RECENT NEWS
Group Gets Affordable Housing Funding in Upscale Locale
August 11, 2000 By Brad Berton, Commercial Real Estate Direct Contributing EditorApartment Renovation Group has secured $60 million in tax-exempt bond financing, allowing for development of a 468-unit apartment community slated for one of the nation's least-affordable housing...
Fitch Upgrades Two Classes in J.P. Morgan’s 1997-SPTL-C1
August 11, 2000 NEW YORK – Fitch recently upgraded the $12.2 million class C and $10.2 million class D in J.P. Morgan Commercial Mortgage Finance Corp.'s series 1997-SPTL-C1 to double-A from double-A-minus and to single-A-minus from triple-B-plus, respectively.The...
Southeast Regional Digest (08/11/00): CB Richard Ellis to buy Atlanta office plaza
August 11, 2000 Overseas Partners selling One Buckhead Plaza towerAtlanta Journal-Constitution, August 11ATLANTA – CB Richard Ellis has agreed to buy the 20-story One Buckhead Plaza at Peachtree and West Paces Ferry roads on behalf of an institutional...
TheAskingPrice.com Forms Marketing Alliance With Berwind
August 11, 2000TheAskingPrice.com, an Internet services provider for commercial property sales, has struck a marketing alliance with Berwind Property Group, a privately held real estate company based in Philadelphia. Under the terms of the agreement, Berwind will market...
Prime Group to Sell Chicago’s 33 N. Dearborn, 122 S. Michigan
August 11, 2000 Prime Group Realty Trust has agreed to sell two office towers in downtown Chicago in order to bolster its balance sheet, according to this morning's issue of The Chicago Sun-Times.Sources told the newspaper that the...
Goldman Group in Talks to Buy Wellsford/Whitehall Assets
August 11, 2000 (NewsTraders.com) – A group including global investment banking and securities giant Goldman Sachs Group (NYSE:GS) has begun talks with Wellsford Real Properties (AMEX:WRP) concerning a possible deal that could result in the sale or transfer...
Fitch Upgrades $187 Mln CSFB 1997-SPICE Notes
August 11, 2000 NEW YORK – Fitch recently upgraded most of the classes in Credit Suisse First Boston Mortgage Securities Corp.'s $187 million 1997-SPICE following its annual review of the transaction, which closed in December 1997.The upgrades were...
First Union Downgrades AvalonBay to Buy from Strong Buy
August 11, 2000 First Union Downgrades AvalonBay to Buy from Strong Buy(NewsTraders.com) – In a move based solely on price, First Union Securities today downgraded shares of AvalonBay Communities (NYSE:AVB) to "buy" from "strong buy," stating in a...
RFS Hotel Completes $52.2 Mln Long-Term Loan; Concludes Amendment to $140 Mln Credit Line
August 11, 2000 MEMPHIS, Tenn. – Bank of America NA is providing RFS Hotel Investors Inc. (NYSE:RFS) with a new $52.2 million long-term secured loan.The financing, secured by eight of the company's hotel properties, carries a fixed interest...
Post Properties to Build Community in Midtown Atlanta
August 11, 2000 ATLANTA – Post Properties Inc. (NYSE: PPS) will develop Post Biltmore, a new community adjacent to Atlanta's historic Biltmore Hotel, as part of its long-term strategy to build mixed-use neighborhoods in growing cities around the...
CS First Boston Initiates Cendant Corp. at Buy, $20 Target
August 11, 2000 (NewsTraders.com) – Credit Suisse First Boston analyst Henry Diamond initiated coverage of Cendant Corp. (NYSE:CD) with a "buy" rating and a $20 price target today, stating that the "CUC debacle" that plagued the company is...
Beverly Hills Shopping Center to Go for $1,008/sf
August 11, 2000London-based Strategic Real Estate Advisors is representing an unidentified European trust that is buying an upscale Beverly Hills shopping center for a whopping $1,008/sf, The Los Angeles Times reported this morning.Kowa Real Estate Investment Co. and...
Equity Office’s O.P. Files $2 Bln Debt Shelf
August 11, 2000 (NewsTraders.com) – EOP Operating LP, the operating partnership of Equity Office Properties Trust (NYSE:EOP), filed Friday with the SEC to register $2 billion of debt securities and related warrants for future sale.The operating partnership intends...
Captec Net Lease Realty Shareholders Re-Elect Board; Goldstein Unsuccessful in Bid for Control of RE
August 11, 2000 ANN ARBOR, Mich. – The entire board of directors at Captec Net Lease Realty Inc. (Nasdaq:CRRR) was re-elected at the company's annual shareholders' meeting on Wednesday.All nine incumbent members of the Captec board beat out...
Southeast Regional Digest (08/10/00): Atlanta building will receive $28 Mln renovation
August 10, 2000 Downtown tower to be renovatedAtlanta Journal-Constitution, August 10ATLANTA – Richard Bowers & Co. will spend $28 million to renovate the 26-story Coastal States building at 260 Peachtree St. The company expects to close on a...
Canada Digest (8/10/00): Ritz-Carlton proposed for Toronto
August 10, 2000 Hotel project aims to bring Ritzy luxury to TorontoThe Toronto Star, August 10 TORONTO – Bowmore Group of Cos. has proposed plans for a $200 million Ritz-Carlton at the southeast corner of Bay and Adelaide...
Austin’s CRESA Joins Growing CRESA Partners
August 10, 2000 By Brad Berton, Commercial Real Estate Direct Contributing EditorThe Austin, Texas, affiliate of the CRESA (Corporate Real Estate Service Advisors) Alliance tenant representation network has formally merged its operations into CRESA Partners LLC. The Austin...
Beijing to Host International Real Estate Expo
August 10, 2000 The first China International Real Estate Expo will be held Nov. 16 to 19 in Beijing's China International Exhibition Center in an effort to coordinate investment projects, the Xinhua news agency has reported. The Expo...
Fitch Upgrades Two Classes of Morgan Stanley Capital’s 1996-MBL1
August 10, 2000 NEW YORK – Fitch on Thursday upgraded the $7.8 million Class E in Morgan Stanley Capital Inc.'s Series 1996-MBL1 to triple-A from triple-B-plus.In addition, the rating agency also upgraded the $3.3 million Class F to...
Allied Riser Strikes Deal with BGK Properties
August 10, 2000 DALLAS – Allied Riser Communications Corp. (Nasdaq:ARCC) has signed an agreement with private investment firm BGK Properties that could give Allied access to more than 3,000 new businesses occupying 15 million square feet of commercial...
L.J. Melody Opens Memphis Office Via Acquisition
August 10, 2000 Real estate investment banker and CB Richard Ellis affiliate L.J. Melody has acquired the Memphis-based mortgage banking firm of Fogelman Beaty, which has now assumed the Melody name.It is the sixth firm since 1998 that...
Fitch Withdraws Ratings on Resolution Trust Corp. 1991-M6
August 10, 2000 NEW YORK – Fitch has withdrawn its ratings on Resolution Trust Corp.'s 1991-M6 because the notes have been paid in full.
Pacific Gulf 2nd-Qtr FFO $0.70/shr vs $0.62/shr
August 10, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99FFO $15.2 mln$13.1 mln $29.6 mln $25.6 mln FFO/shr (diluted) $0.70 $0.62$1.37 $1.22 Extra Gain (Loss) $(2.5) mln $(1.3) mln $(3.4) mln $(4.6) mln Net Income $10.4 mln $8.1 mln $18.5...
Home Properties Acquires Northern Virginia Property
August 10, 2000 Home Properties (NYSE:HME) has acquired a 150-unit apartment complex in Fairfax, Va., for $13 million in cash, or about $86,700 per unit.The company anticipates that the purchase of the East Meadow Apartments will yield a...
Insignia Financial 2nd-Qtr Earnings
August 10, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99Net Income (loss) $2.8 mln $3.0 mln $(1.5) mln $(2.1) mln Net/shr (diluted)$0.11 $0.13 $(0.09) $(0.10) Revenue$244.9 mln $156.5 mln $419.2 mln $270.8 mln Shares Outstanding22.6 mln 23.2 mln21.0 mln 21.6...
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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.
