RECENT NEWS
Correction: Deed-in-Lieu Sought for Loan in 1996 Merrill Lynch Conduit Deal
April 4, 2001Burnham 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. A story published earlier today identified the wrong transaction.
Fitch Upgrades Mortgage Capital Funding Series 1995-MC1 P-T
April 4, 2001 NEW YORK – Fitch upgraded two classes in Mortgage Capital Funding Inc.'s series 1995-MC1 P-T, and affirmed other classes it rates.The rating agency raised the $12.6 million class A-3 and interest only class I-3 to...
SunTrust Building in Jacksonville, Fla., Hits the Block
April 4, 2001Commercial Real Estate Direct Staff ReportThe SunTrust Building in downtown Jacksonville, Fla., has been put up for sale, and its owners could see a price of just under $100/sf, or about $24 million.SB Jax of London...
Pacific Gulf Sells 2 Industrial Properties to CalWest
April 4, 2001 NEWPORT BEACH, Calif. – Pacific Gulf Properties Inc. (NYSE:PAG) has closed on the sale of two of its remaining industrial properties to CalWest Industrial Properties LLC for about $9.7 million.The sale of the Geneva property...
Starwood Takes Full Ownership of Toronto Hotel
April 4, 2001 Starwood Hotels & Resorts Worldwide Inc. (NYSE:HOT) has paid C$75 million (US$43 million) for the 50 percent interest it did not already own in the Sheraton Centre Toronto, a 1,377-key hotel it manages in the...
Southeast Regional Digest (4/4/01): Another office park in works on Philips in Jacksonville, Fla.
April 4, 2001 Another office park in works on Philips in Jacksonville, Fla.Florida Times-Union (Jacksonville)JACKSONVILLE, Fla. - Brownfields Properties LLC is clearing a site along Philips Highway for a $15 million office center. Plans call for a development...
Pacific Property to Acquire Calif. Apartment Community for $22Mln
April 4, 2001 MILPITAS, Calif. – Pacific Property Co. will buy a 137-unit apartment community for $22 million.The company plans to invest $2 million to renovate and upgrade the Suntree Garden apartment complex, which is 100 percent occupied....
Weingarten Buys 19 shopping centers from Burnham for $277Mln
April 3, 2001 SAN FRANCISCO – Weingarten Realty Investors (NYSE:WRI) has completed the purchase of a 19-property portfolio from Burnham Pacific Properties (NYSE:BPP) for $277.5 million.Weingarten purchased the supermarket anchored shopping centers with $145.5 million in cash and...
Canada Regional Digest (4/3/01): GEAC sells hotel business to Starwood subsidiary
April 3, 2001GEAC sells hotel business to Starwood subsidiaryTORONTO - GEAC Computer Corporation Ltd. has sold its hotel business to Galaxy Hotel Systems LLC for about US$1 million. Galaxy Hotel Systems is a subsidiary of Starwood Hotels &...
Camden Property Trust to Redeem Shares
April 3, 2001 HOUSTON – Camden Property Trust (NYSE:CPT) will redeem all of its issued and outstanding series A cumulative convertible preferred shares on April 30. The company will redeem the shares at $25/share plus an amount equal...
FINAL PRICING: $752Mln European Loan Conduit No.5 PLC
April 3, 2001 Class Amount Sub. Rate Rating Fitch Rating S&P Rating Moody's Ave. Life Priced Benchmark A1 71.6 25.5 AAA AAA AAA 2.7 +30 Libor A2 490.9 25.5 AAA AAA AAA 5.7 +37.5 Libor B 65.8 16.75...
HRPT Properties Trust 4th Qtr FFO $0.34/shr vs $0.37/shr
April 3, 2001 HRPT Properties Trust 4th-Qtr 00 4th-Qtr 99 12-mos 00 12-mos 99 FFO (Mln) $48.9 $52.5 $200.1 $241.0 FFO/shr (diluted) $0.34 $0.37 $1.39 $1.68 Net Income (Mln) $57.2 $13.0 $142.3 $113.9 Net/shr (diluted) $0.43 $0.10...
Corporate Office Properties Trust Renews, Expands Credit Facility
April 3, 2001 COLUMBIA, Md. - Corporate Office Properties Trust (NYSE:OFC) has renewed and expanded its $100 million secured revolving credit facility.The facility was increased to $125 million, has terms similar to the existing facility and matures in...
Patronis Forms JV for $30Mln Miami Complex
April 3, 2001 NEW YORK - A joint venture involving The Patronis Group will develop a $30 million apartment/retail complex in Miami, Fla.The group also includes Granite Associates, a private investment firm, Creative Capital Management, a Euro-American investment...
AIMCO Pays Off Acquisition Facility
April 3, 2001 DENVER – Apartment Investment and Management Co. (NYSE:AIV) has repaid in full the acquisition facility incurred in connection with its $314 million purchase of Oxford Realty Financial Group Inc. last September.The REIT originally borrowed $279...
First Union RE Equity and Mortgage Investments Hires Financial Adviser
April 3, 2001 NEW YORK – First Union Real Estate Equity and Mortgage Investments (NYSE:FUR) has hired U.S. Bancorp Investments Inc. to act as its financial adviser.U.S. Bancorp's Libra unit will help the company evaluate its alternatives, such...
Milestone Properties, Concord Assets to Merge
April 3, 2001 BOCA RATON, Fla. –Milestone Properties Inc. (OTCBB:MPRP.OB) has approved its sale to Concord Assets Group Inc.Under the merger agreement each public shareholder will receive in cash $2.65/share of common stock owned, and each holder of...
Fitch Upgrades SASCO 1992-M1
April 3, 2001 NEW YORK – Fitch has upgraded Structured Asset Securities Corp. Trust I, 1992-M1 because of loan paydowns.The rating agency upgraded the deal's $26.2 class B to triple-A from double-A-minus and the deal's $23.6 million class...
Piccadilly Cafeterias Reduces Debt With Sale-Leaseback
April 3, 2001 BATON ROUGE, La. – Piccadilly Cafeterias Inc. (NYSE:PIC) has sold 12 cafeteria properties to U.S. Realty Advisors LLC for about $20 million in cash.U.S. Realty received mortgage financing by FFCA Funding Corp., an affiliate of...
CBL & Associates Buys 50% Stake in Ala. Mall
April 3, 2001 CHATTANOOGA, Tenn. – CBL & Associates Properties Inc. (NYSE:CBL) has completed its $43.3 million purchase of the 50 percent interest in Madison Square Mall that it did not already own.CBL paid its two minority partners...
S&P Places Franchise Finance on Credit Watch Positive
April 3, 2001 NEW YORK – Standard & Poor's has placed the ratings on Franchise Finance Corp. of America on credit watch with positive implications and affirmed the company's triple-B-minus corporate credit and senior unsecured notes ratings. The...
BRE Properties Spin-off Running Out of Cash
April 3, 2001 WALNUT CREEK, Calif. – VelocityHSI Inc. (OTCBB:VHSI.OB), a provider of high-speed Internet services that was spun off from BRE Properties Inc., is nearly out of cash and could cease operations as early as May 1."We...
Olympus Partnership Buys LightSpeed Miami Center
April 3, 2001 MIAMI - A partnership group headed by Dallas-based Olympus Real Estate Corp. has purchased LightSpeed Miami Center for an undisclosed price.The technology park, in Miami's Airport West Submarket, consists of 710,000 square feet of industrial...
Meditrust Sells $441Mln of Healthcare Facilities
April 3, 2001 DALLAS – The Meditrust Cos. (NYSE:MT) has sold 78 long-term care facilities and one medical office building for $441 million to a private investment group.Meditrust received $406 million in cash and $35 million in subordinated...
Southeast Regional Digest (4/3/01): Glimcher sells Fla. plaza to pay down debt
Correction (April 4, 2001): The Perdido Point Plaza in the top item, "Glimcher sells Fla. plaza to pay down debt," sold for $2.6 million. The sale price is incorrectly listed in the digest below.April 3, 2001Glimcher sells Fla....
About
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.
