RECENT NEWS
Michael Pralle Named President, CEO of GE Capital Real Estate
June 19, 2000 STAMFORD, Conn. – Michael E. Pralle, president and chief executive of the private-equity investment arm of GE Capital, has been named president and chief executive of GE Capital Real Estate.Pralle replaces Ron Pressman, who was...
Hospitality Properties to Buy 10 Marriott Hotels for $145 Mln
June 19, 2000 Hospitality Properties Trust (NYSE: HPT) has agreed to buy 10 hotels from Marriott International Inc. (NYSE: MAR) for $145 million. Eight of the hotels were purchased last week, the remainder are still being developed and...
Heidelberger Buying Piece of Kodak Manufacturing Hub
June 19, 2000 Associated PressROCHESTER, N.Y. – The digital division of German printing giant Heidelberger Druckmaschinen AG, which bought Eastman Kodak Co.'s office-imaging unit last spring, is purchasing a big chunk of Kodak's Elmgrove industrial hub. Heidelberg Digital...
2 Small REITs Review Operations to Ensure No Wrongdoing
June 19, 2000DALLAS – Income Opportunity Realty Investors Inc. (Amex:IOT) and Transcontinental Realty Investors Inc. (NYSE:TCI), two Dallas REITs that are managed by Basic Capital Management Inc., have hired independent counsel to review their operations to ensure that...
Pacific Gateway To be Bought by Mission Orchard Statutory Trust
June 19, 2000 SAN FRANCISCO – Pacific Gateway Properties Inc. (AMEX: PGP) has agreed to be acquired by Mission Orchard Statutory Trust, an affiliate of Integrated Capital Associates Inc.Under the terms of the agreement, Pacific Gateway's shareholders will...
Singapore Puts Washington-Area Complex on Block
June 19, 2000 The government of Singapore has put Metro Park North, a 908,000-sf complex in Rockville, Md., up for sale. According to the Washington Business Journal, the portfolio could sell for up to $120 million. Singapore paid...
Bankruptcy Forces Offering of 77 Acres of Property Along Hudson River
June 16, 2000 Bankruptcy is forcing the sale of 76.6 acres of Hudson River waterfront property in Kingston, N.Y.The unnamed debtor has claimed Chapter 11 bankruptcy and has retained Keen Realty Consultants Inc. of Great Neck, N.Y., to...
Southeast Regional Digest (6/16/00): JDN Realty charges $13 Mln against fourth quarter earnings
June 16, 2000 JDN Realty takes a charge of $13 Mln for quarterThe Atlanta Journal-Constitution, June 16ATLANTA – JDN Realty Corp. has charged $13 million against its fourth quarter earnings to cover costs associated with inaccurate accounting that...
S&P Gives Orix Strong Ranking as Servicer, Special Servicer
June 16, 2000 NEW YORK – Standard & Poor's has issued ORIX Real Estate Capital Markets LLC rankings of "Strong" as a commercial master servicer, commercial loan servicer, and commercial special servicer. Over the past several years, the...
CSFB’s Conduit Coming in July
June 16, 2000By Thomas J. Walsh, Commercial Real Estate Direct Senior WriterCredit Suisse First Boston is readying it's next conduit – a $1.3 billion affair – for launch in early to mid-July. Morgan Stanley will likely be the...
Bevy of CMBS on Deck
June 16, 2000 By Thomas J. Walsh, Commercial Real Estate Direct Senior WriterCommercial mortgage-backed securities deals being cued up for next week are many and varied, as the heaviest transaction flow period of the year continues.First out of...
Fitch Upgrades BofA’s Primary Servicer Rating
June 16, 2000 NEW YORK – Fitch has upgraded Bank of America's primary servicer rating to CPS2 from CPS3.The primary servicer rating reflects the company's ability to service commercial mortgages. Fitch rates primary servicers as CPS1, CPS2, CPS3,...
Schottenstein Files Action Seeking Burnham Annual Meeting
June 16, 2000 (NewsTraders.com) – A group led by Schottenstein Stores chairman and chief executive Jay Schottenstein filed a civil complaint in U.S. District Court in Maryland on June 14 to compel Burnham Pacific Properties Inc. (NYSE: BPP)...
Chateau Communities Secures $116 Mln Credit Facility from Fannie Mae
June 16, 2000GREENWOOD VILLAGE, Colo. – Chateau Communities (NYSE:CPJ) has raised a $116 million secured credit facility through Fannie Mae's Multifamily and Manufactured Housing Community pilot program.Collateral Mortgage Ltd. of Birmingham, Ala., underwrote the 10-year fixed rate facility,...
Debtx Adds High-Profile Names to Advisory Board
June 16, 2000 BOSTON – The Debt Exchange Inc. has named three seasoned executives to its advisory board.The three executives are: Foster L. Aborn, who is vice chairman of John Hancock Financial Services; Alex d'Arbeloff, the founder of...
Salomon Exec Refutes Claims of Unsold Conduit Bonds
June 16, 2000 By Thomas J. Walsh, Commercial Real Estate Direct Senior WriterAll of the bonds in a $729.4 million conduit deal by Salomon Smith Barney and Greenwich Capital were sold, save for a predetermined piece of the...
Chicago Investor Takes 50 Percent Stake in Self-Storage Firm
June 15, 2000 By Brad Berton, Commercial Real Estate Direct Contributing EditorMansur & Co. has acquired a 50 percent stake in United Stor-All Centers LLC, a Blue Bell, Pa.,-based developer and operator of self-storage facilities.United Stor-All plans to...
Lend Lease Launches $600 Mln Fund to Invest in Troubled Asian Loans
June 15, 2000 NEW YORK – Lend Lease Real Estate Investments is putting together a $600 million investment fund that will acquire distressed loans in foreign markets, primarily Asia.The pension-fund adviser is planning to invest up to $50...
Forest City Sells Tucson Retail Center for $24 Mln
June 15, 2000 CLEVELAND – Forest City Enterprises Inc. (NYSE:FCEA) has recovered $24 million from the sale of Tucson Place, a 276,000-square-foot retail center in Tucson, Ariz.Forest City had developed the property in 1989. Its anchors include Wal-Mart,...
FINAL PRICING: “Triple Crown” PNC Mortgage Acceptance Corp., 2000- C1
June 15, 2000 PNC Mortgage Acceptance Corp., 2000-C1ClassAmount ($mln)Sub. Level (%)Rating Moody'sRating FitchAvg. LifePrice Talk (bp)BenchmarkA-1150.923.5AaaAAA5.7+331-mo LiborA-2463.123.5AaaAAA9.1+421-mo LiborB34.119.25Aa2AA9.7+591-mo LiborC34.115.00A2A9.7+751-mo LiborD10.013.75A3A-9.7+831-mo LiborE26.110.50Baa2BBB9.8+25010-yr TreasF12.09.0Baa3--9.8+27510-yr TreasX802.5NA----+400--10-yr Treas
Post Apartment Sells $150 Mln of Medium-Term Notes
June 15, 2000ATLANTA – Post Apartment Homes LP (NYSE:PPS) has sold $150 million of 8.125 percent unsecured notes under its medium-term note program.The bonds were rated triple-B-plus by Standard & Poor's and Baa1 by Moody's. Merrill Lynch, Bear...
Canada Regional Digest (6/15/00): Ottawa developer to build office tower
June 15, 2000 Developer to build $60 Mln office towerThe Ottawa Citizen, June 15OTTAWA – Sakto Corp., an Ottawa developer, plans to build a 60 million Canada dollar (US$40.7 million), 16-story office tower and complex bordering the Queensway....
Chelsea GCA Files for $900 Mln of Debt, Equity
June 15, 2000 ROSELAND, N.J. – Chelsea GCA Realty Inc. (NYSE:CCG) has filed a shelf registration for up to $600 million of debt that would be issued by its operating partnership, Chelsea GCA Realty Partnership LP.In addition, the...
Miami Land Nears Sale, Large Apartment Complex Planned
June 15, 2000 By Paul Gereffi, Commercial Real Estate Direct CorrespondentMIAMI – With the sale of a 4.2-acre parcel just north of the Omni International Mall/Wyndam Hotel area close to completion, there's talk that the site will be...
Southeast Regional Digest (6/15/00): Atlanta’s office market on the rise
June 15, 2000 Office market could outpace last year'sThe Atlanta Journal-Constitution, June 15ATLANTA – Atlanta's office market may top last year's level of 4.8 million square feet of net absorption. The metro area absorbed 2.3 million sf of...
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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.
