RECENT NEWS
Associated Commercial Provides $7.6 Mln Loan for Minnesota Hotel
June 6, 2000ST. PAUL, Minn. – The owner of the Holiday Inn RiverCentre has secured a $7.6 million construction loan through Associated Commercial Mortgage of Wisconsin.The owner, 175 Fort LLC, plans to launch a renovation project this week...
GMAC Provides $102.5 Mln Financing for 6 NJ Apartment Complexes
June 6, 2000 HORSHAM, Pa. – GMAC Commercial Mortgage Corp. has provided a total of $102.5 million of permanent financing to partnerships that are believed to be led by New York investor Ruben Schron.The financing package is comprised...
Nomura Exec Joins Siemens Real Estate as President and CEO
June 6, 2000 NEW YORK – Robert Mawhirt, former managing director at Nomura Securities International Inc., has been hired by Siemens Real Estate Inc. as president and chief executive officer.While at Nomura, Mawhirt was responsible for all corporate...
FINAL PRICING: $729.4 Mln Salomon Bros. Conduit
June 6, 2000 Salomon Brothers Mortgage Securities VII Inc., Series 2000-C1ClassAmount($mln)Sub. Level(%)RatingMoody'sRatingS&PAvg.LifePriced(BP)BnchMarkA-1133.725.5AaaAAA5.7+130.5 (L+30)Treas.A-2409.725.5AaaAAA9.14+159.1 (L+42)Treas.B36.520.5Aa2AA9.5+173.9Treas.C3116.25A2A9.5+189Treas.D10.914.75A3A-9.5+199Treas.E9.113.5Baa1BBB+9.5+240Treas.F14.611.5Baa2BBB9.6+250Treas.G10.910Baa3BBB-9.6+285Treas.X729.4N/AAaaAAAN/A+345*Treas.* Interest-only strip, at 100 percent constant prepayment rate. Go To S&P's Presale Report.Go To Moody's Presale Report.
Cushman & Wakefield Names Donnelly Exec VP
June 6, 2000 Robert J. Donnelly has been named executive vice president of Cushman & Wakefield of New Jersey Inc., making him only the third executive at the firm to hold the title.Donnelly, a 21-year veteran of the...
Southeast Regional Digest (6/6/00): DeKalb mall draws big box neighbor
June 6, 2000 DeKalb mall draws big box neighborThe Atlanta Journal-Constitution, June 6DEKALB, Ga. – North American Properties plans to build a 486,000-square-foot retail center on 47 acres on Turner Hill Road. Stonecrest Marketplace, with up to 10...
BPMT Forms Another Investment Venture With AMLI
June 6, 2000 CHICAGO – BPMT (Stichting Bedrijfspensioenfonds voor de Metaal en Technische Bedrijfstakken), a leading European pension fund, has formed a venture with AMLI Residential (NYSE:AMLI) that aims to buy $260 million of apartment properties. The venture...
W.P. Carey Appoints New Executive Director
June 6, 2000 NEW YORK – Private real estate investment banking firm W. P. Carey & Co. has named W. Sean Sovak as executive director. In a statement, the firm said that, as a member of W. P....
Bridger Commercial Funding Closes $300 Mln in Loans
June 6, 2000 SAN FRANCISCO – Bridger Commercial Funding, a lending partner to U.S. commercial banks via the Internet, has funded $300 million in new fixed-rate loans, most under its STAR Loan program, a fixed-rate commercial mortgage offered...
Japanese Bank Maps Out Loan Forgiveness
June 6, 2000Associated PressTOKYO (Kyodo) – The government-backed Deposit Insurance Corp. (DIC) has mapped out four conditions for accepting requests from debtors to forgive claims on loans after the transfer of the former Long-Term Credit Bank of Japan...
Winter Properties Plans Revitalization of Atlanta Area
June 6, 2000 ATLANTA – Winter Properties Inc. plans to construct a 150,000-square-foot office building above an 817-space parking deck as part of a plan to revitalize about five city blocks in the Means Streets area of downtown...
ProLogis Leases 300,000 sf Warehouse in Louisville, Ky.
June 6, 2000 LOUISVILLE, Ky. – Exel PLC has agreed to lease a 300,000-square-foot distribution facility at the Riverport Distribution Center III.Riverport is being developed by ProLogis (NYSE:PLD).The 5-year lease marks the twelfth lease between Exel and ProLogis....
Japan In the 21st Century: A New Sun Rising? Commentary by Michael Linsk
June 5, 2000 The following is reprinted from the Spring 2000 edition of Global Real Estate Now, a publication of PricewaterhouseCoopers.As we enter into the 21st Century, the Japanese economy is suffering from an unprecedented economic downturn that...
Prime Property Sells Washington Offices to Blackstone for $58 Mln
June 5, 2000 Prime Property Fund has sold 1525 Wilson Boulevard in Arlington, Va., to Blackstone Real Estate Advisors for $58 million, or nearly $194/sf.The 299,400-square-foot property was built in 1987 and is 94 percent leased to, among...
Solly Conduit Triple-A’s Price
June 5, 2000 By Thomas J. Walsh, Commercial Real Estate Direct Senior WriterThe current $729.4 million commercial mortgage-backed securities deal from Salomon Smith Barney and Greenwich Capital is expected to price sometime today.Traders this morning say that the...
Cohen & Steers Raises $25 Mln of Equity for Internet Fund
June 5, 2000 NEW YORK – Cohen & Steers Capital Management Inc. said it has closed Internet Realty Partners LP to new investors.The venture capital fund, which raised $25 million of equity, will make investments in real estate-related...
Equity Office Sells Stake in Seattle Building for $210 Mln
June 5, 2000 CHICAGO – Equity Office Properties Trust (NYSE:EOP) has sold a 49.9 percent interest in Seattle's Bank of America Tower to the New York State Common Retirement Fund for $210 million. As part of the venture,...
School District Signs Lease in Downtown LA
June 5, 2000 By Brad Berton, Commercial Real Estate Direct Contributing EditorThe Los Angeles Unified School District has agreed to lease 60,000 square feet of office and 88,000 sf of warehouse space at a complex near the district's...
Southeast Regional Digest (6/5/00): Rock Hill eyes 400-acre business park
June 5, 2000 Rock Hill eyes 400-acre business parkThe Business Journal of Charlotte, June 5ROCK HILL, N.C. – Trammell Crow Co. plans to develop a 400-acre business park at Interstate 77, between Dave Lyle Boulevard and U.S. Highway...
RealWebFunds Nears Closing Loan, 10th Since Launch
June 5, 2000 BySusanna Potter, Commercial Real Estate Direct Staff WriterRealWebFunds Inc. expects to close a $12 million acquisition loan for a California office building. The financing would be the tenth that the fund has completed since its...
Developers of Arizona Shopping Center Seek $101 Mln of Debt
June 5, 2000 SCOTTSDALE, Ariz. – The venture developing the Scottsdale Promenade, an upscale shopping center in Scottsdale, Ariz., is hunting for $101 million of financing.The venture, between Pederson Group of Phoenix and BVT Development Co. has retained...
RioCan, Centrefund End Merger Talks
June 5, 2000 TORONTO – RioCan Real Estate Investment Trust (TSE:REI.UN) and Centrefund Realty Corp. have ended discussions regarding the possibility of a merger.RioCan, Canada's largest REIT with total assets of 2.2 billion Canadian dollars (US$1.5 billion), had...
Philips REIT Extends Due Diligence Period With Kimco
June 2, 2000 NEW YORK – Philips International Realty Corp. (NYSE: PHR) has agreed to provide Kimco Income REIT an extension for Kimco to complete its due diligence under contracts pertaining to the sales of certain assets by...
First Union Real Estate to be Externally Managed by Former Execs
June 2, 2000 NEW YORK – Several high-level executives have resigned from First Union Real Estate Investments (NYSE: FUR) and will manage the company externally under an asset management agreement, First Union said today.Daniel P. Friedman, who was...
Southeast Regional Digest (6/2/00): Galleria’s developer passes baton
June 2, 2000 Galleria's developer passes batonThe Atlanta Journal-Constitution, June 2ATLANTA – Gordon Buchmiller Jr. will take the place of Don Childress as managing partner of Childress Klein Properties. Buchmiller was previously the company's office partner. Childress said...
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