RECENT NEWS
AEW Venture to Build Telecom Space in Washington, D.C., Area
October 18, 2000 By Brad Berton, Commercial Real Estate Direct Contributing EditorAn AEW Capital Management investment fund has formed a joint venture with the Long Cos. to develop 320,000 square feet of back office and data storage facilities...
Archstone to Develop 650 Apartments in Denver’s Central Platte Valley
October 18, 2000 DENVER – Archstone Communities (NYSE:ASN) plans to build about 650 apartments in Denver's lower downtown Central Platte Valley as part of the city's redevelopment project. The development, which is expected to cost over $105 million,...
President and Chief Operating Officer of SL Green Realty to Step Down
October 18, 2000 NEW YORK – David J. Nettina will step down as president and chief operating officer of SL Green Realty Corp. (NYSE:SLG) to pursue other business interests.He will stay with the company for up to 12...
Rubenstein Chooses Barclay White to Develop Philadelphia Project
October 18, 2000 EXTON, Pa. – Rubenstein Co. LP has hired Barclay White, affiliated with Swedish developer Skanska AB, to lead the construction of an office complex near Philadelphia.The $53 million contract gives Barclay White the right to...
Boykin Lodging Appoints New VP for Asset & Tenant Management
October 18, 2000 CLEVELAND – Boykin Lodging Co. (NYSE:BOY) has appointed Joseph F. Smith as vice president of asset and tenant management.Smith has been with Boykin Management Co., holding several positions in the field and in the corporate...
Alaska Housing Approves $15.4 Mln in Loans for Anchorage Apartments
October 18, 2000 ANCHORAGE, Alaska – The Alaska Housing Finance Corp., which provides financing for multifamily complexes, congregate facilities and single-family homes, will provide $15.4 million in loans for the acquisition and rehabilitation of two apartment complexes in...
SL Green Unites Management, Construction Units, Hires Roger Kahn
October 18, 2000 NEW YORK – Roger H. Kahn, who most recently headed the management operations of Grubb & Ellis New York, has joined SL Green Realty Corp. (NYSE:SLG) as senior vice president of management and construction.Kahn's hiring...
AvalonBay Begins Construction on 4 Apartment Communities
October 18, 2000 ALEXANDRIA, Va. – AvalonBay Communities Inc. (NYSE:AVB) has begun construction on two apartment communities in California and one each in Connecticut and Washington.The combined construction cost of the properties is expected to be about $195.3...
Ramco-Gershenson 3rd-Qtr FFO $0.61/shr vs $0.59/shr
October 18, 2000 3rd-Qtr 003rd-Qtr 999-mos 009-mos 99FFO (mln) $7.4$7.2 $22.7 $21.4 FFO/shr (diluted) $0.61 $0.59 $1.87 $1.76 Net Income (mln) $1.8 $1.8 $7.1 $5.5 Net/shr (diluted)$0.26 $0.25 $1.16 $0.76 Revenue (mln)$21.6 $21.1 $68.0 $63.6 Shares Out. (mln)7.2...
Debtx Handles $44 Mln of Loan Sales
October 18, 2000 BOSTON – Three sellers have completed the sale of $44 million of performing and nonperforming commercial mortgages and business loans through debtX.com, a loan-trading Web site operated by the Debt Exchange Inc.The 84 loans, which...
Colonial Properties 3rd-Qtr FFO $0.90/shr vs $0.81/shr
October 18, 2000 3rd-Qtr 003rd-Qtr 999-mos 009-mos 99FFO (mln) $28.7$28.0 $79.9 $82.6 FFO/shr (diluted) $0.90 $0.81 $2.43 $2.31 Net Income (mln) $8.3$10.6 $24.3 $32.7 Net/shr (diluted)$0.40 $0.44 $1.14 $1.30 Revenue (mln)$75.9 $70.1 $218.8 $207.5 Shares Out. (mln)20.8 24.0...
American Realty Trust Ups Stake in Transcontinental Realty Investors
October 17, 2000 American Realty Trust (NYSE: ARL) and its affiliates have increased their stake in Transcontinental Realty Investors Inc. (NYSE:TCI) to 3.3 million shares, or 38.5 percent of the company.The group purchased 100,200 shares between July 3...
Catellus Signs First Tenant at Office Development in Denver Suburb
October 17, 2000 WESTMINSTER, Colo. – American Skandia Life Assurance Co. has signed an 11-year lease for the first building at the CirclePoint Corporate Center being developed by Catellus Development Corp. (NYSE: CDX).American Skandia will occupy the entire...
A.G. Edwards Lifts Spieker Properties to ‘Buy’ from ‘Accumulate’
October 17, 2000 (NewsTraders.com) – In the field of publicly traded REITs, Spieker Properties (NYSE:SPK) remains "among the top" in terms of funds from operations, or FFO, per-share growth forecasts into 2001, according to A.G. Edwards & Sons...
Morgan Stanley Out With Hilton Hotels Securitization
October 17, 2000 By Thomas J. Walsh, Commercial Real Estate Direct Senior WriterMorgan Stanley Dean Witter is launching a $500 million commercial mortgage-backed securities deal backed by five Hilton Hotels around the country.The private deal is thought to...
Southeast Regional Digest (10/17/00): Atlanta’s industrial market slows during third quarter
October 17, 2000 Metro vacancy rate ticks up in industrial real estate marketThe Atlanta Journal-Constitution, October 17ATLANTA – The area's industrial real estate market has cooled slightly during the third quarter as the addition of new space outpaced...
Whitehall, Boston Properties, Morgan Stanley Vie for World Trade Center
October 17, 2000 Boston Properties Inc., Goldman Sachs' Whitehall Street Real Estate Fund, Brookfield Properties Corp. and a Morgan Stanley Dean Witter investment fund are among the eight investor groups that have turned in offers of $2.7 billion...
CalPERS Taps CB Richard Ellis to Manage $500 Mln High-Tech Account
October 17, 2000 SACRAMENTO, Calif. – California Public Employees' Retirement System has selected CB Richard Ellis Investors LLC to manage its $500 million Joint Real Estate and Alternative Investment Technology Program.The program calls for CalPERS to invest in...
PRICE TALK: $765.3 Mln Morgan Stanley Dean Witter Capital I Trust 2000-LIFE2
October 17, 2000 Morgan Stanley Dean Witter Capital I Trust 2000-LIFE2ClassAmount($mln)Sub. Level(%)RatingFitchRatingMoody'sAvg.LifeSpread(BP)BenchmarkA-115916.5AAAAaa5.7+26 areaSwapsA-248016.5AAAAaa9.3+37 areaSwapsB22.9613.5AAAa29.9+52 areaSwapsC24.910.25AA29.9+67 areaSwapsD6.99.35A-A39.9+77 areaSwapsE18.756.9BBBBaa29.9+225 areaTreas.F*7.655.9BBB-Baa39.9+265 areaTreas.G*3.065.5BBB-NRNANATreas.X**765.3--AAAAaaNANATreas.* Privately placed.** Interest only, notional amount.
Lowe Enterprises Buys Washington, D.C., office building
October 17, 2000 WASHINGTON – Lowe Enterprises Investment Management has acquired 1101 Connecticut Ave. N.W. from Endowment Realty Investors Inc. for $26.6 million on behalf of a pension fund client.The 175,000-square-foot, 12-story office building is adjacent to the...
GMAC Provides $10.5 Mln Loan for Pittsburgh Hotel
October 16, 2000 MOON TOWNSHIP, Pa. – GMAC Commercial Mortgage Corp. has provided a $10.5 million conduit loan to Meyer Jabara Hotels for a Holiday Inn near the Pittsburgh International Airport.The fixed rate loan bears interest at 9...
Fitch Tokyo Assigns Global Asset Management Co. to Special Servicer Rating
October 16, 2000 NEW YORK – Fitch has assigned Global Asset Management Co. a CSS3 rating as special servicer. This is the first special servicer rating that Fitch has assigned in Japan.GAMCO's strengths include "the experience of their...
AMI Closes $11 Mln Loan for 2 Kansas City Buildings
October 16, 2000 KANSAS CITY, Mo. – AMI Capital Inc. has provided two loans totaling almost $11 million for the rehabilitation of two historic buildings into loft-style apartments.Construction is scheduled for completion by March 1, 2002. Both properties...
A.G. Edwards Downgrades Nationwide Health to Accumulate
October 16, 2000 (NewsTraders.com) – A.G. Edwards & Sons today downgraded Nationwide Health Properties (NYSE: NHP) to "accumulate" from "buy" due to price considerations and a more conservative outlook for 2001.A.G. Edwards noted that shares of the Newport...
Thomas Gahan to Head Enhanced Product Group at Deutsche Bank
October 16, 2000NEW YORK – Deutsche Bank has integrated its global asset securitization group – which consists of asset-backed, commercial and residential securitization – into its global credit products group.Thomas Gahan will manage the integrated effort as head...
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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.
