January 5, 2001 AUSTIN, Texas – Stratus Properties Inc. (NYSE: STRS ) has established a $30 million credit facility with Comerica Bank.The facility, which matures in December 2002, will consist of a $20 million revolving line of credit...

January 5, 2001 ATLANTA – Gables Residential (NYSE:GBP) has sold 91 percent of its interests in three Tennessee apartment communities to a joint venture with CMS Companies, a Philadelphia investment banking firm, for $60 million.The properties are the...

January 5, 2001 NASHVILLE, Tenn. – A lending group led by Bank of America has expanded the revolving credit facility of Healthcare Realty Trust Inc. (NYSE:HR) to $300 million from $265 million.The expansion was done when UBS Warburg...

January 5, 2001 LAS VEGAS – As anticipated, Station Casinos Inc. (NYSE:STN) has closed on its $185 million purchase of the Fiesta Casino Hotel in North Las Vegas. The new owner plans to keep the property's Fiesta name...

January 5, 2001 Westbrook Partners has secured a $170 million loan for its purchase of a half interest in downtown Boston's One Beacon St.An unidentified offshore bank is providing the loan, which was arranged by Sonnenblick-Goldman Co., adviser...

January 5, 2001 Atlanta Financial center may have a buyerThe Atlanta Journal-Constitution, January 5BUCKHEAD, Ga. –GE Pension Trust and Hines are planning to buy the Atlanta Financial Buckhead. The three-building complex, located on Peachtree Road, is about 886,000...

January 5, 2001 GE Pension Trust and Hines are in talks to buy Atlanta Financial Center for $160 million to $175 million, or up to $197.50/sf., The Atlanta Journal-Constitution reported today.GE and Hines are said to be negotiating...

January 4, 2001 MEMPHIS, Tenn. – RFS Hotel Investors Inc. (NYSE:RFS) on Jan. 1 terminated its operating lease and management contract relationships with Hilton Hotels Corp. (NYSE:HLT).Following a recently laid out plan, RFS paid Hilton about $60 million...

January 4, 2001 WASHINGTON – Millennium Hotels and Resorts will spend $70 million renovating 12 hotels.The properties were purchased this year by London-based Millennium and Copthorne Hotels and are located in various cities.As each of the Regal hotel...

January 4, 2001 NEW YORK – Lexington Corp. Properties Trust (NYSE:LXP) has raised $39 million through fixed-rate mortgages on three properties in Pennsylvania, South Carolina and Virginia.The properties are the Jones Apparel property in Bristol, Pa., the Fleet...

January 4, 2001 ATLANTA – David P. Stockert has joined Post Properties Inc. (NYSE: PPS) as president and chief operating officer.Stockert will replace Jeffrey A. Harris, who is leaving the company to pursue other opportunities.Previously, Stockert was senior...

January 4, 2001 ATLANTA – Summit Properties Inc. (NYSE:SMT) has sold a 323-unit apartment community, formerly known as Summit Village, for $22.6 million, or $70,200 per home, to a pension fund adviser.Proceeds from the sale will fund company's...

January 4, 2001 Commercial Real Estate Direct Staff ReportColonial Bank of Birmingham, Ala., has provided $48 million of construction financing for Bentley Bay Towers, a proposed residential condominium development in South Miami Beach, Fla.The ultra-luxury property will feature...

January 4, 2001 PHILADELPHIA – Pennsylvania REIT (NYSE:PEI) has entered into a three-year interest-rate swap agreement with Fleet Bank and Wells Fargo.The swap agreement covers a total debt of $75 million. PREIT will pay the counterparties a fixed...

January 4, 2001 GLENDALE, Calif. – American Realty Advisors has raised $30 million for a commingled real estate investment fund that it aims to close at $50 million.The Building for America High Yield Union Investment Fund LLC will...

January 4, 2001 NEW YORK – Fitch has upgraded the $35 million cumulative perpetual preferred stock of Urstadt Biddle Properties Inc. (NYSE:UPB) to double-B from double-B-minus. The rating agency's outlook on the stock is stable.The upgrade was due...

January 4, 2001Glenborough Realty Trust, which sold a portfolio of 37 apartment complexes for about $400 million, used $37 million of the net proceeds to buy back 1 million of its stock. It also earmarked $23 million of...

January 4, 2001 Ormond Beach project moves forward with new developerDaytona Beach News-Journal, January 4ORMOND BEACH, Fla. – Crowne Partners is taking over the development of the Wexford apartment project. Crowne paid Consolidated-Tomoka Land Co. $1.36 million for...

January 4, 2001 Commercial Real Estate Direct Staff ReportBank of America has provided $55 million of construction financing for the Strand, an upscale rental apartment complex that is being constructed in West Palm Beach, Fla.The bank has also...

January 4, 2001 NEW YORK – Acadia Realty Trust (NYSE:AKR has hired Credit Suisse First Boston to advise it on strategic alternatives, including a merger, asset sale or recapitalization.The Port Washington, N.Y., REIT, like other small-capitalization REITs, has...

January 4, 2001 MOUNTAIN VIEW, Calif. – An affiliate of Goldman Sachs has paid about $276 million for real estate owned by SGI (NYSE:SGI), which was formerly known as Silicon Graphics Inc.The Goldman affiliate, presumably one of the...

January 4, 2001PHILADELPHIA – Pennsylvania REIT (NYSE:PEI) has refinanced its credit line with a $250 million combination credit/construction facility led by Wells Fargo Bank.The facility combines a $175 million revolving credit and a $75 million two-year construction loan....

January 4, 2001 PALO ALTO, Calif. – Pacific Property Co. has purchased two apartment communities, totaling 126 units in southern California for $10.3 million.The properties, located about four miles apart, are the 84-unit Casa Del Prado in South...

January 3, 2001 FORT WORTH, Texas – Crescent Operating Inc., an affiliate of Crescent Real Estate Equities Co. (NYSE:CEI), is planning to restructure in the first quarter.Details of its plans have not been made known. The restructuring results...

January 3, 2001 FORT LAUDERDALE, Fla. – IRT Property Co. (NYSE:IRT) has bought the Pine Ridge Square shopping center in the Coral Springs area for about $11.6 million from a venture between Concorde Realty Partners LLC and an...