RECENT NEWS
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...
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...
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...
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...
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...
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...
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...
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,...
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.
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...
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...
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...
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...
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...
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...
Southeast Regional Digest (12/8/00): FedEx to lease Tampa air-cargo facility
December 8, 2000 TIA to construct facility and lease to Federal ExpressThe Tampa Tribune, December 8TAMPA, Fla. – Tampa International Airport will build a $10 million, 110,000-square-foot air cargo facility and lease it to Federal Express. The aviation...
Joint Venture Buys D.C. Land for $12 Mln
December 8, 2000WASHINGTON – A joint venture has paid $12 million for a 44,833-square-foot development parcel at 450 Mass Ave. NW, at the corner of Massachusetts Avenue and Fifth Street, in Washington, D.C.The Bernstein Cos., through its $100...
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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.
