RECENT NEWS
Deutsche Banc’s Lou Taylor Picks Up Coverage of 39 REITS
December 13, 2000 (NewsTraders.com) – Deutsche Banc Alex. Brown's recently hired real estate analyst, Lou Taylor, picked up coverage of the industry today for the brokerage firm, doling out ratings to 39 REITs.Taylor, formerly at Prudential Securities, will...
PRICE TALK: $713.1 Mln GE Capital Commercial Mortgage Corp., Series 2000-1
December 12, 2000 Go To Fitch's Presale Report. GE Capital Commercial Mortgage Corp., Series 2000-1ClassAmount($mln)Sub. Level(%)RatingFitchRatingMoody'sAvg.LifePriceTalk(BP)BenchMarkA-1112.523.5AAAAaa5.7+28-30SwapsA-243323.5AAAAaa9.79+40-42SwapsB28.519.5AAAa29.9+55-59SwapsC3215AA29.9+70-76SwapsD8.913.75A-A39.9+80-86SwapsE23.110.5BBBBaa29.9+125 areaSwapsX*713.1NAAAAAaaNA+370 area**Treas.*Interest only, notional amount.**At 100 percent CPY.
CSFB Pens Christmas Ode to CMBS
December 12, 2000 The sudden influx of commercial mortgage-backed securities deals in the market has not stifled the holiday spirit at some investment banks. Included in Credit Suisse First Boston's CMBS Market Watch this week was an "Ode...
Fitch Takes Criimi Mae’s Servicer Ratings Off Watch
December 12, 2000 NEW YORK – Fitch has removed Criimi Mae Services LP's commercial mortgage servicer ratings from Rating Watch Negative and affirmed its primary servicer rating at 'CPS3', its master servicer rating at 'CMS3', and its special...
James Burns Named CFO at Wellsford Real Properties
December 12, 2000NEW YORK – Wellsford Real Properties Inc. (AMEX:WRP) has promoted James J. Burns to chief financial officer from chief accounting officer.Burns replaces Jeffrey Lynford who will continue as chairman of the company.Additionally, Mark P. Cantaluppi, currently...
Visible Markets’ Trade Volume Tops $1 Bln
December 12, 2000 BOSTON – Visible Markets Inc., a fledgling online trading platform, has handled $1 billion of fixed-income securities trades since its June inception.The firm, which facilitates trading in commercial mortgage-backed securities, collateralized mortgage obligations, asset-backed securities...
Fitch Withdraws Crown Northcorp’s Master Servicer Rating
December 12, 2000 NEW YORK – Fitch has withdrawn Crown NorthCorp's (OTC:ASET) master servicer rating of 'CMS3'.The rating agency also downgraded Crown's primary servicer rating to 'CPS3' from 'CPS2' and its special servicer rating to 'CSS3' from `CSS2'....
Correction: GMAC Lends $142 Mln on Lower Manhattan Offices
December 12, 2000 GMAC Commercial Mortgage provided $142 million of financing for 14 Wall Street in downtown Manhattan. A story published on Dec. 11 incorrectly identified the lender.
Bill Scully Resigns as Director of Imperial Parking
December 12, 2000 VANCOUVER, B.C. – In order to avoid a conflict of interest, William A. Scully, a partner of Apollo Real Estate Advisors, has resigned as a director of Imperial Parking Corp. (AMEX:IPK).Apollo's Investment Fund II LP...
Reaxon Adds John Prout to Staff
December 12, 2000Commercial Real Estate Direct Staff ReportReaxon Net Technologies, a venture formed by Morgan Stanley Dean Witter and KPMG Peat Marwick to develop an Internet-based loan-origination application, has hired John Prout from Madison Real Estate Technologies Inc.Prout,...
Chelsea GCA Realty Inc. Changes Name, Stock Symbol
December 12, 2000 ROSELAND, N.J. – Chelsea GCA Realty Inc. (NYSE:CCG) is changing its name to Chelsea Property Group Inc., effective Jan. 1.As a result, the New York Stock Exchange will begin using the company's new trading symbol,...
Investor Paying $412/sf for NY Offices
December 12, 2000 Andalex Group, a New York firm run by developer Allen Silverman, is buying 380 Madison Avenue in Midtown Manhattan in a complex deal valued at $350 million, or $412/sf.The company is taking over the building...
Rubenstein Gets $47 Mln of Debt to Refinance Offices
December 12, 2000 Commercial Real Estate Direct Staff ReportAn affiliate of The Rubenstein Co. has lined up a $47 million fixed-rate mortgage to refinance Plymouth Meeting Executive Campus, a 360,250-square-foot office property in the Philadelphia suburb of Plymouth...
Mack-Cali Buys 1.5 Mln Shares for $40.7 Mln
December 12, 2000 CRANFORD, N.J. – Mack-Cali Realty Corp. (NYSE:CLI) has over the last four months purchased 1.5 million shares of its common stock at a total cost of $40.7 million. The shares were bought on the open...
Capstead Mortgage Director Rubin Snaps Up 180,000 Shares
December 12, 2000 (NewsTraders.com) – Capstead Mortgage Corp. (NYSE:CMO) director Howard Rubin bought about 180,000 shares of the mortgage investment from Nov. 2 to Nov. 28, according to a regulatory filing released yesterday.Rubin paid per-share prices ranging from...
Southern Apartment Portfolio Gets $79.5 Mln in Fannie Mae Refinancing
December 12, 2000 ATLANTA – An investment fund sponsored by Shoptaw & Garrard has received $79.5 million of mortgage debt to refinance 12 loans on six apartment properties in Georgia, Florida, Tennessee and South Carolina. Fannie Mae provided...
Southeast Regional Digest (12/12/00): Florida firm to build $20 Mln HQ
December 12, 2000 Boca Raton-based company to build $20 Mln HQBoca Raton News, December 12BOCA RATON – Oc? Printing Systems USA is planning a $20-million headquarters in Arivida Park of Commerce. The three-story building will contain 94,000 square...
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...
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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.
