RECENT NEWS
Tony Poll Jaffe Joins CDC Mortgage
September 28, 2000Tony Poll Jaffe, a loan originator with Credit Suisse First Boston, has moved over to CDC Mortgage Capital.Poll Jaffe was named managing director of mortgage originations at the lender, which is a unit of Caisse des...
Malaysia’s Danaharta to Sell 3 Foreclosed Hotels, Other Assets
September 28, 2000 KUALA LUMPUR (Asia Pulse/Bernama) – Pengurusan Danaharta Nasional Bhd plans to sell three foreclosed hotels and other assets in Malaysia.Danaharta will accept offers on the properties on Oct. 11.Danaharta is offering: – a 54-room resort...
FirstCity Pays $9.7 Mln for PNC Loan Portfolio
September 28, 2000 CHICAGO – FirstCity Financial Corp. of Waco, Texas, has paid $9.7 million, or 69 percent of balance, for a portfolio of mixed-quality commercial loans from PNC Bank.FirstCity is one of 10 investors that competed for...
Malan Realty Names Jeffrey Lewis CEO
September 28, 2000 BINGHAM FARMS, Mich. – Malan Realty Investors Inc. (NYSE:MAL) has named Jeffrey D. Lewis as chief executive officer – effective immediately.He replaces Anthony S. Gramer, who left the company in July 2000. Lewis was elected...
Southeast Regional Digest (9/28/00): CB Richard Ellis affiliate buys Atlanta office building for $79
September 28, 2000 Buckhead Plaza sold for $79.5 millionAtlanta Journal-Constitution, September 28ATLANTA – Strategic Partners, an entity of CB Richard Ellis Investors, has acquired One Buckhead Plaza for $79.5 million from Overseas Partners Capital. The 20-story tower, at...
FelCor Sells Embassy Suites Hotel
September 28, 2000 IRVING, Texas – FelCor Lodging Trust Inc. (NYSE:FCH) has sold its 215-unit Embassy Suites Los Angeles International Airport-North hotel, for about $24 million to Sunstone Hotel Investors Inc.As a result of the sale, FelCor will...
Essex Buys Apartments in La Mirada, Calif., for $11.7 Mln
September 28, 2000 PALO ALTO, Calif. – Essex Property Trust Inc. (NYSE:ESS) has acquired the 174-unit Rosebeach Apartments in La Mirada, Calif. for $11.7 million.Essex expects to invest an additional $4.9 million to renovate and reposition the property.
Jones Lang LaSalle Names Thomas G. Miller as Managing Director for Capital Markets
September 28, 2000LOS ANGELES – Jones Lang LaSalle has appointed Thomas G. Miller as managing director of Capital Markets.Miller will manage the company's western markets.Since joining the firm in 1984, Miller has worked in several different areas including...
Shidler Forms Unit to Pursue Industrial Property Buys
September 28, 2000 SAN DIEGO – The Shidler Group has formed Westcore Industrial Properties LLC, an affiliate that will buy industrial and research and development properties in the western U.S.The unit will be headed by Marc R. Brutten,...
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,...
Captec’s Board Pursues Sale of Company
September 28, 2000 The board of directors at Captec Net Lease Realty Inc. (Nasdaq:CRRR) plans to proceed with a possible sale of the company.Based on the recommendation of its financial adviser, Prudential Securities Inc., Captec has formed a...
CarrAmerica Leases Office Space in San Diego to Stellcom
September 28, 2000 SAN DIEGO – Stellcom Inc., an engineering consulting firm, has agreed to lease 97,000 square feet in a San Diego office park owned by CarrAmerica Realty Corp. (NYSE: CRE).The 123,000-sf Del Mar Corporate Plaza is...
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...
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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.
