RECENT NEWS
Lehman Starts AvalonBay at Outperform, Sets $52/shr Target
September 18, 2000(NewsTraders.com) -- Lehman Brothers analyst David Shulman launched coverage of AvalonBay Communities (NYSE:AVB) with an "outperform" rating and a $52 price objective, dubbing the company "our idea of the 'model' apartment community."AvalonBay has properties located in...
L.J. Melody Moves Into Boston With Buy
September 18, 2000 BOSTON – L.J. Melody & Co. has acquired Boston Mortgage Capital Corp., marking the firm's entree into the Boston market.Details of the acquisition, which was first reported by the Boston Business Journal, were not disclosed....
Mack-Cali’s Buy of Prentiss Appears Shaky
September 15, 2000 It appears that the Mack-Cali Realty Corp.'s (NYSE:CLI) proposed $2.3 billion acquisition of Prentiss Properties Inc. (NYSE:PP) might be coming unglued. Dow Jones Newswires reported that Mack-Cali and Prentiss were negotiating terms of a breakup...
SL Green Turns Tidy Profit on Sale of Manhattan Offices
September 15, 2000 NEW YORK – SL Green Realty (NYSE:SLG) has profited handsomely on a $20 million preferred equity investment it made last year in 1370 Avenue of the Americas in Midtown Manhattan.SL Green, which had been managing...
Southeast Regional Digest (9/15/00): Childress Klein to construct office tower in Atlanta suburb
September 15, 2000 New Galleria tower comingAtlanta Journal-Constitution, September 15ATLANTA – Childress Klein Properties plans to begin construction on Nov.1 on Galleria 600, an 18-story, 432,000-square-foot office tower. The $80 million, speculative tower, in the Galleria area at...
Kennedy-Wilson Properties Names James Rosten President
September 15, 2000 BEVERLY HILLS, Calif. – James Rosten has been named president of Kennedy-Wilson Inc.'s (Nasdaq:KWIC) property management affiliate.Rosten was previously senior managing director of the affiliate, Kennedy-Wilson Properties Ltd. In his new role, he'll oversee the...
Camden Property Trust Sells 11 Properties for $137.2 Mln
September 15, 2000 HOUSTON – Camden Property Trust (NYSE:CPT) sold 11 apartment complexes with 3,600 units for $137.2 million.The sales will result in a gain on sale of about $17 million. The properties were in Houston, Dallas, Las...
CapitalThinking Taps Brenda Mixson to Head ASP Business
September 15, 2000 NEW YORK – Brenda Mixson, the chief financial officer of First Union Real Estate and Mortgage Investments (NYSE:FUR), has joined CapitalThinking Inc. as executive vice president.Mixson is charged with overseeing the lending site's application servicer...
Charlesbank Taps Gary Kamin as VP
September 15, 2000 BOSTON – Charlesbank Capital Partners LLC, a real estate investment firm, has hired Gary D. Kamin as vice presidentKamin was formerly portfolio manager with GE Capital Investment Advisors. Before that, he was with AEW Capital...
Prentiss Properties Upgraded as Purchase Deal Crumbles
September 15, 2000By Michael Zebe, Commercial Real Estate Direct WriterRaymond James Financial Inc. has upgraded Prentiss Properties Trust (NYSE:PP) to a buy from market-perform, further sentiment that the $2.3 billion acquisition of the Dallas-based REIT by Mack-Cali Realty...
First Union Real Estate Signs Agreement of Sale With Radiant
September 14, 2000 NEW YORK – First Union Real Estate Investments (NYSE:FUR) has executed a definitive agreement to sell a batch of its real estate to Radian Investors LLC for $200 million.It is still negotiating a separate $5...
ARCap Circles B-piece of Upcoming J.P. Morgan Conduit
September 14, 2000 Commercial Real Estate DirectARCap Investors LLC, a joint venture between REMICap of Dallas and Apollo Real Estate, has circled the junior tranches of the soon-to-be-launched J.P. Morgan Commercial Mortgage Finance Corp. 2000-C10 deal.Full marketing on...
Canada Regional Digest (9/14/00): O&Y to begin construction on Toronto office tower
September 14, 2000 O&Y Properties to begin building in downtown in NovemberCanada News Wire, September 14TORONTO – O&Y Properties Corp. has leased 150,000 square feet, with potential for expansion to 175,000 sf, to Maritime Life Assurance Co. in...
FINAL PRICING: $771 Mln Banc of America Commercial Mortgage Inc. 2000-1 (formerly NationsLink 1999-3
September 14, 2000 Go To Initial Price Talk Table.Banc of America Commercial Mortgage Inc. Series 2000-1ClassAmount($mln)Sub. Level(%)RatingMoody'sRatingS&PAvg.LifePriced(BP)BnchMarkA-1A153.226.25AaaAAA5.5+301-mo. LiborA-2A29926.25AaaAAA8.7+391-mo. LiborA-1B55.626.25AaaAAA2+321-mo. LiborA-2B38.426.25AaaAAA5.5+501-mo. LiborA-3B2026.25AaaAAA7.6+581-mo. LiborB4121Aa2AA9.05+571-mo. LiborC35.116.5A2A9.07+751-mo. LiborD11.715A3A-9.13+871-mo. LiborE27.311.5Baa2BBBNA+250Treas.F11.710Baa3BBB-NA+275Treas.X771.2NAAaaAAA--N/ATreas.
Heritage Extends Offer to Buy Bradley Until Monday
September 14, 2000 NORTHBROOK, Ill. – Heritage Property Investment Trust plans to close its merger of Bradley Real Estate Inc. (NYSE: BTR) by close of business Sept. 18.In addition, Heritage has extended until 5 pm EST on Sept....
Southeast Regional Digest (9/14/00): Construction on a Ritz Carlton set for Orlando, Fla.
September 14, 2000 Orlando gets Ritz-CarltonThe Orlando Sentinel, September 14ORLANDO, Fla. – Construction will being next month on a 15-story, 584-room Ritz Carlton hotel at John Young Parkway and Central Florida Parkway. The hotel is set to open...
Tight Market Gives Rise to Luxury Apartments in San Diego
September 14, 2000 By Brad Berton, Commercial Real Estate Direct Contributing EditorSAN DIEGO - San Diego's apartment market should continue to see rents and values rise in the near-term due in part to an anticipated population increase of...
Parkway Properties Splits CFO Duties, Hires Marshal Loeb
September 13, 2000 JACKSON, Miss. – Parkway Properties (NYSE:PKY) has named Marshall Loeb chief financial officer, effective Nov. 1. The REIT has effectively divided the chief financial officer functions in two. Sarah P. Clark, who is relinquishing her...
$771 Mln Banc of America Conduit To Price Thursday
September 13, 2000 Commercial Real Estate DirectFinal pricing on a $771 million commercial mortgage-backed securities deal from Banc of America is expected tomorrow, sources said.Initial price talk on the deal, Banc of America Commercial Mortgage Inc., 2000-1, was...
GMAC, Newman Provide $47.9 Mln Financing for Air Force Housing
September 13, 2000 GMAC Commercial Mortgage and an affiliate, Newman & Associates, structured and funded $47.9 million of construction and permanent financing that will be used to construct and rehabilitate military housing at Robins Air Force Base in...
Post Properties Quits Mississippi
September 13, 2000 ATLANTA – Post Properties, Inc. (NYSE:PPS) has sold the Post Mark, Post Pointe, and Post Trace communities in Ridgeland, Miss to Tulsa, Okla.-based Case Ventures for $44.6 million.Post acquired the residential communities, totaling 983 units,...
CenterPoint Raises $54 Mln from Property Sales
September 13, 2000 OAK BROOK, Ill. – CenterPoint Properties Trust (NYSE:CNT) has sold four properties and two land parcels for $54.1 million, bringing year to date sales to $127.7 million.The four properties total 670,153 square feet and the...
Principal Mutual Sells Miami Retail Center for $7.6 Mln
September 13, 2000 MIAMI – Principal Mutual Life has sold the Universal Plaza retail center in Lauderhill to Woolbright Development for $7.63 million.Woolbright, a Boca Raton, Fla., company, will completely redevelop the property, building a 185,000-square-foot Super Target...
Aimco Places $200 Mln of Preferred With GE, Security Capital
September 13, 2000 DENVER – Apartment Investment and Management Co. (NYSE:AIV) has raised $200 million through the sale of convertible preferred stock to two investors.GE Capital Real Estate and GE Equity bought $100 million of Class-N convertible preferred,...
J.P. Morgan, N.Y. Teachers Pay $250 Mln for Stake in Edens & Avant
September 13, 2000 NEW YORK – J.P. Morgan Investment Management and the New York State Teachers' Retirement System have paid $250 million for a sizable stake in Edens & Avant, a Columbia, S.C., shopping center developer. The $125...
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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.
