RECENT NEWS
Fitch Upgrades Kmart CMBS Financing Series 1997-1
September 11, 2000 CHICAGO – Fitch has upgraded two classes of Kmart CMBS Financing Inc.'s 1997-1 and affirmed the other classes in the transaction.The rating agency lifted the deal's $53.7 million Class B to double-A-plus from double-A and...
Lehman Loans Delayed for Prime Retail
September 11, 2000BALTIMORE – Prime Retail Inc.'s (NYSE:PRT) plans to close a first mortgage loan for its Prime Outlets of Puerto Rico project and a $90 million corporate mezzanine loan, both with Lehman Brothers, will not happen as...
AMLI Joint Venture to Develop and Own Kansas City Apartment Community
September 11, 2000 CHICAGO – AMLI Residential (NYSE:AML) will develop and own the AMLI at Cambridge Square apartment complex in Overland Park, Kan., with joint venture partner Northwestern Mutual Life Insurance Co.The 408-unit apartment complex will sit on...
Apartment Complex Fetches Record Price in Suburban Philadelphia
September 11, 2000 WEST CHESTER, Pa. – Alaska Permanent Fund Corp. has paid $20.3 million, or $101,250 per unit, for a 200-unit apartment complex in West Chester, Pa., a suburb of Philadelphia.The sale of Treetops at Chester Hollow...
CarrAmerica Acquires Washington Development Site
September 11, 2000 WASHINGTON – CarrAmerica Realty Corp. (NYSE:CRE) has purchased the 10-acre Highland Campus Phase I office development site in Bothell.CarrAmerica has renamed the site Canyon Pointe. It is located in Canyon Park and will feature two...
Gables Buys in Austin; Exits San Antonio
September 11, 2000 ATLANTA – Gables Residential (NYSE:GBP) has purchased a 160-townhouse apartment community in Austin from Trammell Crow for $19 million.The units at Gables Barton Creek, formerly named the Reserve at Barton Creek, average close to 1,200...
Toronto Firm Offers to Buy TrizecHahn Shares at Discount
September 11, 2000 TORONTO – TRC Capital Corp. has made an unsolicited bid to purchase up to 5 million shares of TrizecHahn Corp. (NYSE:TZH) for 22.65 Canada dollars per share (US$15.33/share).The offer is a discount to the REIT's...
PNC Real Estate Arranges $14.75 Mln Construction Financing for Pa. Development
September 11, 2000 HARRISBURG, Pa. – PNC Real Estate Finance has arranged $14.75 million in construction financing for Bent Creek L.P., an affiliate of the Triple Crown Corp.The financing will fund the 224 units that comprise the second...
S&P Raises Midland Loan Services’ Ranking to Strong
September 11, 2000 NEW YORK – Standard & Poor's has raised its ranking on Midland Loan Services Inc. as a commercial loan master servicer to "strong" from "above average."The upgrade reflects Midland's track record in the master-servicing business...
Kushner Companies Acquires WNY Group in $280 Mln deal
September 11, 2000 FLORHAM PARK, N.J. – Kushner Cos. has acquired the WNY Group Inc., a privately held REIT based in Freehold, N.J., in a deal valued at about $280 million.As part of the transaction, the company acquired...
Avatar, With 5.1 percent Stake in Del Webb, Considers Next Step
September 11, 2000 (NewsTraders.com) – Avatar Holdings (Nasdaq:AVTR) has acquired a 5.1 percent ownership stake in Del Webb Corp. (NYSE:WBB), a fellow real estate developer that Avatar believes is undervalued.Avatar, of Coral Gables, Fla., said in the filing...
Jones Lang Appoints William Sullivan CEO of E-Business Development; Peter Roberts Named CFO
September 11, 2000 CHICAGO – Jones Lang LaSalle Inc. (NYSE:JLL) has appointed its chief financial officer, William E. Sullivan, to head the company's e-business development. Sullivan, in his new role as CEO of global knowledge and e-business development,...
Donald Trump Puts Piece of Empire State Building Up for Sale
September 11, 2000 Donald Trump is reportedly looking to unload his interest in the Empire State Building, according to news reports. Trump is in talks to sell the stake in the landmark tower that he shares with the...
Glimcher Realty Trust Buys 146.3 Acres for Retail
September 11, 2000 COLUMBUS – Polaris Mall LLC, a joint venture of Glimcher Realty Trust (NYSE:GRT), has purchased 146.3 acres of land in Columbus, Ohio, to develop an upscale fashion mall.The 1.4 million square foot Polaris Fashion Place,...
Pinnacle Entertainment Sells Land to Home Depot for $24.2 Mln
September 8, 2000 GLENDALE, Calif. – Pinnacle Entertainment Inc. (NYSE:PNK) has sold about 42 acres of land to Home Depot Inc. for $24.2 million in cash as part of its strategy to liquidate its excess and unused property.The...
Alexandria RE Equities Pays $29 Mln for 2 Properties
September 8, 2000 Alexandria Real Estate Equities Inc. (NYSE:ARE) has purchased two office properties in California and Massachusetts in two transactions for a total cost of $29 million.The transactions, made last month, were announced in a Form 8-K...
CLARIFICATION: First Union Plans $500 Mln Static Portfolio CBO
September 8, 2000The Crest 2000-1 CBO currently on the market will be "ramped," a Fitch analyst said Thursday, meaning all of the deal's assets will be purchased by its closing, scheduled for later in the month, and before...
S&P Ups Outlook on Spieker to Positive
September 8, 2000 NEW YORK – Standard & Poor's has revised its outlook on Spieker Properties Inc. (NYSE: SPK) to 'positive' from 'stable' and affirmed the office/industrial REIT's triple-B corporate credit rating.Menlo Park, Calif.-based Spieker is an umbrella...
Gables Sells Atlanta Land for $13.7 Mln
September 8, 2000 ATLANTA – Gables Residential (NYSE:GBP) has sold the second and third phases of its Sugarloaf residential development in Atlanta for $13.7 million.As part of the sale, Gables will develop some 200 apartment units on the...
Bryce Blair Named President of AvalonBay Communities
September 8, 2000 ALEXANDRIA, Va. – Bryce Blair, chief operating officer of AvalonBay Communities Inc. (NYSE:AVB), has taken on the additional title of president of the REIT.Blair replaces Dick Michaux as president. Michaux will remain chairman and chief...
Fitch Downgrades American Southwest Financial Securities’ 1993-2
September 8, 2000 CHICAGO – Fitch has downgraded one class of American Southwest Financial Securities Corp.'s 1993-2 and affirmed all the other classes that it rates in the transaction.The deal's $6.4 million Class B-3 has been lowered to...
Southeast Regional Digest (9/8/00): Grubb & Ellis marketing $225 Mln apartment portfolio owned by Go
September 8, 2000 Grubb & Ellis picked to sell $225 million apartment portfolio Atlanta Journal-Constitution, September 8ATLANTA – Goldman Sachs plans to sell a $225 million apartment complex package, and has hired Grubb & Ellis to market the...
Yung Group Files to Dismiss Lodgian Securities Fraud Suit
September 8, 2000 (NewsTraders.com) – An investment group led by William Yung continued its legal struggle with Lodgian (NYSE:LOD), revealing in a filing today that it has filed to dismiss a suit brought by the Atlanta-based hotel operator...
Fitch IBCA Sets Up Shop in Thailand
September 8, 2000 BANGKOK (AFP) - International rating agency Fitch IBCA will begin operating in Thailand, the company said Friday."The agency is expected to enter into and operate through a joint venture to be formed with five well-respected...
Carlyle-J.P. Morgan Poised to be KorAm Bank’s Biggest Shareholder
September 8, 2000 SEOUL (Asia Pulse/Yonhap) - The Carlyle-J.P. Morgan U.S. consortium is set to emerge as the largest shareholder of KorAm Bank.The Financial Supervisory Commission approved Friday the U.S. consortium buying the bank's deposit receipts, amounting to...
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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.
