RECENT NEWS
Laser Mortgage Management Withdraws Stock Registration
March 13, 2000Laser Mortgage Management Inc. (NYSE: LMM) has filed a Form RW (Request for Withdrawal) with the SEC.The action requests the withdrawal of a stock registration statement from Aug. 20, 1998, and says the firm "has determined...
Colony Capital Invests in Trainer Wortham, First Republic Bank CBO
March 13, 2000 LOS ANGELES – Real estate opportunity fund Colony Capital Inc. has made an investment in a newly issued $500 million collateralized bond obligation to be managed by a subsidiary of First Republic Bank (NYSE: FRC).In...
Joint Venture Acquires Bell Canada’s Nexacor Realty
March 13, 2000 Canadian PressTORONTO – A joint venture of industrial services company Bracknell Corp. and engineering giant SNC-Lavalin Inc. has acquired Bell Canada's Nexacor Realty property management company. Financial terms of the deal were not disclosed. The...
Fidelity National Financial Clears One Hurdle for Merger with Chicago Title; Settles Lawsuit
March 13, 2000 IRVINE, Calif. – Fidelity National Financial Inc. (NYSE: FNF) has received regulatory approval from the California Department of Insurance to merge with Chicago Title Corp. The Company is waiting for regulatory approval from the Oregon...
Foreigners Look to Revive Bangkok’s Sofitel Hotel
March 13, 2000 By Choosak Jirasakunthai, The Nation BANGKOK, Thailand – Some foreign investors are interested in taking over the still unfinished 550-room Sofitel hotel project here on the riverbank – if the price is right. "There are...
New Plan Excel Expanding Board
March 10, 2000 NEW YORK – New Plan Excel Realty Trust Inc. (NYSE:NXL) will nominate Matthew Goldstein to serve as a member of the company's board of directors at its annual shareholders' meeting on May 31. His appointment...
Developers Diversified Names Jacobstein to Board
March 10, 2000 CLEVELAND, Ohio – Developers Diversified Realty (NYSE:DDR) has appointed David M. Jacobstein, its president and chief operating officer, to its board of directors.The appointment raises the number of directors to ten. Jacobstein, who joined the...
Judge Sentences Hirschfeld to 90 days in Jail
March 10, 2000 Associated PressNEW YORK – A Manhattan judge sentenced real estate mogul Abe Hirschfeld to 90 days in jail and fined him $8,000 for contempt of court because of actions during his criminal solicitation trial. State...
Jones Lang LaSalle Rejiggers Hotel Unit
March 10, 2000 NEW YORK – Jones Lang LaSalle Hotels has formally announced the hiring of Arthur Adler, former managing director of Sonnenblick-Goldman Co. as chief executive officer, Americas, for the firm.In an announcement issued last night, the...
Southeast Regional Digest
March 10, 2000 Plan for development near I-285 scrappedAtlanta Journal-Constitution, March 10ATLANTA – A New York real estate investment firm has abandoned plans for an office tower and sold its property in Atlanta because of concern about overbuilding....
Mills Ups Dividend to $0.5175/shr
March 10, 2000ARLINGTON, Va. – The Mills Corp. (NYSE:MLS) has set a 51.75 cents/share common stock dividend payable April 25 to holders of record April 10. The quarterly dividend is 3 percent higher than the 50.25 cents/share dividend...
Carey Buys 2 Net Leased Properties
March 10, 2000 NEW YORK – W.P. Carey & Co. has acquired two office/manufacturing facilities from Stellex Technologies Inc., an aerospace/defense engineering firm, for $19.3 million.Carey purchased a 228,000-square-foot facility in Amityville, N.Y., that is leased to Monitor...
Bradley Real Estate Sells $75 Mln of Unsecured Notes
March 10, 2000 NORTHBROOK, Ill. – Bradley Real Estate Inc. (NYSE:BTR) has raised $75 million through the sale of unsecured notes by its Bradley Operating LP unit.The 8.875 percent notes, which mature on March 15, 2006, were priced...
Chelsea GCA Ups Div to $0.75/shr vs $0.72, to Buy Back Shares
March 9, 2000 ROSELAND, N.J. – Chelsea GCA Realty Inc. (NYSE:CCG) has set a 75 cents/share common stock dividend payable on April 17 to holders of record March 31.The dividend compares to the REIT's previous dividend of 72...
Canada Regional Digest
March 9, 2000 Squamish touts downtown campusVancouver Sun, March 9 VANCOUVER – A newly founded private liberal arts university may locate in downtown Squamish and is being welcomed with open arms by city officials eager to revitalize the...
Lend Lease to Buy Singapore Shopping Center for $279 Mln
March 9, 2000 NEW YORK – Asia Pacific Investment Co., which was formed by Lend Lease Group, has agreed to buy Parkway Parade shopping center in Singapore for US$279 million, or $558/sf. Parkway Parade, Singapore's first suburban shopping...
Southeast Regional Digest
March 9, 2000 ANC Rental to move 900 workers to Boca's Blue LakeSun-Sentinel, March 9BOCA RATON, Fla. – ANC Rental, which includes Alamo and National Car Rental, has signed a lease for 165,000 square feet to move 700...
Acme Becomes Correspondent to Berkshire Mortgage
March 9, 2000 FORT LAUDERDALE, Fla. – Acme Realty Funding Inc. has become a correspondent to Berkshire Mortgage Finance, a Fannie Mae lender.As correspondent to Berkshire, Acme has the ability to originate a host of multifamily mortgages, including...
FINAL PRICING: $886.4 Mln GMACCM Conduit with Deutsche Bank, Goldman Sachs
March 9, 2000Go To Price Talk Table.$886.4 Million GMAC Commercial Mortgage Conduit 2000-C1ClassAmount($mln)Sub. Level(%)RatingMoody'sRatingFitchAvg.LifeFinal Pricing (BP)BnchMarkA-1125.924.75AaaAAA5.7+110.5 (L+33)Treas.A-2541.124.75AaaAAA9.6+142.5 (L+42)Treas.B37.720.5Aa2AA9.8+156.5Treas.C42.115.75A2AA-9.8+168.5Treas.D8.914.75A3A-9.8+176.5Treas.E3111.25Baa2BBB9.8+219.5Treas.F15.59.5Baa3BBB-9.8+260Treas.X886.4N/AAAAAaa9.1+390 @ 100 cprTreas.
Colonial Properties Prices $5 Mln of Med.-Term Notes
March 9, 2000 BIRMINGHAM, Ala. – Colonial Properties Trust (NYSE:CLP) has priced $5 million of unsecured debt by its Colonial Realty LP unit. The medium-term notes, which pay a coupon of 8.8 percent and mature in March 2010,...
GMAC $886.3 Mln Conduit Deal Prices Well
March 9, 2000By Thomas J. Walsh, IPGDirect.com Senior WriterAn $886.3 million commercial mortgage backed securities deal by GMAC Commercial Mortgage has priced at generally expected spreads over Treasuries.The issue, GMAC Commercial Mortgage Inc., 2000-C1, was underwritten by Goldman...
Tennessee Mall Sells for $32 Mln
March 9, 2000 NEW YORK – An affiliate of Concorde Realty Partners LLC has paid $32 million for the Stones River Mall, a Murfreesboro, Tenn., regional mall that is 90 percent occupied.The 450,000-square-foot mall, which is anchored by...
Japanese Government Draws up Bill to Introduce REITs
March 9, 2000 TOKYO (Nikkei) – Japan's Ministry of Finance and Ministry of Construction have drawn up new legislation that will pave the way for REITs to operate in Japan.The government was seeking to clear the way for...
Clarion, ING Raising $200 Mln Development Fund
March 9, 2000NEW YORK – Clarion Partners and ING Real Estate aim to raise up to $200 million for an investment fund that will invest in new developments. The fund, Clarion Development Ventures LP, has already started investing....
S&P Lowers Ratings of Prison Realty Trust
March 8, 2000 NEW YORK – Standard & Poor's lowered the corporate credit and bank loan ratings for Prison Realty Trust Inc. (NYSE:PZN) to single-B-plus from double-B and the REIT's senior unsecured debt rating to single-B-minus from single-B-plus....
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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.
