RECENT NEWS
Chief Operating Officer Leaves Innkeepers USA Trust
April 18, 2000 PALM BEACH, Fla. – Frederic M. Shaw has left his position as chief operating officer of Innkeepers USA Trust (NYSE: KPA), effective today.Jeffrey H. Fisher, the hotel REIT's chief executive officer, will assume the functions...
Germans Buy Jersey City Tower for $245/sf
April 18, 2000 JERSEY CITY, N.J. – Mack-Cali Realty Corp. (NYSE:CLI) has closed on the sale of the International Financial Tower here to German investors for $152.5 million, or about $245 per square foot.The buyers consist of a...
Cabot Industrial Trust Commences Joint Venture With Chase Capital Partners
April 18, 2000 BOSTON – Cabot Industrial Trust (NYSE: CTR) has formed a joint venture program, funded mostly by Chase Capital Partners, which will invest in industrial and workspace properties.The investors have committed approximately $44 million in equity...
Capital Senior Living Scales Down Merger Plans; Secures Cash from GMAC
April 18, 2000 DALLAS – Capital Senior Living Corp. (NYSE: CSU), an operators and developer of senior living communities, has reduced its merger consideration to the shareholders of ILM Senior Living, Inc. and ILM II Senior Living, Inc....
Partnership Sells Shopping Center in Port Arthur, Texas
April 18, 2000 The Malachite Group, of Mineola, N.Y., has acquired the Jefferson City Shopping Center in Port Arthur, Texas, from Jefferson City Inc., of Houston, Texas, for $4.9 million, or about $20 a square foot.The 244,258-sf shopping...
Fortress Out of Prison Realty Restructuring, Pac Life In
April 17, 2000 NASHVILLE, Tenn. – An investor group led by Fortress Investment Group LLC, Blackstone Group and Bank of America has declined to exercise its right to match terms of a restructuring offer that Prison Realty Trust...
John Fowler Takes Charge of Holliday Fenoglio’s Boston Office
April 17, 2000 BOSTON – John P. Fowler, one of the founders of a Holliday Fenoglio Fowler predecessor, is taking the helm of the firm's Boston office.Fowler, who had been running the mortgage firm's northeastern operations and managing...
JDN Unable to Get Credit Line Extended, Seeks Help
April 17, 2000 ATLANTA – JDN Realty Corp. (NYSE:JDN) has been unsuccesful in getting its lenders to extend the term of its revolving line of credit.JDN said that if it is unable to negotiate an extension and because...
Colony, Sonnenblick Form Venture, Buy Troubled Korean Assets
April 17, 2000 SEOUL, Korea – Colony Capital Inc., Sonnenblick-Goldman Co. and Hanmi Technology Investment Corp. have formed Horizon Capital Advisors, a Korean asset management company As previously reported by Commercial Real Estate Direct, Horizon Capital will manage...
Principal Makes $23.5 Mln Rehab Mortgage to Wellsford/Whitehall
April 17, 2000 NEW YORK – Principal Capital Management has provided $23.5 million of financing to Wellsford/Whitehall Group LLC for the rehabilitation of Gateway Tower in Rockville, Md.The three-year mortgage can be extended for two-six month periods and...
FINAL PRICING: $689 Mln Morgan Stanley 2000-LIFE1 CMBS
April 17, 2000 Go To Initial Price Talk Table.April 14: Deal Selling BrisklyApril 13: Deal LaunchedMorgan Stanley Dean Witter Capital I Trust 2000-LIFE1ClassAmount($mln)Sub. Level(%)RatingS&PRatingFitchAvg.LifePriced(BP)BnchMarkA-1113.819.75AAAAAA5+120Treas. (L+26)A-243919.75AAAAAA10+162Treas. (L+40)B22.416.5AAAA10+176Treas.C25.8512.75AA10+188Treas.D8.611.25A-A-10+198Treas.E17.29BBBBBB10+240Treas.F6.98BBB-BBB-10+280Treas.X689N/AAAArAAA--+400*Treas.*Interest only, at 100 percent CPR.Tranches triple-B-minus and below were private. Go To...
Southeast Regional Digest
April 17, 2000 CarrAmerica leaving region The South Florida Business Journal, April 17BOCA RATON, Fla. – Washington, D.C.-based CarrAmerica has hired Holliday Fenoglio Fowler to market its small but high-profile South Florida office and land portfolio, which consists...
Japan Plans Registration System for Realty Advisers
April 17, 2000 Japan's Ministry of Construction says that a registration system for real estate advisors will be introduced by the end of April, according to Nomura Real Estate Development Co. in Tokyo.The system would affect companies that...
Hanover Capital Gets Nod to Market SBA Loans
April 17, 2000 NEW YORK – Hanover Capital Mortgage Holdings Inc. (Amex:HCM) has confirmed that it was hired by the U.S. Small Business Administration to serve as financial adviser for the sale of a portfolio of distressed loans....
Canada Regional Digest
April 17, 2000 Scaled-down plan for sports hall of fame set for public scrutinyThe Ottawa Citizen, April 17 OTTAWA – The public will get its first look at a plan worth 50 million Canadian dollars (US$33.9 million) to...
John Roche Named CFO of New Plan Excel
April 17, 2000 NEW YORK – John B. Roche, former senior vice president of The Related Cos. financial services unit, has been named chief financial officer of New Plan Excel Realty Trust Inc. (NYSE:NXL) New Plan has been...
Kranzco, CV Reit Set Meetings for Shareholder Vote on Merger
April 17, 2000 CONSHOHOCKEN, Pa. – Shareholders of Kranzco Realty Trust (NYSE:KRT) and CV Reit (NYSE:CVI) will vote June 6 on the proposed merger between the two shopping center REITs.If shareholders approve the proposed merger, the two firms...
Canada Regional Digest
April 17, 2000 Scaled-down plan for sports hall of fame set for public scrutinyThe Ottawa Citizen, April 17 OTTAWA – The public will get its first look at a plan worth 50 million Canadian dollars (US$33.9 million) to...
Redbricks.com Adds LaSalle, Bloomfield Acceptance to Lender List
April 17, 2000 BETHESDA, Md. – LaSalle Bank and Bloomfield Acceptance Co. have agreed to offer their lending programs through Redbricks.com, an online lending site.The addition of the two lenders allows Redbricks.com to offer its clients financing for...
Keystone Property Trust Appoints New Development VP
April 14, 2000 WEST CONSHOHOCKEN, Pa. – David G. Hagan has joined Keystone Property Trust (NYSE: KTR) as vice president of development, overseeing the company's Midwestern development platform. That includes the 8 million-square-foot Airtech Park, a 491-acre master...
RealPulse Gets Up To $150 Mln in Funding, Newsletter Reports
April 14, 2000 The much-ballyhooed commercial real estate Internet firm RealPulse.com, which in recent weeks has lured away some of the commercial mortgage-backed securities industry's highest profile executives, is being backed by up to $150 million in seed...
Crestline Hotels Teams With Atlanta Lodging Developer
April 14, 2000 BETHESDA, Md. – Crestline Hotels & Resorts, Inc., a unit of Crestline Capital Corporation (NYSE: CLJ) that manages hotels, has formed a strategic alliance with Stormont Trice Development Corporation, a privately-held, Atlanta-based hotel development company....
Lend Lease Buys Lexington, Mass., Office Park
April 14, 2000 ATLANTA – Lend Lease Real Estate Investments Inc. has acquired the Kiln Brook Office Park in Lexington, Mass., on behalf of an institutional client, from Advent Realty LP. Terms of the deal were not disclosed.Kiln...
Howard Biel Resigns from Federal Realty
April 14, 2000ROCKVILLE, Md. – Howard Biel has resigned from his position as senior vice president-chief development officer of Federal Realty Investment Trust (NYSE:FRT), effective May 15.Biel plans to re-launch his Washington-based commercial real estate development company, Palisades...
San Francisco’s Office Spaces Snapped Up at Breakneck Pace
April 14, 2000By Christine Hanley, Associated Press Writer SAN FRANCISCO – In a land grab reminiscent of the Gold Rush, dot-com companies are snapping up every available square foot of office space here, causing wrenching change in a...
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