RECENT NEWS
Boston Properties Ups Line of Credit by $105 Mln
September 26, 2000 BOSTON – Fleet National Bank has led a syndicate of 14 banks that has raised Boston Properties Inc.'s (NYSE: BXP) unsecured line of credit to $605 million from $500 million.The REIT will use the increased...
Mack-Cali Ups Dividend to $0.61/share
September 26, 2000 CRANFORD, N.J. – Mack-Cali Realty Corp. (NYSE:CLI) has increased its quarterly common-stock dividend to 61 cents/share from 58 cents/share payable Oct. 23 to holders of record Oct. 4.The increased dividend comes on the heels of...
SL Green, Morgan Stanley Venture Sell 90 Broad, Buy 180 Madison
September 26, 2000A joint venture between Morgan Stanley Real Estate Fund III and SL Green Realty Corp (NYSE:SLG) have agreed to sell 90 Broad Street for $60 million, or $176/sf, to Rockrose Development Corp.The 341,000-square-foot building was purchased...
Southeast Regional Digest (9/26/00): Proposed development brings lawsuit in Palm Beach, Fla.
September 26, 2000 Residents face lawsuit over developmentDaily Business Review, September 25PALM BEACH, Fla. – Catalfumo Construction and Development and its development chief have filed suit against two homeowners alleging they are blocking development, interfering with lease deals...
Wexford Bancgroup Provides $18.5 Mln of Financing for New Orleans Retail Center
September 26, 2000 CHICAGO – Wexford Bancgroup has provided $18.5 million of fixed-rate financing for The Shops at Canal Place, a retail property in New Orleans' French Quarter.The 10-year mortgage carries a rate of 8.05 percent and amortizes...
PaineWebber Lifts Five Hospitality Stocks; Starwood Hiked to Buy
September 26, 2000 (NewsTraders.com) – Displaying a positive stance on hospitality stocks, PaineWebber analyst Keith Mills upgraded five of the issues he covers, including Starwood Hotels (NYSE: HOT), which he promoted to "buy" from "attractive" with the comment...
James Leonetti Joins CB Richard Ellis as CFO
September 26, 2000 LOS ANGELES – James H. Leonetti has joined CB Richard Ellis as chief financial officer.Leonetti was previously chief financial officer of Long Beach Mortgage Co., a specialty finance company that originated $3 billion of financing...
Fitch Upgrades JP Morgan’s Servicer Rating
September 26, 2000 NEW YORK – Fitch has upgraded J.P. Morgan Mortgage Capital Inc.'s primary servicer rating to 'CPS2' from 'CPS3' and has issued a master servicer rating of 'CMS3'.The future status of J.P. Morgan's servicing operations is...
British Land Upgraded to Stable
September 26, 2000 LONDON – Fitch has upgraded British Land's senior unsecured triple-B-plus and short-term F2 ratings from rating watch evolving to a stable ratings outlook.The original rating watch action followed British Land's conditional agreement this summer to...
Fitch Downgrades 2 Classes of Asset Securitization Corp., 1996-MD VI
September 26, 2000 NEW YORK – Fitch has downgraded two classes of Asset Securitization Corp.'s 1996-MD VI and affirmed the other classes that it rates.The rating agency lowered the $35.8 million class B-1 and the $1,000 class B-1H...
PRICE TALK: $838.5 Mln Bear Stearns Commercial Mortgage Securities 2000-WF2
September 26, 2000 Go To Standard & Poor's Presale Report. Go To Fitch's Presale Report.Bear Stearns Commercial Mortgage Securities, Series 2000-WF2ClassAmount($mln)Sub. Level(%)RatingS&PRatingFitchAvg.LifePrice Talk(BP)BenchMarkA-1170.716.5AAAAAA5.7+27-291-mo. LiborA-2529.416.5AAAAAA9.6+37-391-mo. LiborB28.313.125AAAA9+50-521-mo. LiborC26.210AA9+65 area1-mo. LiborD8.49A-A-9+75 area1-mo. LiborE23.066.25BBBBBB9+225 areaTreas.F7.35.375BBB-BBB-9+255 areaTreas.G1.055.25BBB-NRNANA--H14.73.5BB+NRNANA--I6.32.75BBNRNANA--J6.32BB-NRNANA--K2.11.75B+NRNANA--L4.21.25BNRNANA--M2.11B-NRNANA--X838.5NAAAAAAANANA--
Slocum Named to Head First Union’s Real Estate Effort; Carling Retires
Correction (September 27): Barry 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...
Security Capital, SC-U.S. Realty to Merge
September 26, 2000 LONDON – Security Capital Group Inc. (NYSE:SCZ) and SC-U.S. Realty (NYSE:RTY) have agreed to merge in a deal valued at $1.4 billion. Security Capital will exchange its stock and pay cash for assets of SC-U.S....
PRICE TALK: $738.5 Mln J.P. Morgan Commercial Mortgage Finance Corp. 2000-C10
September 26, 2000Go To Fitch's Presale Report.Go To Moody's Presale Report. J.P. Morgan Commercial Mortgage Finance Corp., Series 2000-C10ClassAmount($mln)Sub. Level(%)RatingFitchRatingMoody'sAvg.LifePrice Talk(BP)BenchMarkA-195.523.25AAAAaa5.47+29-301-mo. LiborA-2471.323.25AAAAaa9 +39-411-mo. LiborB31.419AAAa29+53-551-mo. LiborC29.515AA29+66-681-mo. LiborD9.213.75A-A39+76-781-mo. LiborE23.0810.625BBBBaa29+240 areaTreas.F*10.159.25BBB-Baa39+255 areaTreas.G*14.87.25BB+Ba1NANA--H*14.85.25BBBa2NANA--J*7.44.25BB-Ba3NANA--K*5.53.5B+B1NANA--L*7.42.5BB2NANA--M*5.51.75B-B3NANA--NR*12.90.00NRNRNANA--X**738.5NAAAAAaaNANA--* Privately placed.** Interest only, notional amount.
Greenlight Capital Takes 5.9% Stake in Insignia Financial
September 26, 2000 (NewsTraders.com) – Investment management firm Greenlight Capital LLC has acquired a 5.9 percent ownership stake in Insignia Financial Group (NYSE: IFS), a New York-based real estate organization, according to a regulatory filing.Greenlight, managed by David...
NorthStar Capital Sues Vornado Over Purchase of Debt from CSFB
September 26, 2000 NorthStar Capital Investment Corp., which owns a big stake in the Ian Schrager Hotels chain, is suing Vornado Realty Trust (NYSE:VNO), claiming the REIT's recent purchase of $75 million of its debt could restrict NorthStar...
Investor Cuts Hersha Hospitality Stake to 5.3% from 9.4%
September 26, 2000 (NewsTraders.com) – Investor James T. Martin recently lowered his ownership stake in Hersha Hospitality Trust (AMEX:HT) to 5.3 percent from 9.4 percent.The Bermuda-based consultant, who currently owns 120,000 shares of Hersha common stock, last filed...
Koll Development Inks Leases at Dublin, Calif., Office Project
September 26, 2000Special to Commercial Real Estate DirectNewport Beach-based Koll Development Co. has signed five tenants to leases for the first phase of its Koll Dublin Center in Dublin, Calif., illustrating the strength of leasing activity in Northern...
Investment Firm Owns 17.2 Percent of Hanover Capital
September 25, 2000 (NewsTraders.com) -- Wallace R. Weitz & Co. said that its ownership stake in Hanover Capital Mortgage Holdings (Amex:HCM) now stands at 17.2 percent.Weitz, an investment firm said in April that it planned to take on...
NYSE Tells ElderTrust It Fails to Meet Minimum Listing Regs
September 25, 2000 KENNETT SQUARE, Pa. – ElderTrust (NYSE:ETT) has been notified by the New York Stock Exchange that its total market capitalization and minimum share price have fallen below levels that would allow it to remain listed...
Commercial Net Lease Sells $20 Mln of Unsecured Notes
September 25, 2000 ORLANDO, Fla. – Commercial Net Lease Realty Inc. (NYSE:NNN) has issued $20 million of 8.5 percent senior unsecured notes due 2010.The notes were priced at 99.371 to yield 8.595 percent, which equates to 285 basis...
Allied Capital Deals Through MortgageRamp
September 25, 2000 CHARLOTTE, N.C. – Allied Capital Corp. (Nasdaq:ALLC) has struck a deal to offer small business loans through MortgageRamp.com.The loans will be offered by Allied Capital Express, which provides loans of up to $3 million that...
Southeast Regional Digest (9/25/00): Holiday Inn hotel in Hollywood, Fla., sold for $17.5 Mln
September 25, 2000 Holiday Inn hotel in Hollywood, Fla., sold HOLLYWOOD, Fla. – Maryland-based Boulevard Motel has sold the Holiday Inn at 4000 S. Ocean Drive in Hollywood for $17.5 million, or about $54,500 per unit. Hollywood Hotel...
Newark, N.J., Office Building Sells for $57 Mln
September 25, 2000 NEW YORK – A partnership between Gale & Wentworth and Morgan Stanley Real Estate Fund III has sold Three Gateway Center in Newark, N.J., and an adjacent parking garage to Tahl-Propp Equities for $57 million.The...
Southeast Regional Digest (9/22/00): Residents ready to fight against $146 Mln mixed-use project pro
September 22, 2000 North Springs plan causing a flapAtlanta Journal-Constitution, September 22NORTH SPRINGS, Ga. – Roberts Properties Peachtree Dunwoody plans to develop 720,000 square feet of office space, 100,000 sf of retail and 440 residential units on Peachtree...
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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.
