 million shares of its outstanding common stock. The shares may be repurchased through the open market or privately negotiated transactions at the discretion of...
AssetEye, Peracon Form Alliance to Streamline Listings
May 2, 2001 NEW YORK - AssetEye Inc. has formed a cooperative technology alliance with Peracon Inc., allowing the companies' platforms to exchange property listing information. The service will allow owners to submit a property for sale directly...
Fitch Upgrades GE Capital’s Servicer Ratings
May 2, 2001 NEW YORK – Fitch has upgraded master and special servicer ratings of affiliates of GE Capital, and affirmed its primary servicer rating.The rating agency raised its GE Capital Loan Services Inc. master servicer rating to...
Fitch Upgrades Clarion Partners Special Servicer to CSS2+
May 2, 2001 NEW YORK – Fitch has upgraded Clarion Partners Group special servicer rating to CSS2+ from CSS2.The rating is based on Clarion's continued strong ability to special service performing and non-performing assets securing CMBS transactions.The rating...
CalPERS to Invest $15Mln in RealEnergy
May 2, 2001 SACRAMENTO, Calif. - The California Public Employees' Retirement System will invest $15 million in RealEnergy Inc.RealEnergy, based in Los Angeles, brings on-site energy generation technologies to commercial properties in urban and suburban markets.The company hopes...
Pension Fund, Developer Buy Md. Office Complex for $122Mln
May 2, 2001By Susanna Potter, Commercial Real Estate Direct Staff WriterThe New York State Common Retirement Fund's venture with Hines – Hines Corporate Properties – has bought a two-building office complex in Bethesda, Md., for $122 million, or...
S&P Raises Ratings on Criimi Mae Trust I, 1996-C1
May 2, 2001 NEW YORK – Standard & Poor's raised its ratings on three classes of Criimi Mae Trust I's series, 1996-C1, and affirmed ratings on three other classes it rates. The rating agency raised its rating on...
H&R REIT Completes Purchase of 4 Properties
May 2, 2001 TORONTO - H&R REIT has completed the acquisition of four properties, including the flagship TransCanada PipeLines Tower in Calgary.The addition of the properties increases the REIT's asset base by $335 million, or 30 percent, to...
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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.
