RECENT NEWS
AMI Capital Closes $13.8 Mln Apartment Loan in California
April 5, 2001 UPLAND, Calif. – AMI Capital provided a $13.8 million refinance loan for a 289-unit apartment community to an undisclosed client.The 10-year Fannie Mae delegated underwriter servicer loan has a 30-year amortization with an interest rate...
Keystone Venture Buys Distribution Center in Cranbury, N.J.
April 5, 2001 CRANBURY, N.J. – A venture between CalEast Industrial Investors and Keystone Property Trust (Amex:KTR) has paid $32.3 million, or nearly $40/sf, for a distribution facility.The 813,000-square-foot property, which sits at Exit 8A off the New...
Former Bank HQ in Tampa, Fla., Converted to Telco Hotel
April 5, 2001 TAMPA, Fla. – A provider of Internet services has converted the former Citicorp Bank regional headquarters in east Tampa into a telecom hotel.TelePlace Tampa in October paid $12.5 million, or about $67/sf, for the Class-B...
Compass Sells 2 Hotel Brands in Deals Totaling $1.5Bln
April 5, 2001Compass Group PLC sold the Posthouse Hotel and the Heritage Hotel brands in two transactions totaling $1.5 billion.The Posthouse Hotel chain, which consisted of 79 properties in the United Kingdom and Ireland, was sold for 810...
Munich Reinsurance Buys Paris Office Building
April 5, 2001Munich Reinsurance Co. has bought an office complex in Paris for 170 million euros ($152.5 million) under a new plan the re-insurer has to take its real estate unit international. Munich Re paid about $746/sf for...
Midwest Regional Digest (4/5/01): Minto’s planned 32-story condo would be tallest in Ottawa
April 5, 2001 Minto's planned 32-story condo would be tallest in cityThe Ottawa CitizenOTTAWA - Minto hopes to build one of the tallest condominiums in Ottawa. Plans call for a 32-story tower surrounded by 94 traditional townhomes on...
DePfa to Split Real Estate from Public Sector Finance
April 5, 2001 WIESBADEN, Germany – The board at Deutsche Pfandbriefbank AG (DePfa) has approved reorganizing its mortgage bank group, DePfa Group, into two independent companies by mid-2002.The split, which requires shareholder approval, would result in two separate...
William Haberman Named Senior Director for Johnson Capital’s Michigan Region
April 5, 2001 Johnson Capital Group Inc. has named William E. Haberman senior director for the Michigan region.Haberman was previously with Corporate Realty Investment Co. as the vice president and director for the Midwest.Comments? E-mail Dyanne Moon, or...
Barrington Receives $23.7Mln for Manhattan Apartment Building
April 5, 2001Commercial Real Estate Direct Staff Report NEW YORK – Barrington Development has received $23.7 million in mortgage and mezzanine financing from Arcs Commercial Mortgage and Principal Commercial Acceptance, respectively.The financing is for Greenwich Place, a 103-unit...
PM Realty Receives $13.9Mln for Hebron, Ky., Distribution Buildings
April 5, 2001HEBRON, Ky. - PM Realty Advisor received $13.9 million financing for two fully occupied distribution buildings in the Park West International industrial park, northwest of the Cincinnati/Northern Kentucky International Airport.Mass Mutual provided the funding, and L.J...
Moody’s Upgrades Asset Securitization Corp., 1996-D3
April 5, 2001 NEW YORK – Moody's Investors Service has upgraded Asset Securitization Corp., Series 1996-D3, because the collateral pool balance has performed well and subordination levels have increased as a result of amortization.The rating agency upgraded:– Class...
Reinsurance Group Taps Conning to Write Mortgages, Buy CMBS
April 5, 2001 Commercial Real Estate Direct Staff ReportST. LOUIS – Reinsurance Group of America (NYSE:RGA) has hired Conning Corp. to originate commercial mortgages as well as make CMBS investments on its behalf.Reinsurance Group is not considered a...
Southeast Regional Digest (4/5/01): Brookhill Group refinances Ala. Shopping Center
April 5, 2001 Brookhill Group refinances Ala. Shopping CenterBIRMINGHAM, Ala. - The Brookhill Group refinanced its Hoover Square community shopping center with a $6.3 million loan from Column Financial, a division of Credit Suisse First Boston. The 94,000-square-foot...
Long Vacant Thrift HQ in Orange County, Calif., Sells for $18.5Mln
April 5, 2001 By Brad Berton, Commercial Real Estate Direct Contributing WriterA Los Angeles investment group, Hudson Properties, has acquired a long-vacant office property in Costa Mesa, Calif., for $18.5 million, or about $130/sf.The luxurious Orange County complex,...
NetStruxr Adds Execs to Management Team
April 5, 2001 NetStruxr, an online leasing system, has added three senior executives as it builds out its operation.The San Francisco company has hired Jonathan Coun as vice president of its Spacedirect lease management application and Patrick Foy...
Praedium, Birtcher Pay $13.5Mln for Southern Calif. Offices
April 5, 2001 LAGUNA NIGUEL, Calif. – The Praedium Funds has teamed with Birtcher Real Estate Group to pay $13.5 million, or just over $87/sf, for Buena Park Commerce Plaza in Buena Park, Calif.The team purchased the 154,747-square-foot...
Ventas Extends 10-K Filing Deadline
April 4, 2001 LOUISVILLE, Ky. – Ventas Inc. (NYSE:VTR) is obtaining a 15-day filing extension for its 2000 annual report in order to coordinate the filing with Vencor, its primary tenant, which is emerging from bankruptcy. Vencor is...
Entertainment Properties Denies BRT Realty Trust’s Tender Offer, Again
April 4, 2001 KANSAS CITY, Mo. – Entertainment Properties Trust (NYSE:EPR) has denied BRT Realty Trust's (NYSE:BRT) proposed purchase of up to 1 million shares for $18/share.In response to BRT, the company issued a statement saying the offer...
Shurgard Retires $122.5 Mln Secured Debt
April 4, 2001 SEATTLE – Shurgard Storage Centers Inc. (NYSE:SHU) has retired $122.5 million in mortgages that were scheduled to mature June 1.The net payoff amount was about $115.2 million. With the payoff, all 85 properties used as...
Parkway Properties Sells Equity Interests in REITS
April 4, 2001 JACKSON, Miss. - Parkway Properties Inc. (NYSE:PKY) has sold its equity interests in other REITs held through its REIT Significant Value Program initiative.A nonrecurring gain of about $1.6 million, or $0.17 per diluted share, will...
Gables, JP Morgan Expand JV
April 4, 2001 ATLANTA - Gables Residential (NYSE:GBP) and J.P. Morgan Investment Management have been involved in a series of transactions involving 1,323 apartments in five communities valued at about $157 million.The transactions include Gables contributing three development...
Deed-in-Lieu Sought for Loan in 1996 Merrill Lynch Conduit Deal
Correction (April 4, 2001): Burnham Pacific is seeking a deed-in-lieu of foreclosure on a loan that was included in the collateral pool of Merrill Lynch Mortgage Investors, 1996-C1. The story below identified the wrong transaction.April 4, 2001Commercial Real...
Lexington Realty Advisors Buys Alliance, Texas, Property for $10Mln
April 4, 2001 NEW YORK - An affiliate of Lexington Corporate Properties Trust (NYSE:LXP) has purchased a property in Alliance, Texas, for $10 million.The property contains a two-story, 50,000-square-foot office building and a 70,000-sf distribution facility on 7.7...
SEC to Launch Proceeding Against JDN Realty
April 4, 2001 Commercial Real Estate Direct Staff ReportThe investigation of JDN Realty Corp. (NYSE:JDN) that the SEC launched last August has turned into a full-blown proceeding.According to the Atlanta-based shopping center REIT, the SEC disclosed on March...
Correction: Glimcher sells Fla. plaza to pay down debt
April 4, 2001 A story in yesterday's Southeast Regional Digest, "Glimcher sells Fla. plaza to pay down debt," incorrectly listed the sale price of the Perdido Point Plaza. The plaza sold for $2.6 million.
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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.
