RECENT NEWS
PRICE TALK: $864.1 Mln GMAC Commercial Mortgage Securities, 2001-C1
March 27, 2001 Class Amount Sub. Rate Rating Fitch Rating S&P Avg. Life Price Talk Benchmark A-1 109.9 24 AAA AAA 5.7 +43-45 Swaps A-2 546.8 24 AAA AAA 9.75 +53-55 Swaps B 41 19.25 AA+ AA 9.94...
FINAL PRICING: $889.3 Mln PNC Mortgage Acceptance Corp., Series 2001-C1
March 27, 2001 Class Amount Sub. Rate Rating Moody's Rating S&P Avg. Life Price Talk Priced Benchmark A-1 146.7 19.75 Aaa AAA 5.7 +45-48 +49 Swaps A-2 566.9 19.75 Aaa AAA 9.8 +55 area +59 Swaps B 33.35...
Center Trust Sells 2 Shopping Centers
March 27, 2001 MANHATTAN BEACH, Calif. – Center Trust Inc. (NYSE:CTA) has sold two shopping centers, one in California and one in Washington, for $29.1 million.The company sold the 169,000-sf Madera Marketplace in Madera, Calif., and the Westgate...
AIMCO Buys Oxford Tax Exempt Fund II LP
March 27, 2001 DENVER - Apartment Investment and Management (NYSE:AIV) has completed its acquisition of Oxford Tax Exempt Fund II LP (NYSE:OTF).Each OTEF beneficial assignee interest is converted into the right to receive 0.547 shares of Aimco Class...
Curtis Davies Jumps from Grubb & Ellis to CB Richard Ellis
March 27, 2001 SAN FRANCISCO – Curtis Davies, a top producer at Grubb & Ellis Co., has joined CB Richard Ellis as first vice president and regional director of the firm's San Francisco office.Davies, who specializes in hospitality...
Moody’s Upgrades Salomon Brothers Mortgage Securities, 1997-TZH
March 27, 2001 NEW YORK – Moody's Investors Service has up upgraded six classes of Salomon Brothers Mortgage Securities VII Inc., 1997-TZH because of improved performance of the underlying properties and lower loan-to-value ratio that resulted from amortization.The...
Marshall & Swift to Provide Data for PropertyFirst
March 27, 2001 LOS ANGELES - Marshall & Swift's Commercial Estimator program will be included on PropertyFirst's FastStart.Commercial Estimator is a Web-based tool that determines replacement costs for more than 250 building types, including buildings of all classes...
CDC Provides $33Mln of Financing for San Diego Apartments
March 27, 2001 CDC Mortgage Capital Inc. has provided a $33 million floating-rate mortgage to Sports Arenas Inc., allowing the firm to refinance University City Village, a 542-unit apartment complex in San Diego.The financing was structured to allow...
Trepp Adds Swap Modeling, Launches Deal Snapshots
March 27, 2001 NEW YORK – Trepp LLC has enhanced its Trepp CMBS Analytics application, allowing users who access the service via Bloomberg terminals to evaluate portfolios of CMBS in relation to swaps, as opposed to Treasury securities....
S&P Names Execs to Lead Charter Research Unit
March 27, 2001 NEW YORK – Standard & Poor's has begun integrating Charter Research, which it recently acquired, into its operations by naming three senior executives to oversee the unit.Kathy D. Rainey, a director within S&P's real estate...
Red Mortgage Capital Provides $10.7Mln of DUS Financing
March 27, 2001 COLUMBUS, Ohio – Red Mortgage Capital Inc. has provided $10.7 million of financing under Fannie Mae's delegated underwriter servicer program to finance the purchase of a California apartment complex.The financing is backed by the Woodmere...
RFS Fixes Rate on $30Mln of Debt
March 27, 2001 MEMPHIS, Tenn. – RFS Hotel Investors Inc. (NYSE:RFS) has entered into an interest rate swap agreement with PNC Bank, which fixes the interest rate on $30 million of the company's floating rate debt at 6.775...
Fred Pratt Named CEO of Lend Lease; Sheryl Pressler to Step Down
March 27, 2001 ATLANTA – Sheryl K. Pressler, who just a year ago joined Lend Lease Real Estate Investments as chief executive of U.S. operations, is leaving the firm for personal reasons.Replacing her as chief executive will be...
Southeast Regional Digest (3/26/01): Hines gets new partner in Financial Center deal in Atlanta
March 26, 2001 Hines gets new partner in Financial Center deal in AtlantaAtlanta Business ChronicleATLANTA - Hines will join with General Motors Corp. to buy the 886,000-square-foot Atlanta Financial Center. The purchase is estimated to cost $160 million...
Brookhill Group Refinances N.H. Shopping Center
March 26, 2001 MANCHESTER, N.H. – A unit of Morgan Stanley Dean Witter has provided The Brookhill Group with $10.3 million in refinancing for a shopping center in Manchester.The Brookhill Group secured the 10-year mortgage for South Willow...
GMAC Provides $24 Mln Construction Financing for Va. Multifamily Complex
March 26, 2001 ALEXANDRIA, Va. – Trammell Crow Residential has received a $24.2 million floating-rate construction loan from GMAC Commercial Mortgage Corp. for a multifamily property.The mezzanine equity is secured by a partnership interest.The Alexan Eisenhower Apartments will...
GM Asset Management to Team With Hines on Atlanta Buy
March 26, 2001 It looks like General Motors Asset Management will provide much of the financial backing for Hines' purchase of the Atlanta Financial Center.According to the Atlanta Business Chronicle, Hines originally was slated to buy the 886,000-square-foot...
Fitch Might Upgrade Credit Suisse First Boston, 1995-WF1
March 26, 2001NEW YORK – Fitch has placed the double-A class of Credit Suisse First Boston Mortgage Corp., 1995-WF1 on rating watch positive, and has affirmed other classes it rates.The rating action was prompted by loan paydowns, which...
Advance Realty Gets $22.9 Mln of Financing for Mass. Office Buys
March 26, 2001 Nationwide Life Insurance Co. has provided $22.9 million of five-year, fixed-rate financing to Advance Realty Group for its purchase of two Massachusetts office buildings.Advance, which is based in Bedminster, N.J., purchased Southborough Executive Place and...
Westchester, NY, Office Complex Hits the Sales Block
March 26, 2001BRIARCLIFF MANOR, N.Y. – Newmark Realty Advisors has been hired to market for sale the Briarcliff Corporate Campus, a two-building office complex that could fetch about $12 million, or $104/sf, in this Westchester town.The Class-A property...
AMB, Singapore Form $335 Mln JV; $75 Mln Targeted for U.S. Distribution Facilities
March 26, 2001 SAN FRANCISCO – AMB Property Corp. (NYSE:AMB) and GIC Real Estate Pte Ltd., the real estate investment subsidiary of the Government of Singapore Investment Corp., have formed a $335 million private partnership that will own...
RAIT Investment Trust Raises Cash from Equity Offering
March 26, 2001PHILADELPHIA – RAIT Investment Trust (AMEX:RAS) priced 2.8 million of its common shares on March 22 at $13.75 per share.RAIT's sponsor, Resource America Inc., will buy some of the stock, giving it 13.2 percent of RAIT's...
Clarion Hires Lou Jug from CalPERS, Opens Calif. Office
March 26, 2001 NEW YORK – Lou Jug, the former senior principal investment officer for the California Public Employees' Retirement System, has joined Clarion Partners as senior vice president.Jug will head up an office that Clarion is opening...
C&W Names Darcy Stacom Executive VP
March 26, 2001 NEW YORK – Cushman & Wakefield's has named broker Darcy A. Stacom to executive vice president. Stacom, who joined the brokerage firm in 1980 as a capital markets intermediary, specializes in advisory work and the...
Retail Development in Calif. Finds Key Tenant
March 26, 2001 Special to Commercial Real Estate DirectA $20 million home furnishings-oriented retail development just under way in Ontario, Calif., is 70 percent leased as site grading gets under way, according to the Inland Empire region's weekly...
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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.
