RECENT NEWS
S&P Rates Commercial Investment Trust
December 14, 2000 MELBOURN, Australia – Standard & Poor has given its triple-B-plus rating to Commercial Investment Trust. The outlook is stable.The action is a result of CIT's above-average asset quality, strong tenant profile and moderately conservative financial...
Summit REIT to Sell Calgary Office Tower
December 13, 2000 TORONTO – Summit REIT (TSE:SMU_u.TO) has agreed to sell an office tower in Calgary, Alberta, for about C$24.5 million (US$16.1 million), or C$122/sf (US$80/sf), to an undisclosed buyer.The 200,987-square-foot building is at 333 11th Ave....
AvalonBay Starts $102 Mln Apartment Complex in Queens, NY
December 13, 2000 NEW YORK – AvalonBay Communities Inc. (NYSE:AVB) has begun construction of a 32-story apartment building on the west waterfront of Queens, N.Y. The project is expected to cost $102.5 million.Completion of the 372-unit Avalon Riverview...
Lennar Builds Space for Ontario, Calif., Manufacturer
December 13, 2000 ONTARIO, Calif. – Lennar Partners has started developing a 222,000-square-foot expansion of Ritek Group/Ritek Global Media's manufacturing and distribution facilities.The build-to-suit project is located on 12 acres north of the Pomono Freeway at 2950 E....
ProLogis Names Tim M. Harvie Chief Technology Officer
December 13, 2000 DENVER – ProLogis (NYSE:PLD) has named Tim M. Harvie as chief technology officer.Harvie will be responsible for integrating the company's technology investments and finding opportunities to leverage technology to further expand ProLogis' customer service offerings.Prior...
Target to Lease Warehouse, Develop Site in Southern Calif.
December 13, 2000 By Brad Berton, Commercial Real Estate Direct Contributing WriterTarget Stores will lease a vacant 725,000-square-foot warehouse and develop an adjacent property with about 500,000 sf within Southern California's booming Inland Empire hub surrounding Ontario International...
FINAL PRICING: $914.6 Mln Salomon Bros. Commercial Mortgage Trust 2000-C3
December 13, 2000 Salomon Bros. Commercial Mortgage Trust 2000-C3ClassAmount($mln)Sub. Level(%)RatingS&PRatingMoody'sAvg.LifePriceTalk(BP)Priced(BP)BenchMarkA-1180.723AAAAaa5.7+28-29+30SwapsA-2523.623AAAAaa9.37+41-42+43SwapsB43.418.25AAAa29.82+56-59+59SwapsC35.514.25AA29.9+71-74+74SwapsD13.712.75A-A39.91+81-8490SwapsE13.711.25BBB+Baa19.91+120 area+120SwapsF13.79.75BBBBaa29.91+130 area+130SwapsG13.78.25BBB-Baa39.91+280 areaNA*Treas.IO914.6NAAAAAaa8.82NANA*NA*Privately placed.
Settlement Reached in Courtyard by Marriott Partnerships Lawsuits
December 13, 2000 WASHINGTON – Marriott International Inc. (NYSE:MAR) and Rockledge Hotel Properties Inc. have settled lawsuits with Courtyard by Marriott Limited Partnership and Courtyard by Marriott II Limited Partnership.CBM I Holdings LLC and CBM II Holdings LLC...
Southeast Regional Digest (12/13/00): Harrisburg, N.C., farmland to become $300 Mln town center
December 13, 2000 Harrisburg farm land to become $300 Mln town centerThe Charlotte Observer, December 12HARRISBURG, N.C. – J & B Development and Management partners Joe Murphy and Bob Burkett are planning to transform 97 acres of Harrisburg...
First Union Writes $141 Mln Mortgage to Cornerstone Realty, Provides $50 Mln Credit Line
December 13, 2000 RICHMOND, Va. – First Union Securities has provided $141 million of mortgage financing to Cornerstone Realty Income Trust Inc. (NYSE:TCR).The 10-year, interest-only loan carries a fixed-rate of 7.35 percent and is backed by 15 of...
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...
Camden Property Trust Begins $120 Mln Project in Long Beach, Calif.
December 13, 2000LONG BEACH, Calif. – Camden Property Trust(NYSE: CPT) is beginning construction at The Park at Harbour View, a $120 million multifamily development in Long Beach, Calif. The project, on Ocean Boulevard at Pine Avenue, will consist...
Mack-Cali Signs Leases for NJ Properties
December 13, 2000 Mack-Cali Realty Corp. (NYSE:CLI) has signed leases for more than 260,000 square feet at six of its New Jersey office properties.The leases are:– Ford Motor Co., a five-year, 96,053-sf lease renewal at 200 Riser Road...
GMAC Finances Two Apartments in Ariz., Fla.
December 13, 2000GMAC Commercial Mortgage Corp. has arranged and provided loans for two apartment communities in Arizona and Florida. GMAC is providing a $24.3 million acquisition loan for a 412-unit multifamily property in Glendale, Ariz. Arrowhead Summit Apartments...
Historic D.C. Office Tower Hits Market
December 13, 2000By Susanna Potter, Commercial Real Estate Direct Staff WriterStarwood Capital has hired the Greenwich Group to market a historic 116,00-square-foot office and retail building at 1401 K Street NW in Washington, D.C.Though there is no asking...
Balanced Care Confirms Payments to Healthcare Realty Trust
December 13, 2000 NASHVILLE, Tenn. – Balanced Care Corp (AMEX:BAL) will not default on its leases with Healthcare Realty Trust Inc. (NYSE:HR). As part of its restructuring plan, Balanced Care will only pay rent, in full, to five...
Cushman & Wakefield Buys Matlow-Kennedy
December 13, 2000 LOS ANGELES – Cushman & Wakefield has acquired Matlow-Kennedy Commercial Real Estate Services, a brokerage firm in Long Beach, Calif.Matlow-Kennedy focuses on the office and industrial markets of Los Angeles and Orange Counties.The acquisition becomes...
21 Investors Buy Franchise Finance CMBS
December 13, 2000 SCOTTSDALE, Ariz. – Franchise Finance Corp. of America (NYSE:FFA) said 21 institutional buyers purchased bonds from its most recent securitization.The securitization, FFCA Secured Lending Corp., was backed by 521 loans with a balance of $406...
GE Capital Provides Office, Condo Loans in Calif.
December 13, 2000 GE Capital Real Estate recently provided nearly $400 million in financing for office and residential properties in California.GE Capital lent Douglas Emmett Realty Advisors $345 million loan for its purchase of a portfolio of Los...
Fitch Upgrades $138.2 Mln KPAC 1994-C3
December 13, 2000 NEW YORK – Fitch has upgraded one class in Kidder Peabody Acceptance Corp.'s $138.2 million 1994-C3, and affirmed other rated classes.The rating agency upgraded the $39.3 million class C to double-A-minus from single-A-plus.The upgrades are...
Westfield Buys Mall Site, Dismissing Suit Against New Haven, Conn.
December 13, 2000 Commercial Real Estate Direct Staff ReportNEW HAVEN, Conn. – Westfield America Inc. (NYSE:WEA) has agreed to buy a 19.5-acre parcel in New Haven, Conn., that was to be the home of a shopping mall that...
S&P Adopts Canadian Bond Rating Outlook on Legacy Hotels
December 13, 2000 TORONTO – Standard & Poor's has given its triple-B-minus rating to Legacy Hotels corporate credit and senior unsecured debt ratings. The outlook is stable.The action is a result of the rating agency's merger with the...
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...
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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.
