RECENT NEWS
Weitz Reports 31% Stake in Redwood Trust
August 8, 2000 Wallace R. Weitz, president and sole owner of Weitz & Co., today reported a 31 percent stake in Redwood Trust (NYSE: RWT).The investment company has transferred voting rights of its 2.8 million shares to certain...
ElderTrust Nixes Dividend
August 7, 2000 KENNETT SQUARE, Pa. – ElderTrust (NYSE:ETT) has suspended its common stock dividend. In addition, the REIT said it did not meet certain requirements under two bonds payable and its credit facility, which had $39.1 million...
McDonald Initiates Simon Property at Buy, $36 Target
August 7, 2000 (NewsTraders.com) – Simon Property Group (NYSE:SPG) debuted in new brokerage coverage on Monday, with McDonald Securities initiating coverage of the Indianapolis-based REIT with a "buy" rating.In addition, McDonald analyst Richard Moore attached a 12-month price...
Westbrook Suspends Change of Control Preference
August 7, 2000 SAN DIEGO – Westbrook Partners, which last week exercised a change of control preference with regard to its ownership of preferred stock in Burnham Pacific Properties Inc. (NYSE:BPP) has apparently struck a deal to suspend...
GMAC Provides $25 Mln Financing for Washington Apartments
August 7, 2000 HORSHAM, Pa. – GMAC Commercial Mortgage has provided $25 million of acquisition financing for an apartment complex in the Seattle suburb of Federal Way, Wash.Glen Park Associates LLC used the fixed-rate financing to buy the...
RealEstate.com Providing Customized Web Sites to Commercial Brokers
August 7, 2000 ATLANTA – A Web site that has traditionally serviced the residential broker market has recently expanded its service to commercial brokers as well.RealEstate.com has launched CommercialPlus, which provides free customized, individual Web sites that provide...
Asset Investors, Commercial Assets Merger Inches Ahead Following Court Decision
August 7, 2000 DENVER – Asset Investors Corp. (NYSE:AIC) and Commercial Assets Inc. (AMEX:CAX) are a step closer to merging their companies, now that a Delaware court has approved a settlement agreement to litigation involving the merger.On Aug....
Innskeepers USA to Sell Stock
August 7, 2000Innkeepers USA Trust has filed to sell up to $41.9 million of its stock.From time to time, the REIT plans to sell up to 3.7 million shares at a proposed maximum offering price of $11.32 per...
Zethus Taps Jeff Scott, Frank Sullivan; Names Management Team
August 7, 2000 WASHINGTON – Jeffrey Scott, former managing director and partner of Arthur Andersen's real estate capital markets group, has been named president of the sales division of Zethus, an online real estate transaction platform backed by...
L.J. Melody Arranges $44.6 Mln Financing for Multifamily Portfolio
August 7, 2000 RFC Commercial has provided $44.6 million of fixed-rate financing for three apartment communities in Georgia and Texas that are owned by Flagship Properties.L.J. Melody arranged the financing, which is secured by 1,445 apartment units. The...
PRICE TALK: $773.8 Mln GMAC Commercial Mortgage 2000-C2
August 7, 2000 Go To S&P Presale Report. Go To Fitch Presale Report. GMAC Commercial Mortgage, Series 2000-C2ClassAmount($mln)Sub. Level(%)RatingS&PRatingFitchAvg.LifePriceTalk(BP)BnchMarkA-1123.821.25AAAAAA5+30 area1-mo. LiborA-2485.521.25AAAAAA10+39 area1-mo. LiborB30.9517.25AAAA10+54 area1-mo. LiborC2813.6AA10+69 area1-mo. LiborD10.612.25A-A-10+79 area1-mo. LiborE19.39.75BBBBBB10+240 areaTreas.F9.7 8.5BBB-BBB-10N/ATreas.X*773.8--AAAAAA--N/A --* Interest only, notional amount.
Southeast Regional Digest (08/7/00): Crocker Realty portfolio to be on the market
August 7, 2000Crocker Realty likely to offer assets againThe Atlanta Journal-Constitution, August 7ATLANTA – Crocker Realty Trust's Atlanta portfolio likely will be back on the market, after MSJ Realty of Florida backed away from the deal to buy...
Midwest Regional Digest (08/07/00): Glick buildings in St. Louis bring $56 Mln
August 7, 2000Glick buildings bring $56 MlnThe St. Louis Business Journal, August 7 ST. LOUIS, Mo. – Jerome Glick, owner of Jerome Glick Real Estate Co., has sold two downtown telecommunication hotels for $56 million after paying $5.75...
Kennedy-Wilson Conducts First Sealed-Bid Auction in Japan
August 7, 2000 Affiliates of a Japanese bank recovered $95 million from the sale of 14 Tokyo-area commercial properties in a sealed-bid auction conducted by Kennedy-Wilson International (Nasdaq:KWIC)."Through the sealed bid process, we were able to gain better...
Carramerica Extends Standstill With Security Capital
August 4, 2000 CarrAmerica Realty Corp. (NYSE:CRE) and Security Capital U.S. Realty (NYSE:RTY), a majority shareholder, have worked out an agreement that will keep SC-U.S. Realty from taking control of the REIT.SC-U.S. Realty, which currently owns 42.7 percent...
Gables to Develop Near Emory University
August 4, 2000 ATLANTA – Gables Residential (NYSE: GBP) is planning to develop a 183-unit townhouse project in the Druid Hills area of Atlanta near Emory University.The project, which will cost $24 million to develop, will contain one-,...
JP Realty 2nd-Qtr FFO $0.61/shr vs $0.57/shr
August 4, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99FFO $12.2 mln$12.3 mln $23.9 mln $25.3 mln FFO/shr (diluted) $0.61 $0.57 $1.19 $1.18 Net Income $6.0 mln $5.1 mln $10.7 mln $11.4 mln Net/shr$0.37 $0.29 $0.65 $0.65 Revenue$24.9 mln $23.2...
Southeast Regional Digest (8/4/00): Developers look to build in Atlanta’s Buckhead section
August 4, 2000 Lack of high-end office space luring developers to BuckheadThe Atlanta Journal-Constitution, August 4ATLANTA – Regent Partners, Equity Office Properties Trust, Rubenstein Co. and a partnership between Blackstone Real Estate Advisors and Hines have proposed or...
Fitch Affirms GS Mortgage Securities Corp., 1998 GL-II
August 4, 2000 NEW YORK – Fitch has affirmed all the classes it rates of GS Mortgage Securities Corp. II's 1998-GL II and has taken the deal's $28.2 million class-G off Rating Watch Negative.Fitch placed class G on...
Westbrook Goes to Front of Line in Possible Burnham Buyout
August 4, 2000 SAN DIEGO – Westbrook Partners, which owns a substantial chunk of preferred stock in Burnham Pacific Properties Inc. (NYSE:BPP), has exercised a change of control preference, which would force the REIT to buy out its...
Maker of Jeans to Buy HQ Complex in Greensboro, N.C.
August 4, 2000 GREENSBORO, N.C. – VF Corp., a clothing manufacturer, has agreed to buy a 181,000-square-foot office complex in Greensboro from Cone Mills Corp., a textile manufacturer.The purchase price for the two-building complex could not be learned.The...
Jameson Inns 2nd-Qtr FFO $0.46/shr vs $0.46/shr
August 3, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99FFO $5.1 mln$4.9 mln $8.1 mln $7.6 mln FFO/shr (diluted) $0.46 $0.46 $0.74 $0.74 Net Income $1.5 mln $2.5 mln $1.1 mln $3.4 mln Net/shr$0.13 $0.24 $0.10 $0.34 Revenue$11.7 mln $9.3...
JDN Realty Sets Aug. 29 Shareholder Meeting
August 3, 2000 JDN Realty Corp. (NYSE:JDN) will conduct its annual shareholders' meeting in Atlanta on Aug. 29Part of the agenda for the meeting at the JW Marriott Hotel will be the nomination of two directors, according to...
Colonial Properties Trust Buys Mall in Texas
August 3, 2000 Colonial Properties Trust (NYSE:CLP) has purchased a 575,000 square-foot mall in Temple, Texas.Though a purchase price could not be learned, Colonial expects the purchase of the Temple Mall will generate an initial yield, or capitalization...
American Realty Trust, National Realty Merge
August 3, 2000 DALLAS – American Realty Trust Inc. and National Realty LP late yesterday completed their long-awaited merger. The resulting company is American Realty Investors (NYSE:ARL).Under terms of the merger, American Realty Trust shareholders will receive 0.91...
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