RECENT NEWS
PRICE TALK: $996 Mln Lehman-UBS Commercial Mortgage Trust 2000-C5
December 11, 2000 Go To Moody's Presale Report.Go To S&P's Presale Report.LB-UBS Commercial Mortgage Trust, Series 2000-C5ClassAmount($mln)Sub. Level(%)RatingMoody'sRatingS&PAvg.LifePriceTalk(BP)BenchMarkA-1352.420.5AaaAAA5.87+29 areaSwapsA-2439.420.5AaaAAA9.71+41 areaSwapsB44.816Aa2AA9.9+58 areaSwapsC44.811.5A2A9.9+73 areaSwapsD14.910A3A-9.9+83 areaSwapsE7.49.25Baa1BBB+9.9+125 areaSwapsF12.48Baa2BBB9.9+130 areaSwapsG9.97Baa3BBB-9.9+275 areaTreas.X*996NAAaaAAA8.41+375**Treas.*Notional amount, interest only.**At 100 percent CPR.
Transcontinental Realty, Income Opportunity Realty Nix 4th Qtr Dividends
December 11, 2000 DALLAS – Neither Transcontinental Realty Investors Inc. (NYSE:TCI) nor Income Opportunity Realty Investors Inc. (AMEX:IOT) will pay a fourth quarter dividend on common stock.The boards of directors at both Dallas-based real estate firms decided against...
MassMutual to Finance Cigna, Interstate Hotel Buy
December 11, 2000 Commercial Real Estate Direct Staff ReportMassMutual Financial Group is providing about $65 million of financing to the investment team that purchased the Sawgrass Marriott Resort and Beach Club in Ponte Vedra Beach, Fla.The loan is...
SIOR Elects Officers for 2001
December 11, 2000WASHINGTON, D.C. – The Society of Industrial and Office Realtors has elected a new slate of officers, starting with Stephen F. Blau, who was named president of the 2,700-member organization.Blau is vice president of business development...
Buyer of Southern Calif. Site Eyes Carrier Hotel Development
December 11, 2000 Special to Commercial Real Estate DirectKFPLB Michelson Jamboree LLC, which recently purchased the 42-acre Parker Aerospace parcel in Irvine, Calif., is said to be planning to redevelop a big chunk of the property into a...
Spieker Preleases Final Building at San Jose, Calif., Development
December 11, 2000 MENLO PARK – Brocade Communication Systems Inc. has signed a 12-year lease for the entire 195,000-square-foot, third office tower at Spieker Properties' (NYSE:SPK) $155 million Skyport development project at the San Jose International Airport.Terms of...
Cigna, Interstate Buy Sawgrass Marriott
December 11, 2000 PITTSBURGH – TimesSquare Real Estate Investors, Cigna Corp.'s pension fund advisory arm, has purchased the Sawgrass Marriott Resort and Beach Club in Ponte Vedra Beach, Fla.As previously reported, TimesSquare purchased the 508-unit hotel in partnership...
Nationwide, Balanced Care to Discuss Leases
December 11, 2000 NEWPORT BEACH, Calif. – Nationwide Health Properties Inc. (NYSE:NHP) will only receive part of December's rent from Balanced Care Corp. (Amex: BAL), one of its major tenants.A meeting is scheduled for Wednesday, Dec. 13, to...
Kornwasser Leaving Kimco Realty
December 11, 2000 NEW HYDE PARK, N.Y. – Joseph Kornwasser, senior vice president of Kimco Realty Corp. (NYSE:KIM), is leaving to pursue "other business interests," according to Kimco.Kornwasser joined Kimco as a result of the REIT's 1998 merger...
Canada Regional Digest (12/11/00): Acktion Corporation to increase to C$2.60 per share.
December 11, 2000 Acktion Corporation to increase to C$2.60 per sharePRNewswire, December 11TORONTO – Acktion Corporation (TSE:ACK)has agreed with Revenue Properties Co. Ltd. (TSE:RPCLF ) to increase its offer to C$2.60 per share. Last month the board of...
Equity Inns Completes $50 Mln Interest Rate Swap
December 11, 2000 GERMANTOWN, Tenn. – Equity Inns Inc. (NYSE:ENN) has completed a $50 million interest rate swap related to the outstanding debt on its $125 million line of credit. The company said it now has no significant...
GE Lends $142 Mln on Lower Manhattan Offices
Correction: GMAC Lends $142 Mln on Lower Manhattan OfficesGMAC Commercial Mortgage provided $142 million of financing for 14 Wall Street in downtown Manhattan. A story published on Dec. 11 incorrectly identified the lender.December 11, 2000An investment team led...
Edgecliff Lowers Bid for Lodgian to $4.75/Share from $5.00
December 11, 2000 (NewsTraders.com) – An investment group that includes Edgecliff Holdings and William Yung revealed in a filing with the SEC today that it has offered to buy hotel operator Lodgian (NYSE:LOD) for $4.75 per share in...
MeriStar Board Approves Merger With American Skiing
December 11, 2000 WASHINGTON – The board of directors of MeriStar Hospitality Corp. (NYSE:MHX) has approved a proposed merger between MeriStar Hotels & Resorts Inc. and American Skiing Corp. (NYSE:SKI).As a result of the merger, the REIT will...
Household International Inks Lease for Chunk of San Diego Building
December 11, 2000 Special to Commercial Real Estate DirectHousehold International's auto finance unit will occupy the bottom two floors (or just over 80,000 square feet) of a three-story, 120,000-sf office building that developer LMC Copley Corp. has started...
GMAC to Provide $43 Mln Loan for Renovation Project in Houston
December 11, 2000 GMAC Commercial Mortgage is leading a group that is providing $43 million of construction financing for the renovation of the historic Humble Oil Building at 1212 Main St. in downtown Houston.GMAC's hospitality industry division in...
Brookfield Joins TSE 100 Composite Index
December 11, 2000 NEW YORK – Brookfield Properties Corp. (NYSE, TSE:BPO) is being added to the TSE 100 Composite Index, effective the close of business Dec. 14. The TSE 100 Index is a benchmark against which investors measure...
Teraspace Networks to Invest $500 Mln in Carrier Hotels
December 11, 2000 Hillwood Development Corp.'s new affiliate, Teraspace Networks, will build and operate seven carrier hotels in three states, providing 2.5 million square foot in Dallas-Fort Worth alone.The seven sites will cost roughly $500 million to develop,...
Developer Files Plan to End Legal Dispute, Develop LA Site
December 8, 2000 LOS ANGELES – The owners of the former Ambassador Hotel site in central Los Angeles today filed a reorganization plan to resolve the 10-year legal dispute with the L.A. Unified School District over development of...
Canada Regional Digest (12/8/00): E-commerce development in Montreal lacks takers
December 8, 2000 E-commerce development lacks takersMontreal Gazette, December 7MONTREAL – Canderel Ltd. and Axor Group may be extricating themselves from E-Commerce Place, a controversial C$700 million (US$460.5 million) real-estate development. Rumor has it that the team is...
NYSE to Re-evaluate ElderTrust in January
December 8, 2000 KENNETT SQUARE, Pa. – The New York Stock Exchange has agreed to keep ElderTrust (NYSE:ETT) a listed stock and monitor the equity healthcare REIT's performance through Jan. 11, one week after the company has a...
LaSalle Investment Management Creates Medical Office Group
December 8, 2000 CHICAGO – LaSalle Investment Management has named Steve Bolen, senior vice president, to head its newly formed group that was established to invest in the medical office building sector.Prior to joining LaSalle Investment Management, Bolen...
Spieker Issues $200 Million of Unsecured Notes
December 8, 2000 MENLO PARK, Calif. – Spieker Properties LP has sold $200 million of investment grade rated 10-year unsecured notes.Proceeds from the offering will be used to repay $100 million of unsecured notes due to mature Dec....
Grubb & Ellis Leases 296,044 sf in Business Park
December 8, 2000 CRANBURY, N.J. – Anixter Inc., distributor of cabling and associated devices for digital networks, has signed a 10-year lease for 296,044 square feet of distribution space in ProLogis Development Services' Cranbury Business Park. Terms of...
CORRECTION: Price Talk Not Yet Out on Lehman-UBS Warburg CMBS Deal
December 8, 2000 By Thomas J. Walsh, Commercial Real Estate Direct Senior WriterA story posted yesterday regarding CMBS market activity for the week erroneously reported price talk for the 10-year triple-A tranche of the $996 million Lehman-UBS Warburg...
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