RECENT NEWS
MortgageRamp, PropertyFirst Form Exclusive Alliance
August 24, 2000 MortgageRamp.com and PropertyFirst.com have struck a deal allowing PropertyFirst users to quickly line up financing."We're not simply linking our two Web sites or establishing a marketing alliance," said Michael Greco, chief executive of MortgageRamp.com. The...
Goldman Starts SL Green At Market Outperformer, $31 Goal
August 24, 2000 (NewsTraders.com) -- SL Green Realty Corp. (NYSE:SLG) debuted in brokerage coverage at Goldman Sachs, with analyst James Kammert handing the New York-based REIT a "market outperformer" rating and a $31 price target.Kammert, along with David...
California College Takes 5.8 Percent Stake In Cabot Industrial
August 24, 2000 Stanford Management Co. of Menlo Park, Calif., has acquired a 5.8 percent interest in Cabot Industrial Trust (NYSE:CTR) on behalf of the board of trustees of Leland Stanford Junior University. Leland Stanford owns 2.4 million...
LNR Property 2nd-Qtr Earnings $0.96/shr vs $0.90/shr
August 24, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99Net Income (loss) $33.3 mln $32.7 mln $54.9 mln $53.1 mln Net/shr$0.96 $0.90 $1.58 $1.47 Revenue$125.4 mln $97.9 mln $220.7 mln $174.1 mln Shares Outstanding34.9 mln 36.4 mln 34.8 mln 36.2...
Crown American 2nd-Qtr FFO $0.31/shr vs $0.29/shr
August 24, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99FFO $8.0 mln$7.7 mln $15.9 mln $14.7 mln FFO/shr (diluted) $0.31$0.29 $0.61 $0.56 Extra Gain (Loss) $(3.5) mln $(3.4) mln $(6.9) mln $(6.9) mln Net Income (loss) $(2.0) mln $(1.9) mln...
First Union Real Estate, Radiant Extend Exclusive Period
August 24, 2000 NEW YORK – First Union Real Estate Investments (NYSE:FUR) has extended to 60 days, from 45 days, the period during which it cannot solicit offers for its real estate that would compete against one made...
John Buck Tapped to Lease Chicago Office Tower
August 24, 2000 CHICAGO – The John Buck Co. has been awarded the contract to lease 100 North Riverside Plaza in Chicago.The 758,000-square-foot building, which was formerly known as the Morton International Building, has some 231,000 sf of...
Southeast Regional Digest (8/24/00): LCOR requests due diligence extension for mix-use project
August 24, 2000 Old convention center plans hit another snagCharlotte Observer, August 24CHARLOTTE, N.C. – Berwyn, Pa.-based LCOR Inc., which plans to redevelop the old convention center block with shops, residences and offices, has requested a 30 day...
CSFB Writes $75 Mln Loan for Beverly Hills Retail Center
August 24, 2000 HOUSTON – Credit Suisse First Boston is providing $75 million of financing for Two Rodeo Drive, a 130,000-square-foot retail center in Beverly Hills, Calif.The financing was provided through L.J. Melody & Co. to Falcon Real...
Taubman Centers 2nd-Qtr FFO $0.31/shr vs $0.31/shr
August 23, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99FFO $26.2 mln$26.2 mln $54.2 mln $52.5 mln FFO/shr (diluted) $0.31$0.31 $0.64 $0.62 Net Income (loss) $0.6 $0.9 $(5.8) mln $3.2 mln Net/shr$0.01 $0.02 $(0.11) $0.06 Revenue$130.9 mln $127.7 mln $...
Southeast Regional Digest (08/23/00): Investment group proposes $22 Mln condo project in Florida
August 23, 2000 Condo planners ask city for landOrlando Sentinel, August 23SANFORD, Fla. – M&K Investments plans to propose a $22 million condo complex, which would include 178 units, to city leaders next week. The proposed condominium project...
Clarification: Executive Losses Result in Little Change at Sonnenblick-Goldman
August 23, 2000 Sonnenblick-Goldman Co. is expected to handle the sale or financing of $3 billion to $4 billion of real estate this year. A story published Aug. 18, "Executive Losses Result in Little Change at Sonnenblick-Goldman", understated...
Tom Bell Named to Cousins Properties’ Board
August 23, 2000 ATLANTA – Thomas D. Bell, Jr., chairman and chief executive officer of Young & Rubicam Inc., has joined the Cousins Properties Inc. (NYSE:CUZ) board of directors.In addition to his experience with Young & Rubicam, Bell...
Starwood Gets FTC OK to Invest in Hospitality B2B Firm Zoho
August 23, 2000 (NewsTraders.com) – Starwood Hotels & Resorts Worldwide (NYSE:HOT) has received regulatory clearance to move forward with its planned investment in Zoho Corp., the Federal Trade Commission said today. Starwood agreed on May 23 to invest...
GMAC Provides $34 Mln Loan for LA Apartment Complex
August 23, 2000 GMAC Commercial Mortgage has provided $33.6 million in financing for the second phase of Fountain Park Apartments, which will contain 296 units. The floating-rate tax exempt bond financing amortizes over 30 years.In October 1999, GMAC...
FINAL PRICING: $177 Mln Banc of America Large Loan (Westin St. Francis)
August 23, 2000 Go To Price Talk Table.Banc of America Large Loan Inc., 2000-WSF-1ClassAmount($mln)Sub. Level(%)RatingS&PAvg.LifePriced(BP)BnchMarkA10035AA4.5+451 mo. LiborB28.645A4.7+751 mo. LiborC35.757.5BBB4.7+1651 mo. LiborD12.762BBB-4.7+1951 mo. Libor
Arden Realty Files to Sell $59 Mln in Stock
August 23, 2000 Arden Realty Inc. (NYSE:ARI) has registered to sell up to 2.3 million shares.At a proposed maximum offering price of $25.62 per share, the registration represents a possible gain of up to $58.9 million, according to...
Cousins Properties Gets Okay For Stock Split
August 23, 2000 ATLANTA – Cousins Properties Inc. (NYSE: CUZ) has received board approval for a 3-for-2 stock split.The split will be in the form of 50 percent stock dividend that will be distributed on or about October...
Divco West Buys Silicon Valley Property for $72.7 Mln
August 23, 2000 By Brad Berton, Commercial Real Estate Direct Contributing EditorA group led by Divco West Properties LLC has acquired another big business property in the scalding Silicon Valley marketplace: the 1 million-square-foot Shoreline Business Park in...
California Bank Forms Capital Markets Unit
August 23, 2000 OAKLAND, Calif. – Summit Bank, a small community bank in Oakland, Calif., has hired George J. Guarini to head its newly formed real estate capital markets group. The unit is designed to allow Summit to...
FleetBoston Provides $55 Mln Financing to Smith Commercial
August 23, 2000 NEW YORK – FleetBoston Financial's real estate finance group has provided $55 million of acquisition financing to Charles E. Smith Commercial Realty LP for its purchase of three office buildings in the Commerce Executive Park...
PRICE TALK: $177 Mln Banc of America Large Loan (Westin St. Francis)
August 23, 2000 Go To S&P's Presale Report.Banc of America Large Loan Inc., 2000-WSF-1ClassAmount($mln)Sub. Level(%)RatingS&PAvg.LifePriceTalk(BP)BnchMarkA10035AA4.5+45 area1 mo. LiborB28.645A4.7+75 area1 mo. LiborC35.757.5BBB4.7+160 area1 mo. LiborD12.762BBB-4.7+195 area1 mo. Libor
RioCan Real Estate 2nd-Qtr Earnings $0.25/shr vs $0.26/shr
August 23, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99Net Income $32.0 mln $23.8 mln $64.7 mln $40.9 mln Net/shr$0.25$0.26$0.51$0.48Revenue$72.4 mln $52.0 mln$143.8 mln $94.7 mln Shares Outstanding -- -- 127.5 mln 84.5 mln
Mission West Properties 2nd-Qtr FFO $0.20/shr vs $0.17/shr
August 23, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99FFO $19.9 mln$14.0 mln $37.9 mln $ -- FFO/shr (diluted) $0.20 $0.17 $0.39 $ -- Net Income (loss) $2.9 mln $1.1 mln $5.6 mln $ -- Net/shr$0.17 $0.13 $0.33 $ --...
AEW Partners Lowers Bedford Property Stake to 7.6% from 10.1%
August 22, 2000 (NewsTraders.com) – AEW Partners LP and associated entities disclosed that they have reduced their stake in Bedford Property Investors Inc. (NYSE:BED) to 7.6 percent from 10.1 percent, according to an updated Schedule 13D released today...
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