RECENT NEWS
PRICE TALK: $785.3 Mln COMM 2000-FL 2
June 26, 2000 Go To S&P's Presale Report.Go To Fitch Presale Report.Go To Moody's Presale Report.The following table shows price guidance on the top eight tranches of a 32-tranche floating-rate deal, assembled in a variant of the "A-B"...
Schottenstein and Westbrook Request Burnham Court Records Be Unsealed
June 26, 2000 SAN DIEGO – Shareholders of Burnham Pacific Properties (NYSE: BPP) have requested that the company publicly agree to unseal court records regarding a 1999 class action lawsuit against Burnham's directors and senior management.This request comes...
GMAC Arranges $130 Mln Financing for General Growth
June 26, 2000 HORSHAM, Pa. – GMAC Commercial Mortgage Corp. has arranged a $130-million credit facility for General Growth Properties Inc. (NYSE: GGP).The interest-only bridge loan secures the REIT's national headquarters in Chicago as well as five retail...
CapitalThinking Partners With Myers Internet Services
June 26, 2000 NEW ORLEANS – Myers Internet Services – a division of BestRate.com Inc., an Internet Web design, hosting and marketing firm in the mortgage industry – has entered into a partnership with CapitalThinking, the new online...
Prudential Mortgage Capital Completes Acquisition of WMF Group
June 26, 2000 NEWARK, N.J. – Prudential Mortgage Capital Co. LLC has completed its merger with The WMF Group Ltd. (Nasdaq: WMFG).Prudential, the commercial mortgage lending arm of The Prudential Insurance Co. of America, had acquired about 96...
American Realty, National Realty Postpone Merger
June 26, 2000 American Realty Trust Inc. (NYSE:ARB) has delayed its expected merger with National Realty L.P. (AMEX:NLP), sources say.Both firms are based in Dallas. American Realty owns commercial properties, mortgage loans and stock in other real estate-related...
Castillo Grand Plans $146 Mln Project In Fort Lauderdale
June 26, 2000 FORT LAUDERDALE, Fla. – Castillo Grand LLC plans to build a $146 million hotel and condominium residences on a 1.76 acre parcel it acquired for $11 million,or $144/sf.The planned 23-story tower, on Castillo Street and...
Southeast Regional Digest (6/26/00): Colonnade Properties to buy plaza for $50 Mln
June 26, 2000 Tampa tower to fetch $50 MlnThe Business Journal of Tampa Bay, June 26 TAMPA BAY, Fla. – Colonnade Properties LLC, a New York-based real estate investment firm, will buy 400 North Ashley Plaza from Equitable...
Public Storage Director Harkham Files To Sell 399,734 Shares
June 26, 2000 (NewsTraders.com) – Uri Harkham, a director of Public Storage Inc. (NYSE: PSA), recently filed paperwork with regulators to register 399,734 common shares of the REIT for sale.The shares have an estimated market value of nearly...
FINAL PRICING: $818.4 Mln KeyBank/Prudential Conduit
June 26, 2000 Note: During marketing of the following commercial mortgage-backed securities offering, the official name of the transaction was changed from "Prudential Securities Secured Financing Corp., Series 2000-Key 1" to "KeyBK 2000-C1." The change was made to...
Developer Trying to Jump-Start Hollywood Project
June 26, 2000 By Brad Berton, Commercial Real Estate Direct Contributing EditorLos Angeles developer J. Allen Radford has engaged Grubb & Ellis Co. brokers to seek tenants interested in the retail and entertainment portion of Radford's controversial and...
Investor Pays $231.50/sf for Downtown Manhattan Offices
June 23, 2000 NEW YORK – An entity controlled by Yitzhak Tessler, a New York investor, has paid $46.3 million, or $231.50/sf, for 150 Nassau Street in downtown Manhattan.Tessler purchased the 200,000-square-foot building from a group led by...
FINAL PRICING: $738.7 Mln Chase/GE CMBS Deal
June 23, 2000 Go To Initial Price Talk.Chase Commercial Mortgage Securities Corp., Series 2000-2ClassAmount($mln)Sub. Level(%)RatingFitchRatingMoody'sAvg.LifePricetalk(BP)BnchMarkA-111924AAAAaa5+293-mo. LiborA-2442.524AAAAaa10+383-mo. LiborB26.820.375AAAa210+543-mo. LiborC34.215.75AA210+693-mo. LiborD1214.125A-A310+793-mo. LiborE2311BBBBaa210+245Treas.X*738.7NAAAAAaaNA+365**Treas.* Interest-only strip.** At 100 percent CPR.
Olympus Buys Stake in Historic Vermont Resort
June 23, 2000 DALLAS – Olympus Real Estate Corp. has acquired the historic Equinox, a 183-room resort that includes the Gleneagles golf course and clubhouse in Manchester Village, Vt., Terms of the acquisition – the latest in a...
Trammell Crow Leases San Diego Property
June 23, 2000 By Brad Berton, Commercial Real Estate Direct Contributing EditorThrough a pair of transactions valued at $22 million, Trammell Crow Co. has leased the entire 285,713-square-foot Cabrillo Technology Center, a property it is developing in San...
Southeast Regional Digest (6/23/00): Centennial Hill to build a $127 Mln mixed-use project in Atlant
June 23, 2000 Construction starts next month on downtown mixed-use projectThe Atlanta Journal-Constitution, June 23ATLANTA – Centennial Hill Development Partners will start construction the week of July 24 on its Centennial Hill project at Techwood Drive and Baker...
Former DreamWorks Exec Named President of Hillwood’s Strategic Services
FORT WORTH, Texas – Hillwood has appointed Albert J. Grazioli Jr. as senior vice president of development for Hillwood Strategic Services. In this role, he will direct global development projects.Previously, he served as team leader of real estate...
Chase, Fleet Lead $800 Mln Facility for Mack-Cali
June 23, 2000CRANFORD, N.J. – A syndicate led by Chase Manhattan and FleetBoston has provided an $800 million credit facility for Mack-Cali Realty Corp. (NYSE:CLI)The facility, which was provided by a group of 24 lenders, is expandable to...
Developer Pre-Leases Space at Baltimore Property
June 22, 2000 BALTIMORE – H&S Properties Development Corp. has preleased 56,000 sf at its six-story office building to Fidelity & Guaranty Life Insurance Co. The lease runs for 10 years.The insurance company will move its headquarters to...
Southeast Regional Digest (6/22/00): Quaker Oats will lease new 496,000-square-foot facility
June 22, 2000 Quaker Oats picks south Fulton site for shipping centerThe Atlanta Journal-Constitution, June 22ATLANTA – The Quaker Oats Co. has signed a long-term lease for a 496,000-square-foot distribution center at WestLake Industrial Park. The facility, to...
National Realty, American Realty Postpone Planned Merger
June 22, 2000 National Realty LP (Amex:NLP) and American Realty Trust Inc. (NYSE:ARB) have postponed their planned merger, which was slated to be completed at the end of the month. There's no word yet on when, or whether...
State Street Global Launches Apartment Development Fund
June 22, 2000 PURCHASE, N.Y. – State Street Global Advisors, a money manager, has launched an investment fund that will fund the development and eventual sale of apartment properties.The fund, Development Program II is overseen by The Tuckerman...
Fleet Closes $240 Mln Financing to Shorenstein
June 22, 2000 BOSTON – FleetBoston Financial has closed a $240 million financing for Shorenstein Investment Partners' purchase of Chicago's Prudential Plaza. Shorenstein is said to have paid about $380 million for the 2.1 million-square-foot property. The twin-tower...
Essex Hooks Up Units to Broadband Service
June 22, 2000 SEATTLE – Essex Property Trust Inc. (NYSE:ESS) has signed a deal with ReFlex Communications Inc. to provide broadband Internet access and service to apartment units owned by the REIT on the west coast.Essex owns 72...
Developer Buys Property for Boston ‘Carrier Hotel’
June 22, 2000 Developer Infomart has purchased a 400,000-square-foot property at 555 Pleasant Street in the Boston suburb of Watertown, Mass.The Dallas-based telecommunications facilities developer plans to retrofit the property, rename it "Infomart Boston," and lease it 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.
