RECENT NEWS
MeriStar Hotels & Resorts and American Skiing Scrap Merger Plans
March 23, 2001 WASHINGTON – MeriStar Hotels & Resorts (NYSE:MMH) and American Skiing Co. (NYSE:SKI) have decided against merging due to changes in the economy.There will be no termination fees due or payable by either party. MeriStar's shareholders...
Canada Regional Digest (3/22/01): Central Park Lodges Ltd. transfers $138 Mln in bonds to Retirement
March 22, 2001 Central Park Lodges Ltd. transfers $138 Mln in bonds to REITTORONTO - Central Park Lodges Ltd said the holders of its $138 million secured mortgage bonds have approved transferring assets to Retirement Residences REIT. Closing...
Southeast Regional Digest (3/22/01): AIG Baker proposes retail sites in Ala.
March 22, 2001 AIG Baker proposes retail sites in Ala.The Birmingham (Ala.) NewsBIRMINGHAM, Ala. – AIG Baker Shopping Center Properties is looking to build a shopping center near the Riverchase Galleria. Baker unveiled plans for a retail center...
FINAL PRICING: $1.3 Bln First Union National Bank – Bank of America Commercial Mortgage Trust, 2001-
March 22, 2001 Class Sub. Rate Amount Rating Moody's Rating Fitch Avg. Life Price Talk Priced Benchmark A-1 22 167.2 Aaa AAA 5.7 +43-46 +43 Swaps A-2 22 853.2 Aaa AAA 9.46 +51-54 +53 Swaps B 18 52.3...
Burnham Pacific Sells Richmond City Center in Calif.
March 22, 2001 RICHMOND, Calif. - Burnham Pacific Properties Inc. (NYSE:BPP) has closed on the sale of the 76,692-square-foot Richmond City Center for $10.4 million.The buyer, Retail Value Investment Program, is a joint venture comprised of Developers Diversified...
Office-retail Portfolio is Collateral for New Canadian CMBS Deal
March 22, 2001 Commercial Real Estate DirectA new, C$358.4 million (US$227.4 million) fixed-rate commercial mortgage-backed securities deal has emerged in Canada, N-45? First CMBS Issuer Corp., Series 2001-1. Underwritten by CIBC World Markets, the deal is backed by...
City of Tokyo Mandates ‘Greening’ of Commercial Rooftops
March 22, 2001 Commercial Real Estate Direct Staff ReportTalk about your feng shui.The Tokyo Metropolitan Government has revised its standards on the "Regulation on Conservation and Restoration of Nature in Tokyo City," mandating that rooftops of commercial and...
Lend Lease Buys Senior Living Residence in San Diego
March 22, 2001 SAN DIEGO - Lend Lease Real Estate Investments Inc. has purchased The Patrician, a 139-unit, Class-A senior residence from the Dermot Company for an undisclosed amount.The 125,000-square-foot property, located in the University Town Center section,...
SSP Receives $35.7 Mln in Financing to Buy Tex-Mart Food Stores
March 22, 2001 SCOTTSDALE, Ariz. - Franchise Finance Corporation of America (NYSE:FFA) has provided $35.7 million in financing to SSP Partners toward the purchase of 30 Tex-Mart Food Stores.Franchise Finance provide the fixed-rate mortgages and equipment loans to...
Boykin Lodging Fixes Rate on $83 Mln of Debt
March 22, 2001 CLEVELAND – Boykin Lodging Co. (NYSE:BOY) has negotiated with Fleet National Bank to fix the interest rate on $83 million of its debt at 7.32 percent until maturity on July 1, 2003.Over two thirds of...
Canadian REIT Buys 2 GTA Properties for $18 Mln
March 22, 2001 TORONTO - Canadian Apartment Properties REIT has purchased two Ontario properties, a 58-unit townhouse complex in Mississauga and a 192-unit, 17-story apartment building in Toronto.The townhouse complex was built in 1967 and is located near...
Hempstead, NY, Plans Auction of Tax Liens
March 22, 2001 By Orest Mandzy, Commercial Real Estate Direct Managing EditorThe village of Hempstead, N.Y., is gearing up to sell a $12.8 million portfolio of real estate tax liens in bulk.The offering of what are essentially overdue...
Correction: Reckson May Sell Stake in Midtown Manhattan Trophy
March 22, 2001 Reckson Associates Realty (NYSE:RA) has valued the entire office building at 919 Third Ave. in midtown Manhattan at around $400 million.A story that ran Feb. 26, "Reckson May Sell Stake in Midtown Manhattan Trophy", inaccurately...
Moody’s Downgrades JC Penney
March 22, 2001NEW YORK – Moody's Investors Service has lowered the ratings of J.C. Penney Co. because of a decline in credit fundamentals resulting from poor operating performance at its department stores and Eckerd drug stores.J.C. Penney-anchored shopping...
Text of Letter to FASB From Real Estate Associations
March 22, 2001Editor's Note: The following is the full text of a letter sent on Tuesday, March 20, by the Bond Market Association, the Commercial Mortgage Securities Association, the Mortgage Bankers Association of America and the Real Estate...
Brad Cox Joins Arbor as Southeast Region Director
March 22, 2001 UNIONDALE, N.Y. – Bradford Cox has joined Arbor Commercial Mortgage as southeast regional director of loan origination and will be based in the firm's Atlanta office.He will be responsible for all Arbor's multifamily and commercial...
Peregrine Real Estate Merges With WinShip Properties
March 22, 2001 SACRAMENTO, Calif. - The Peregrine Real Estate Trust has merged with WinShip Properties. WinShip Properties is owned by entities managed or controlled by Oaktree Capital Management LLC Trust Co. of the West and Prudential Insurance...
AMI Capital Closes $27.3 Mln Bridge Loan on Calif. Apartments
March 22, 2001 TEMECULA, Calif. - AMI Capital Inc. closed a $27.3 million bridge loan on a 344-unit apartment community.The 18-month, interim loan has a variable rate of 9.68 percent. Portofino Apartments, at 30100 Rancho California Road, was...
S&P Raises Ratings on JP Morgan Corp., 1995-C1
March 21, 2001 NEW YORK – Standard & Poor's raised its ratings on two classes of J.P. Morgan Commercial Mortgage Finance Corp.'s series, 1995-C1, and affirmed nine other classes in the series.The rating agency raised class B to...
Washington Area Office Complex Hits the Block
March 21, 2001 WASHINGTON – The Sarnia Corp. has retained Greenwich Group International to market its only asset – The Versar Center Office Park in the Springfield submarket of Fairfax County, Va. The complex could fetch about $25...
Deutsche supplies $24.5 Mln loan to Beverly Hills hotel
March 21, 2001 Commercial Real Estate DirectDeutsche Bank has provided a $24.5 million first mortgage for the 186-suite Residence Inn Beverly Hills in Los Angeles, according to L.A. County property records.The owner, an affiliate of locally based Accord...
Royal Investments to Buy Miami Apartment Complex for $12 Mln
March 21, 2001 MIAMI - Royal Investments & Realty Group Inc. has entered into a contract to buy the Residences at Bay Harbor for $12 million, a complex under construction.The complex, owned by National Residential Properties Inc., will...
LoanAuction scores second round of financing with Safeguard-backed VCs
March 21, 2001 CONSHOHOCKEN, Pa. – LoanAuction Inc., an online loan exchange located in suburban Philadelphia, has received an unspecified amount of second-round venture capital from PA Early Stage, an affiliated private equity fund of Safeguard Scientifics (NYSE:SFE).Wynnefield...
Dallas Office Building Hits the Block
March 21, 2001 By Susanna Potter, Commercial Real Estate Direct Staff WriterA local Dallas real estate investment firm has retained Davidson Conine Realty Advisors to market Concorde on the Creek, a 75,000-square-foot office building in the LBJ Corridor,...
Southeast Regional Digest (3/21/01): Fort Lauderdale, Fla., office building purchased for $6.6 Mln
March 21, 2001 Industry news: Fort Lauderdale, Fla., office building purchased for $6.6 Mln Daily Business ReviewFORT LAUDERDALE, Fla. - Avion Corporate Center LLC has bought a 68,895-square-foot office building at 2200 W. Commercial Blvd. from ACP Office...
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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.
