RECENT NEWS
Wellsford, Whitehall Talks Continue
September 28, 2000 NEW YORK – Wellsford Real Properties Inc. (AMEX:WRP) said it continues to hold discussions with Goldman Sachs' Whitehall Street Real Estate Funds concerning a possible sale or transfer of its interest in Wellsford/Whitehall Group LLC,...
Fitch Upgrades Credit Suisse First Boston Series 1995 MF-1
September 28, 2000 CHICAGO – Fitch has upgraded one class of Credit Suisse First Boston Mortgage Securities Corp.'s 1995-MF1 and affirmed the other class it rates in the series.The $5.5 million Class SB is upgraded to double-B-plus from...
Vornado Finances Reschke’s Buy of Prime Group Shares from Blackstone
September 28, 2000 Michael Reschke, chairman and chief executive of Prime Group Realty Trust (NYSE:PGE), has acquired Blackstone Group's interest in Prime for $61 million.The Chicago Tribune has reported that Reschke's acquisition was financed by Vornado Realty Trust...
Clarification: Bear-Wells Deal Prices Tight, Quickly
September 28, 2000 All the bonds from Bear Stearns and Wells Fargo's recent conduit deal sold. The deal was oversubscribed, with 98 percent sold to cash buyers and the rest sold on swap. A story on Sept. 27,...
Correction: S&P Gives Heritage BB+ Corporate Rating
September 27, 2000 Standard & Poor's assigned a double-B-plus rating to Heritage Property Investment Trust. The rating agency had misidentified the firm when it issued the rating on Sept. 18. Commercial Real Estate Direct ran the story on...
Mack-Cali, SJP Joint Venture Buys Site in Parsippany, N.J., for $16 Mln
September 27, 2000 A joint venture of Mack-Cali Realty Corp. (NYSE:CLI) and SJP Properties has paid about $16 million for a 47-acre development site at Morris Corporate Center in Parsippany, N.J.The land, which was purchased from BASF Corp.,...
Stiles to Build a 411,000-SF Office Building; Bank of America Leases 75,000 SF
September 27, 2000FORT LAUDERDALE, Fla. – Stiles Corp. will begin construction in December on a planned 411,000-square-foot, multitenant office building, called Las Olas City Centre.Fronting on the 400 block of Las Olas Boulevard, the tower's 71,000-sf ground floor...
Beacon Capital’s Boston-Area Office Complex Could Fetch $200 Mln
September 27, 2000 The Cambridge, Mass., office development that Beacon Capital Partners is looking to sell could fetch more than $200 million, according to a report in this morning's Boston Herald.Beacon Capital, an opportunity investment fund headed by...
GMAC Arranges $16 Mln in Financing for Atlanta Townhouse Development
September 27, 2000 HORSHAM, Pa. – GMAC Commercial Mortgage has arranged $16 million in permanent financing for the 450 Piedmont complex, a 254-unit townhouse development in Atlanta.The fixed rate, 25-year self-amortizing financing was arranged through Freddie Mac.GMACCM vice...
Salomon Smith Barney Provides $25.7 Mln Financing for Oklahoma Office Park
September 27, 2000 TULSA, Okla. – Salomon Smith Barney has provided $25.7 million of variable-rate financing for the Techridge Office Park, which is owned by a joint venture between Kennedy-Wilson Properties and ING Realty Partners.L.J. Melody & Co....
BRT Offers $20 Mln Investment in Entertainment Properties
September 27, 2000 (NewsTraders.com) – BRT Realty Trust (NYSE:BRT), in its continuing efforts to increase its stake in Entertainment Properties Trust (NYSE:EPR), on Wednesday said it wants to purchase 1.3 million shares for $19.5 million from the theater...
Midland Loan Launches Updated Web-Based CMBS Investor Reporting System
September 27, 2000 KANSAS CITY, Mo. – Midland Loan Services Inc. has put collateral and loan information on more than 50 commercial mortgage-backed securities issues on a new Web site.CMBS Investor Insight replaces Midland's Loan Portfolio Analysis System.CMBS...
S&P Raises, Affirms Nomura Asset Securities Corp., 1995-MDIII
September 27, 2000 NEW YORK – Standard & Poor's has raised its ratings on five classes of Nomura Asset Securities Corp.'s 1995-MDIII, while affirming the ratings on five of the deal's other classes.About 38 percent of the unpaid...
Consolidated to Review Aspen’s Unsolicited Offer
September 27, 2000 WINNIPEG, Manitoba –Consolidated Properties Ltd. (TSE:COP) has retained Trilon Securities Corp. as financial adviser to review strategic alternatives for the company.The company's decision to hire a financial adviser comes less than two weeks after an...
CoStar Group Names Lawrence J. Dressel as Chief Operating Officer
September 27, 2000 BETHESDA, Md. – CoStar Group Inc. (Nasdaq:CSGP) has named Lawrence J. Dressel as chief operating officer.Dressel will be responsible for the management of operations, product development, sales, marketing and customer service.Previously, Dressel was the chief...
Jones Lang LaSalle Hotels Opens in Spain
September 27, 2000 Jones Lang LaSalle Hotels, positioning itself to take advantage of a strengthening market in Spain and Portugal, has opened up shop in Madrid.The office will be run by Cor? Mart?n, who had been with the...
Summit Properties Closes on $225 Mln Unsecured Credit Facility
September 27, 2000 A syndication of eight banks is providing Summit Properties Inc. (NYSE:SMT) with a three-year unsecured revolving credit line totaling $225 million. First Union is administrative agent and sole lead arranger of the facility with Wachovia...
Vornado Completes Purchase of Chicago’s 33 N. Dearborn
September 27, 2000 CHICAGO – Vornado Realty Trust (NYSE:VNO) has completed its purchase of 33 North Dearborn in downtown Chicago from Prime Group Realty Trust.According to early news reports in August, Prime Group was selling the 24-story office...
Southeast Regional Digest (9/27/00): Aerospace engine maker puts properties up for sale
September 27, 2000 Pratt &Whitney puts chunk of its sprawling holdings up for saleDaily Business Review, September 27PALM BEACH, Fla. – Aerospace engine maker Pratt & Whitney, which owns 7,000 acres and 2.3 million square feet of office,...
Fitch Makes Rating Changes to Morgan Stanley Cap I Inc. 1995-HF1
September 27, 2000 NEW YORK – Fitch has upgraded three classes of Morgan Stanley Capital I Inc.'s 1995-HF1. The $9.9 million class D is upgraded to double-A from single-A, the $20.9 million class E to single-A from double-B...
Roth Calls NorthStar Lawsuit ‘Ridiculous’
September 27, 2000 By Thomas J. Walsh, Commercial Real Estate Direct Senior WriterVornado Realty Trust (NYSE:VNO) Chairman and Chief Executive Steven Roth today derided a recently filed lawsuit against his firm by NorthStar Capital Investment Corp. as "completely...
Lehman Starts Cousins Properties at Outperform, $49 Target
September 27, 2000 NewsTraders.com) – Coverage on Cousins Properties (NYSE:CUZ) was fielded today by Lehman Brothers analyst David Shulman, who opened scrutiny on the REIT with an "outperform" grade and a $49 price goal.Shulman noted that Cousins has...
New Plan Excel Taps Leonard Brumberg Executive Vice President – Retail
September 27, 2000 NEW YORK – New Plan Excel Realty Trust Inc. (NYSE:NXL) has hired Leonard I. Brumberg to the new position of executive vice president of retail. Brumberg will have primary responsibility for the operation, leasing and...
Correction: Slocum Named to Head First Union’s Real Estate Effort; Carling Retires
September 27, 2000Barry Reiner is managing director of First Union's commercial real estate finance unit, which is the bank's commercial mortgage-backed securities conduit operation. Ben Williams is managing director of the bank's real estate capital markets. Reiner reports...
Cousins Files Shelf Registration
September 27, 2000 Cousins Properties (NYSE:CUZ) has registered up to $69.3 million in stock.The REIT could sell up to 1.6 million shares at a proposed maximum offering price of $43.19 per share, according to a registration filed today...
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