RECENT NEWS
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...
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...
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...
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.
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'....
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,...
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...
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...
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,...
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...
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...
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...
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...
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.
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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.
