RECENT NEWS
Fitch Downgrades HRPT Properties Trust Ratings
August 18, 2000 NEW YORK – Fitch has downgraded its ratings for the senior and subordinated debt of HRPT Properties Trust (NYSE:HRP).The rating agency lowered HRPT's $738 million senior unsecured notes due 2002-2013 to triple-B from triple-B-plus. Fitch...
S&P Raises CapMark Servicer Ranking to Strong
August 18, 2000 NEW YORK – Standard & Poor's has raised its ranking on CapMark Services L.P. as a commercial loan master servicer and affirmed its commercial loan servicer ranking."The rankings are based on CapMark Services' excellent procedures,...
Laureate Capital Arranges $105.6 Mln of Apartment Financing
August 18, 2000 CHARLOTTE, N.C. – Laureate Capital Corp. has arranged permanent financing of more than $105 million for four properties in Florida and South Carolina.Fairway Preserve Apartments, a 264-unit luxury complex to be built in Naples, Fla.,...
La Salle Hotel Sells California Holiday Inn
August 17, 2000 BETHESDA, Md. – LaSalle Hotel Properties (NYSE:LHO) has closed today on the sale of the 260-unit Park Plaza Holiday Inn in Visalia, Calif., to the Uniwell Corp.Though terms of the sale were not disclosed, LaSalle...
Capital Senior Living Buys ILM Senior For $97.6 Mln
August 17, 2000 DALLAS – Capital Senior Living Corp. (NYSE:CSU) has completed its acquisition of ILM Senior Living Inc. The company paid about $97.6 million. GMAC Commercial Mortgage provided acquisition financing for the merger. Capital Senior acquired seven...
Smith Residential Gets $61 Mln of Freddie Mac Financing
August 17, 2000 ARLINGTON, Va. – Freddie Mac is providing Charles E. Smith Residential Realty Inc. (NYSE:SRW) $61 million of fixed-rate financing.The 15-year loan will bear interest at a rate of 7.61 percent. Payments will be interest only...
LaSalle Investment Management Moves North, Buys Canadian Pension Adviser
August 17, 2000 CHICAGO – LaSalle Investment Management, the pension-fund advisory arm of Jones Lang LaSalle (NYSE:JLL) has moved into the Canadian pension-fund advisory business through its acquisition of Touchstone Realty Investment Advisors of Vancouver. LaSalle has $21.5...
Dutch Pension Fund Has 5.1% Developers Diversified Stake
August 17, 2000 (NewsTraders.com) – Stichting Pensioenfonds ABP, a Dutch pension fund known for making investments in U.S. real estate investment trusts, filed today with the SEC to report holding a 5.1% stake in Developers Diversified Realty Corp....
FINAL PRICING: $106 Mln Bear Stearns Commercial Mortgage Series 2000-LCON (El Conquistador)
August 17, 2000Go To Price Talk Table.Bear Stearns Commercial Mortgage Securities Inc., Series 2000-LCONClassAmount($mln)RatingMoody'sAvg.LifePriced(BP)BnchMarkA58.8Aaa4.8+371-mo. LiborB15.1Aa24.8+551-mo. LiborC13.4A24.8+1051-mo. LiborD15.1Baa24.8+1851-mo. LiborE3.5Baa34.8N/A1-mo. LiborX-1*106Aaa3.8----* Notional amount.
Southeast Regional Digest (8/17/00): Development company plans $135 Mln project near Atlanta
August 17, 2000 Ormewood Park offices plannedAtlanta Journal-Constitution, August 17ATLANTA – Novare Group is planning to build two six-story office buildings totaling 300,000 square feet at I-20 and the Glenwood-Memorial Connector, in Ormewood Park. Glenwood is a $135...
Morgan Stanley Unit Buys Offices in Seoul
August 17, 2000 A unit of Morgan Stanley Dean Witter has purchased the Hanuri Building, a 15-story office building in downtown Seoul, Korea, from the Seoul Urban Development Corp.The sales price was not disclosed. Seoul Urban Development just...
Olympus Hospitality Group and Marriott to Convert 20 Chalet Susse Hotels
August 17, 2000 DALLAS – Olympus Hospitality Group and Marriott International Inc. (NYSE:MAR) have entered into a franchise license agreement.Under the terms of the agreement, 20 of Olympus Hospitality Group's Chalet Susse hotels will be converted to the...
Freddie Mac Makes $37.5 Mln Loan to Toll Unit
August 17, 2000 HUNTINGDON VALLEY, Pa. – A unit of Toll Brothers Inc. (NYSE:TOL) has received $37.5 million of financing from Freddie Mac.The 10-year, fixed-rate debt is backed by the first phase of Dulles Greene, a 390-unit rental...
Koger Equity Sells El Paso Office Park for $20.5 Mln
August 17, 2000 JACKSONVILLE, Fla. – Kroger Equity Inc. (NYSE: KE) has sold The El Paso Koger Center in El Paso, Texas, for $20.5 million to the Harbor Group International LLC.The 33-year-old office complex has 386,000-square-feet in 17...
Jones Lang Buildings to Get Wired by Winstar
August 17, 2000 NEW YORK – Jones Lang LaSalle (NYSE:JLL) has given Winstar Communications (NASDAQ: WCCI) access to its 650 commercial properties, totaling 400 million square feet. The agreement means that tenants at Jones Lang buildings will be...
AIG Writes $120 Mln Loan For NY Offices
August 17, 2000 American International Group has provided $120 million of fixed-rate financing for 100 Park Avenue in Midtown Manhattan.Earlier this year, SL Green Realty Corp. acquired a 49.9 percent interest in the 834,000-square-foot office building from a...
Cousins Properties 2nd-Qtr FFO $0.70/shr vs $0.65/shr
August 16, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99FFO $23.2 mln$21.3 mln $44.9 mln $39.7 mln FFO/shr (diluted) $0.70 $0.65 $1.36 $1.22 Net Income $13.1 mln $63.6 mln $34.1 mln $78.6 mln Net/shr$0.41$1.98$1.06$2.45Revenue$35.8 mln $23.1 mln$64.5 mln $41.8 mln...
Archstone Gets Into Third-Party Management Business
August 16, 2000 DENVER – Archstone Communities (NYSE:ASN) has formed a separate property management firm, Archstone Management Services Inc., in order to pursue third-party management work.Glenn Rand, senior vice president of operations at the REIT's east region, was...
Cushman & Wakefield Names 10 Execs to Board
August 16, 2000 NEW YORK – Cushman & Wakefield Inc. has named 10 of the firm's top executives to its board of directors.The new board members are Audrey Z. Cramer, Robert J. Donnelly, Jack C. Fraker, David C....
CBL 2nd-Qtr FFO $0.87/shr vs $0.75/shr
August 16, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99FFO $32.3 mln$27.5 mln $64.4 mln $54.0 mln FFO/shr (diluted) $0.87 $0.75 $1.75 $1.47 Net Income $15.4 mln $12.9 mln $29.7 mln $25.1 mln Net/shr$0.61$0.53$1.19$1.01Revenue$86.9 mln $74.2 mln$174.9 mln $148.7 mln...
Berwind Goes With TheAskingPrice For Online Listings
August 16, 2000 NEW YORK – Berwind Property Group of Philadelphia has agreed to list all its for-sale properties on TheAskingPrice.com, an online property-listing site.Berwind's portfolio contains 18 million square feet of office, residential, multifamily, lodging, retail and...
Southeast Regional Digest (8/16/00): Port of Tampa seeks proposals for hotel and condominium complex
August 16, 2000 Tampa real estate venture back at square oneSt. Petersburg Times, August 16ST. PETERSBURG, Fla. – The Port of Tampa board plans to send out another request for proposals to build a $105 million hotel and...
Essex Property 2nd-Qtr FFO $0.94/shr vs $0.81/shr
August 16, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99FFO $19.4 mln$16.6 mln $37.3 mln $32.3 mln FFO/shr (diluted) $0.94 $0.81 $1.81 $1.58 Net Income $10.1 mln $8.6 mln $22.8 mln $16.3 mln Net/shr$0.55$0.49$1.24$0.94Revenue$42.4 mln $34.9 mln$81.9 mln $68.8 mln...
Great Lakes 2nd-Qtr FFO $0.54/shr vs $0.47/shr
August 16, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99FFO $9.0 mln$7.9 mln $17.6 mln $15.3 mln FFO/shr (diluted) $0.54 $0.47 $1.07 $0.92 Net Income $7.9 mln $8.9 mln $12.5 mln $12.8 mln Net/shr$0.45$0.41$0.89$0.78Revenue$24.9 mln $23.9 mln$49.4 mln $46.7 mln...
PaineWebber Lowers Apex Mortgage to Neutral from Attractive
August 16, 2000 (NewsTraders.com) – Apex Mortgage (NYSE:AXM) suffered a brokerage downgrade Wednesday at the hands of PaineWebber analyst Gary Gordon, who lowered his rating for the REIT to "neutral" from "attractive."Gordon, commenting in a research note that...
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