RECENT NEWS
Fitch Upgrades SASCO, 1996-CFL
March 30, 2001 NEW YORK – Fitch has upgraded Structured Asset Securities Corp., 1996-CFL because of increases in subordination levels.The rating agency upgraded the deal's: – $96 million class E to double-A-plus from single-A-plus,– $57.6 million class F...
Southeast Regional Digest (3/28/01): More than $22Mln advanced to fund condo project in Miami Beach,
March 29, 2001 Industry news: More than $22Mln advanced to fund condo project in Miami Beach, Fla.Daily Business ReviewMIAMI BEACH, Fla. - BOV Development Corp. has received $22.19 million in development funds from Commercebank for a 98-unit hotel...
Boston Properties Proceeds With Citigroup Center Buy
March 29, 2001 BOSTON – Boston Properties intends to buy the Citigroup Center in Manhattan through its controlling interest in Skyline Holdings, regardless of the outcome of a lawsuit filed against Allied Partners, the other principal in the...
Canada Regional Digest (3/39/01): Cadillac Fairview to build $70Mln office tower in downtown Vancouv
March 29, 2001 Cadillac Fairview to build $70Mln office tower in downtown VancouverTORONTO - The Cadillac Fairview Corporation Ltd. will begin developing a 20-story, Class-A, multi-tenant office tower in the city's downtown waterfront area. Formerly known as Pacific...
Federal Realty Investment Trust Promotes 4 Executives
March 29, 2001 ROCKVILLE, Md. - Federal Realty Investment Trust (NYSE:FRT) has promoted four managers.Jan Sweetnam was named vice president and chief operating officer, Western Region. Sweetnam joined Federal Realty in 1997 as acquisitions director.Pamela Brady was named...
Fitch Upgrades J.P. Morgan’s $342.2Mln Series 1997-C4
March 29, 2001 NEW YORK – Fitch has upgraded ratings on three classes in the $342.2 million J.P. Morgan Commercial Mortgage Finance Corp.'s 1997-C4 series.The rating agency raised the $24.4 million class B to double-A-plus from double-A; $22.4...
CenterPoint to Begin Construction of Chicago International Produce Market
March 29, 2001OAK BROOK, Ill. - CenterPoint Properties Trust (NYSE:CNT) will begin construction in April on the first phase of the Chicago International Produce Market in Chicago.The first phase, at 2501 South Wolcott, will occupy 26 acres. Completion...
Starwood Plans Sheraton Wild Horse Pass Resort and Spa
March 29, 2001 PHOENIX - Plans have been unveiled for the 500-room Sheraton Wild Horse Pass Resort and Spa, located just south of Phoenix.The Gila River Indian Community owns the $125 million project. Starwood Hotels & Resorts Worldwide...
G & L Realty Corp. 4th Qtr FFO $0.05/shr vs -$0.59/shr
March 29, 2001 G & L Realty Corp 4th-Qtr 00 4th-Qtr 99 12-mos 00 12-mos 99 FFO (Mln) $(0.1) $(2.3) $(1.8) $(0.6) FFO/shr (diluted) $0.05 $(0.59) $(0.59) $(1.36) Net Income (Mln) $(0.5) $(0.9) $1.1 $(2.1) Net/shr (diluted)...
Garment District Building Garners $10Mln Offer
March 29, 2001 By Susanna Potter, Commercial Real Estate Direct Staff WriterAnother Class-B building in Manhattan's Penn/Garment District is one step closer to changing hands for about $10 million.Word has it that the longtime owners of the building...
GMAC Hires Rory Hertzog from First Union Real Estate
March 29, 2001 GMAC Commercial Mortgage Corp. has hired Rory M. Hertzog as vice president in the Horsham, Pa., retail production office.Hertzog, who joins GMAC from First Union's Real Estate Capital Markets Group in Philadelphia, will be responsible...
FINAL PRICING: $864.1 Mln GMAC Commercial Mortgage Securities, 2001-C1
March 29, 2001 Class Amount Sub. Rate Rating Fitch Rating S&P Avg. Life Price Talk Priced Benchmark A-1 109.9 24 AAA AAA 5.7 +43-45 +43 Swaps A-2 546.8 24 AAA AAA 9.75 +53-55 +54 Swaps B 41 19.25...
CDC Mortgage Provides $40Mln of Financing for Baltimore Business Park
March 29, 2001 BALTIMORE – CDC Mortgage Capital Inc. has provided $40 million of floating-rate financing for the Meadows Business Park in Baltimore.The 20-building office/industrial park is owned by a venture of Emmes & Co. and Apollo Real...
Real Estate Roundtable requests delay of FASB 140; cites ’emergency’
March 29, 2001Commercial Real Estate DirectThe following is the complete text of a letter dated today and sent by Jeffrey D. DeBoer, president and chief operating officer of the Real Estate Roundtable, to Timothy Lucas, a director at...
W.P. Carey Names W. Sean Sovak President of REIT Affiliate
March 29, 2001 NEW YORK – W.P. Carey & Co. LLC (NYSE:WPC) has named W. Sean Sovak as president of Corporate Property Associates 12, a REIT the firm manages.Sovak joined W.P. Carey as assistant to the chairman in...
Ampal Completes Sale of 800 Second Ave.
March 29, 2001 NEW YORK – A subsidiary of Ampal-American Israel Corp. (Nasdaq:AMPL) has completed the sale of 800 Second Ave. for $33 million, or $202/sf, to Phillip Pilevsky, an investor from New York.As previously reported, Ampal sold...
FelCor, Interstate Close on JV of 8 Hotels
March 28, 2001 IRVING, Texas - FelCor Lodging Trust Inc. (NYSE:FCH) and Interstate Hotels (NYSE:IHCO) have closed on a joint venture for the ownership of seven Marriott-branded hotels and one Hampton Inn hotel valued at $77 million.FelCor and...
Golf Trust Asks Shareholders to Approve Liquidation Plan
March 28, 2001 CHARLESTON, S.C. – Golf Trust of America (AMEX:GTA) will present its liquidation plan for stockholder approval at a special meeting to be held at 10 a.m. May 22 at the Charleston Place Hotel.As previously reported,...
Manhattan Apartment Building Could Fetch $250Mln
March 28, 2001 NEW YORK – A 506-unit apartment building owned and developed by Tishman Speyer is on the sales block and could fetch as much as $250 million.As reported by the New York Post, 75 parties are...
Cushman & Wakefield Names Joshua N. Kuriloff Executive VP
March 28, 2001 NEW YORK – Cushman & Wakefield has named Joshua N. Kuriloff as executive vice president and board member. Kuriloff joined Cushman & Wakefield in 1986. He has been one of the top 100 producing Cushman...
Dillard’s to Purchase 4 ZCMI Stores from May Department Stores
March 28, 2001 LITTLE ROCK, Ark. - Dillard's Inc. (NYSE:DDS) will purchase four ZCMI stores from May Department Stores Co. (NYSE:MAY).The stores are expected to open under the Dillard's name immediately after the scheduled closing on April 18.The...
Host Marriott Completes $130Mln Perpetual Preferred Stock Offering
March 28, 2001 BETHESDA, Md. – Host Marriott Corp. (NYSE:HMT) has closed on a $130 million offering of Class C cumulative redeemable preferred stock, with a fixed dividend rate of 10 percent.The stock will be redeemable beginning March...
Post Leases Properties in Tampa, Fla., Charlotte, N.C.
March 28, 2001ATLANTA - Post Properties Inc. (NYSE:PPS) has leased phase II of Post Harbour Place in Tampa, Fla., and Post Uptown Place in Charlotte, N.C.Post Harbour Place is on Harbour Island, across Garrison Channel from downtown Tampa....
Summit Properties Names Steven LeBlanc Next CEO
March 28, 2001 CHARLOTTE, N.C. – Summit Properties (NYSE:SMT) has named Steven R. LeBlanc as chief executive officer, effective July 1.LeBlanc, currently the company's president and chief operating officer, will succeed William F. Paulsen. After the transition, Paulsen...
Fitch Withdraws TriNet Mortgage Securities Trust I Ratings
March 28, 2001 NEW YORK – Fitch has withdrawn its rating on TriNet Mortgage Securities Trust I, commercial mortgage pass-through certificates.The certificates were paid in full on March 2.Comments? E-mail Susanna Potter, or call her at (215) 504-4288,...
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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.
