RECENT NEWS
Silverleaf Hires UBS Warburg as Financial Adviser
March 1, 2001 DALLAS – Silverleaf Resorts Inc. (NYSE:SVR) has retained UBS Warburg to help evaluate is strategic alternatives.As exclusive financial adviser, UBS Warburg will help Dallas-based Silverleaf review its business plan and financial restructuring. The firm replaces...
Chicago Hotel May Sell for $100 Mln-plus
March 1, 2001 CHICAGO – The Westin Chicago LP, a Starwood Hotels partnership, has hired Jones Lang LaSalle Hotels to market the Westin Michigan Avenue Chicago at 909 North Michigan Ave. in downtown.Though an asking price could not...
Kimco Posts Winning Bid for Montgomery Ward Properties
March 1, 2001 CHICAGO – Kimco Realty Corp.'s KRC Acquisition Corp. beat out developer Klaff Realty LP in a bidding war for the marketing rights for Montgomery Ward & Co.'s properties, according to a report in Crain's Chicago...
New FASB Rules for CMBS Spurs Meeting
March 1, 2001 Commercial Real Estate DirectThe Bond Market Association is scheduling a meeting next week to address new rules for securitization accounting under the Financial Accounting Standards Board that some believe will profoundly affect the sale and...
Trammell Crow Reorganizes, Plans Staff Cuts
March 1, 2001 Trammell Crow Co. (NYSE:TCC) is reorganizing its internal operations and will create a national organization focused solely on the company's development and investment activities.The company also said it will cut costs by "focusing on inefficiencies...
Fitch Upgrades J.P. Morgan Commercial Mortgage, 1996-C2
March 1, 2001NEW YORK - Fitch has upgraded four classes of J.P Morgan's $191.5 million series 1996-C2 certificates.The $16.8 million class C is upgraded to double-A-plus from double-A-minus while the $16.8 million class D has been upgraded to...
Moody’s Upgrades iStar Asset Receivables Trust, 2000-1
February 28, 2001 NEW YORK – Moody's Investors Service has upgraded two classes of iStar Asset Receivables Trust, 2000-1, because of increased subordination levels resulting from principal payments.The rating agency upgraded the deal's Class B to Aaa from...
PRICE TALK: COMM 2001-J1
February 28, 2001 Class Amount ($mln) Sub. Level (%) Rating Fitch Rating Moody's Avg. Life Price Talk (bp) Benchmark A-1 160.9 26.00 AAA Aaa 5.7 45-47 Swaps A-2 418.1 26.00 AAA Aaa 9.6 55-57 Swaps B 46.9 20.00...
Shurgard Raises $75 Mln-plus in Preferred Stock Offering
February 28, 2001 SEATTLE - Shurgard Storage Centers Inc. (NYSE:SHU) has completed a $75 million offering of 3 million shares of 8.75 percent Series D Cumulative Redeemable Preferred Stock.The shares have a $25/share liquidation preference and can be...
Fitch Upgrades iStar Asset Receivable Trust, 2000-1
February 28, 2001 NEW YORK – Fitch has upgraded five classes of iStar Asset Receivable Trust, 2000-1 because mortgage prepayments and maturities have led to an increase in the deal's subordination levels.The rating agency upgraded the classes as...
Wild Pony Colleyville LLC Buys Village Park Shopping Center in Colleyville, Texas
February 28, 2001 COLLEYVILLE, Texas - Wild Pony Colleyville LLC has purchased the Village Park Shopping center from Praedium Centennial Associated LP.The center, located at 4709-4843 Colleyville Blvd., contains 45,153 square feet of net rentable space. The Staubach...
PRICE TALK: Chase Commercial Mortgage Securities Corp., 2001-245 Park
February 28, 2001 Class Amount ($mln) Rating Moody's Rating Fitch Avg. Life Price Talk (bp) Benchmark A-1 64.9 Aaa AAA 5 53 area Swaps A-2 240.1 Aaa AAA 10 65 area Swaps B 50.0 Aa2 AA 10 80...
AIMCO Names Joseph DeTuno Executive VP of Redevelopment
February 28, 2001 DENVER - Apartment Investment and Management Company (NYSE:AIV) has named Joseph DeTuno executive vice president of redevelopment.DeTuno was previously senior vice president of redevelopment. He was responsible for the development and rehabilitation of over $375...
Washington REIT 4th Qtr FFO $0.48/shr vs $0.45/shr
February 28, 2001 Washington REIT ? 4th-Qtr 00 4th-Qtr 99 12-mos 00 12-mos 99 FFO (Mln) $17.3 $16.0 $64.3 $56.0 FFO/shr (diluted) $0.48 $0.45 $1.79 $1.57 Net Income (Mln) $11.5 $10.4 $45.1 $44.3 Net/shr (diluted) $0.32 $0.29 $1.26...
Wexford Bancgroup Offers New Mortgage Loan Program
February 28, 2001 CHICAGO, Ill. - Wexford Bancgroup has introduced a Single Tenant Loan Program for non-credit tenants or below investment grade tenants.The terms of the program include a loan-to-value ratio as high as 75 percent, a debt-service...
Jones Lang LaSalle to Repurchase up to 1.2 Mln Shares
February 28, 2001 CHICAGO - Jones Lang LaSalle Inc. (NYSE:JLL) has approved the repurchase of up to 1.2 million shares at a purchase price of not more than $10 million, $15/share.The company may repurchase shares in the open...
Pennsylvania REIT 4th Qtr FFO $0.75/shr vs $0.70/shr
February 28, 2001 Pennsylvania REIT ? 4th-Qtr 00 4th-Qtr 99 12-mos 00 12-mos 99 FFO (Mln) $11.5 $10.5 $45.8 $38.9 FFO/shr (diluted) $0.75 $0.70 $3.06 $2.65 Net Income (Mln) $4.6 $4.9 $32.3 $20.7 Net/shr (diluted) $0.34 $0.37 $2.41...
Golf Trust of America Adopts Liquidation Plan
February 28, 2001 CHARLESTON, S.C. – After a yearlong review of its strategic alternatives, Golf Trust of America (AMEX:GTA) has decided to liquidate.An independent committee of the board of directors unanimously recommended the plan to the board, which...
Equity Office Sees 2001 Post-Merger FFO of $3.17-$3.22/shr, Up From $2.86
February 28, 2001 Equity Office Properties Trust (NYSE:EOP) expects funds from operations for this year to shoot up to $3.17-$3.22/share as a result of its acquisition of Spieker Properties Inc. (NYSE:SPK).That compares to the diluted FFO of $2.86/share...
Captec Net Lease Realty Extends Credit Line
February 28, 2001 ANN ARBOR, Mich. - Captec Net Lease Realty Inc. (NYSE:CRRR) has closed a nine-month extension of its extension credit facility.The terms include an increase in the borrowing rate spread over Libor; rates will range from...
CB Richard Ellis to Go Private in $750 Mln Transaction
February 28, 2001 LOS ANGELES – CB Richard Ellis Services Inc. (NYSE:CBG) has agreed to be acquired by the management-led investor group that first offered to buy the firm last fall.Under terms of the new deal, Blum CB...
Glimcher to Purchase Interests in 2 Malls, Shares
February 28, 2001 COLUMBUS, Ohio – Glimcher Realty Trust (NYSE:GRT)has agreed to purchase the $34 million Series A-1 convertible preferred shares of GRT and $56 million Series D convertible preferred shares of GRT.The company also will purchase a...
Southeast Regional Digest (2/28/01): Millennium Partners plans $300 Mln project in Buckhead, Ga.
February 28, 2001 Millennium Partners plans $300 Mln project in Buckhead, Ga.The Wall Street JournalBUCKHEAD, Ga. - Millennium Partners is planning to break ground on a 400-unit combination of condominiums, rental apartments and extended-stay units. One of the...
UBS Warburg Downgrades 9 in Lodging Industry
February 28, 2001 (NewsTraders.com) – UBS Warburg analyst Keith Mills is forecasting weaker growth in average revenue per available room in the lodging sector, a development that led him to downgrade nine names in the industry to hold,...
Canada Regional Digest (2/27/01): Victory Majors Completes 4th Acquisition of Properties
February 27, 2001 Victory Majors completes 4th acquisition of propertiesSASKATOON, Canada - Victory Majors Investments Corp. has bought eight properties in Saskatoon for C$3.8 million (US$2.5 million). The properties consist of five apartment buildings with a total of...
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.
