RECENT NEWS
Jack Shaffer Leaves Sonnenblick, Forms Investment Firm
June 1, 2000 Jack Shaffer, a former Sonnenblick-Goldman executive, has formed a real estate investment company that plans to raise an opportunistic fund.Few details could be learned about the fund and Shaffer's firm, except that it has already...
CalPERS Venture Buys Land Developer for $223 Mln
June 1, 2000 SAN DIEGO – A venture led by the California Public Employees' Retirement System has agreed to pay $223 million for Genstar Land Co., a unit of British American Tobacco PLC that owns 27 development projects...
Joseph Byrne Resigns as Burnham Pacific’s COO
June 1, 2000 Burnham Pacific Properties Inc. (NYSE:BPP) said Joseph Wm. Byrne resigned his post of chief operating officer yesterday. Details of his departure could not immediately be learned. But Burnham said Byrne would remain a consultant for...
Fitch Downgrades Part of 1995 CMBS Deal
June 1, 2000 NEW YORK – Fitch has downgraded to single-B class F of RMF Commercial Mortgage Pass-Through Certificates, 1995-1.The rating agency said it downgraded the $7.3 million class because of the Chapter 11 filing of a borrower...
Southeast Regional Digest (6/1/00): Ballantyne to hit milestone in record time
June 1, 2000 Ballantyne to hit milestone in record timeThe Charlotte Observer, June 1CHARLOTTE, N.C. – Bissell Development will build a 103,000-square-foot building, called Brixham Green Three, for about $15 million in the 535 acre Ballantyne Corporate Park....
Triple Crown’ CMBS Deal in Play; DLJ Term Sheet Out
June 1, 2000 By Thomas J. Walsh, Commercial Real Estate Direct Senior WriterAs reported earlier this week, the long-awaited $802.5 million commercial mortgage-backed securities deal from Midland Loan Services, CIBC World Markets and Residential Funding Corp., is about...
Canada Regional Digest (6/1/00): Developer tips hand of ORC board
June 1, 2000 Developer tips hand of ORC boardThe Globe and Mail, June 1TORONTO – Joseph Chetti is getting ready to close another deal, with the Ontario Realty Crop., for a large vacant lot on the northeast corner...
Southeast Regional Digest (5/31/00): Coral Gables gets a whopper of a blow
May 31, 2000 Coral Gables gets a whopper of a blowThe Wall Street Journal, May 31CORAL GABLES, Fla. – Just after receiving city approval for a new headquarters here, Burger King pulled out of a deal to take...
Boeing Offers Land in Bellevue, Wash.
May 31, 2000 BELLEVUE, Wash. – Boeing is planning to offer 28 acres of land in the Bellevue Business Park at Southeast Eastgate Way and 160th Avenue SE as part of its ongoing effort to sell real estate...
Tom Senkbeil Leaves Duke-Weeks, Named President of Carter & Assoc.
May 31, 2000 INDIANAPOLIS – Tom Senkbeil, executive vice president and chief investment officer of Duke-Weeks Realty Corp. (NYSE:DRE) has resigned to take on the post of president and chief operating officer of Carter & Associates, an Atlanta...
S&P Upgrades 3 Classes from 1995 Credit Suisse First Boston CMBS Deal
May 31, 2000 NEW YORK – Standard & Poor's has raised the ratings of three classes of CS First Boston Mortgage Securities Corp., 1995-WF1. The action stems from the higher credit support that resulted from loan payoffs.The rating...
BRT Takes 9.2 Percent Stake in Entertainment Properties, Seeks Bigger Piece
May 31, 2000 BRT Realty Trust (NYSE:BRT) and its affiliates have accumulated a 9.2 percent interest in Entertainment Properties Trust (NYSE:EPR.)In a Schedule 13D filing with the SEC, BRT said it and several senior executives had purchased 1.4...
First Union Real Estate’s Preferred Rating Withdrawn
May 31, 2000 NEW YORK – Duff & Phelps Credit Rating Co. has withdrawn its single-B-plus rating for First Union Real Estate Investments' (NYSE:FUR) $33.7 million convertible preferred stock.The rating was withdrawn because the REIT is not expected...
Petroleum Realty Provides $19.2 Mln of Debt for Gas Stations
May 31, 2000 MIAMI – Petroleum Realty Investment Partners LP has provided $19.2 million of financing to USA Grocers, a Boca Raton, Fla., company that purchased six gas station/convenience stores in the Boca Raton area.The properties were purchased...
Developers Diversified Places $105 Mln of Preferred
May 31, 2000 CLEVELAND – Developers Diversified Realty Corp. (NYSE:DDR) has placed $105 million of perpetual preferred shares issued by its operating partnership with an institutional investor.The preferred pays a 9 percent coupon. It is callable after five...
Redbricks.com Picks Up Costs Involved in Securing Loans
May 31, 2000 BETHESDA, Md. – Redbricks.com is offering free appraisal, engineering and environmental reports to those visitors to its site who actually close a mortgage.The promotion is part of an effort by the seven-month-old lending site to...
Canada Regional Digest (5/31/00): Marconi joins Kanata building boom
May 31, 2000 Marconi joins Kanata building boomThe Ottawa Citizen, May 31 OTTAWA – Marconi Plc., a British telecommunication gear company, plans to build a three-building, 160,000-square-foot complex in Kanata. The firm's decision follows the announcement by Nokia...
Southeast Regional Digest (5/30/00): Talcot to sell Cornerstone Tower
May 30, 2000 Talcot to sell Cornerstone TowerSouth Florida Business Journal, May 30 PLANTATION, Fla. – Talcot Realty has hired Cushman & Wakefield to find a buyer for the eight-story Cornerstone tower and its accompanying acreage. Talcott is...
PRICE TALK: $729.4 Mln Salomon Bros. Conduit
May 30, 2000Go To S&P's Presale Report.Go To Moody's Presale Report.Salomon Brothers Mortgage Securities VII Inc., Series 2000-C1ClassAmount($mln)Sub. Level(%)RatingMoody'sRatingS&PAvg.LifePriceTalk(BP)BnchMarkA-1133.725.5AaaAAA5.7+28-301-mo. LiborA-2409.725.5AaaAAA9.14+40-421-mo. LiborB36.520.5Aa2AA9.5+55-581-mo. LiborC3116.25A2A9.5+67-701-mo. LiborD10.914.75A3A-9.5+77-801-mo. LiborE9.113.5Baa1BBB+9.5+240 areaTreas.F14.611.5Baa2BBB9.6+250 areaTreas.G10.910Baa3BBB-9.6+290 areaTreas.X729.4N/AAaaAAAN/A+350* areaTreas.
Dissident Yung Group Increases Lodgian Stake To 14.9%
May 30, 2000 (NewsTraders.com) -- An investment group led by Edgecliff Holdings President William Yung is gearing up for its next move in its ongoing proxy battle with Lodgian (LOD), having revealed that it has increased its stake...
Mack-Cali Buys Westchester Complex for $42.7 Mln
May 30, 2000 CRANFORD, NJ – Mack-Cali Corp. (NYSE:CLI) has paid $42.7 million, or $125.22/sf, for Taxter Corporate Park in Elmsford, N.Y.The complex is comprised of two buildings, 555 Taxter Road and 565 Taxter Road, which combined have...
Invesco, Advance Form Venture, Plan $500 Mln of Buys
May 30, 2000 The Advance Group Inc., a Bedminster, N.J., investment firm, has raised $200 million of equity from Invesco Realty Advisors that it expects to leverage into $500 million of acquisitions.The two firms have formed a joint...
Goldman Sachs Upgrades Starwood Hotels
May 30, 2000 (NewsTraders.com) – Goldman Sachs has upgraded Starwood Hotels & Resorts Worldwide (NYSE: HOT) today to "market outperformer" from "market perform," according to a market source.Shares of the White Plains, N.Y.-based lodging company have climbed in...
Freddie Mac Writes First Credit Line, Provides Smith $300 Mln
May 30, 2000 ARLINGTON, Va. – Freddie Mac has provided Charles E. Smith Residential Realty Inc. (NYSE:SRW) a $300 million secured line of credit – the first time it has ever extended a revolving credit line.The 10-year facility...
Goldman Sachs Upgrades Starwood Hotels
May 30, 2000 (NewsTraders.com) -- Starwood Hotels & Resorts Worldwide (NYSE:HOT) was upgraded today to "market outperformer" from "market perform" by Goldman Sachs, according to a market source.Shares of the White Plains, N.Y.-based lodging company closed Friday higher...
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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.
