RECENT NEWS
TrizecHahn to Sell Massive Calgary Portfolio, Newspaper Says
March 17, 2000 CALGARY – TrizecHahn Corp. (NYSE:TZH) has put its portfolio of Calgary office buildings on the market, Canada's Financial Post reported today.The sale is part of TrizecHahn's previously announced major restructuring. The Toronto-based company wants to...
Atlanta’s Multifamily Growth Still Surging, Report Shows
March 17, 2000 ATLANTA – The Atlanta apartment market ended 1999 on a strong note, according to M/PF Research's Atlanta Apartment Report. The metro area's employment growth pace surged upward during the 4th quarter, and that economic upturn...
Fitch Affirms CSFB 1997-C1
March 16, 2000NEW YORK – Fitch IBCA has affirmed two classes of Credit Suisse First Boston Mortgage Securities Corp. 1997-C1 and has taken them off RatingAlert Negative.The $16.9 million class I is currently rated B-minus and the $13.5...
Oceanfront Inn That Housed Bush Press Corps Sold to New York Investor
March 16, 2000Associated PressKENNEBUNKPORT, Maine – The Shawmut Inn, an oceanfront hotel that housed the national press corps during George Bush's presidency, has been sold to a New York investor for $6.5 million, $2 million below the listed...
Gables Adds James D. Motta to Board of Trustees
March 16, 2000 ATLANTA – Gables Residential Trust (NYSE:GBP) has appointed James D. Motta to its board of trustees.Motta is president and chief executive of the St. Joe/Arvida Co.He has served as executive vice president and chief operating...
Home Properties Acquires Suburban Philadelphia Portfolio for $136 Mln
March 16, 2000 ROCHESTER, N.Y. – Home Properties (NYSE:HME) has paid $135.9 million for a portfolio of six communities, with a total of 2,113 units, in suburban Philadelphia.The REIT assumed $73.1 million in debt and paid $30 million...
1994 CMBS Deal Retired
March 16, 2000 NEW YORK – Fitch IBCA has withdrawn its ratings on American Southwest Financial Securities Corp., 1994-C2 because the bonds have been paid in full.Fitch said it had rated three classes, from double-B-plus to double-A-plus.
Asia Properties Inc. Hires Financial Consultant
March 16, 2000 BELLINGHAM, Wash. – Asia Properties Inc. (OTC BB: ASPZ) has retained Diehl & St. Johnston Ltd., a London-based investment banking firm, as its exclusive financial consultant in Europe.The boutique investment bank, which was established in...
GMAC CMBS Floater Triple-A Class Prices
March 16, 2000By Thomas J. Walsh, IPGDirect.com Senior WriterUnderwriters have priced the triple-A tranche of GMAC Commercial Mortgage Securities Inc., 2000-FL-A. The $116.5 million class, which has a subordination level of 50 percent, was priced at 45 basis...
Lennar Announces $1.8 Bln Financing Commitment
March 16, 2000 MIAMI – Lennar Corp. (NYSE:LEN) has secured $1.8 billion in financing from Bank One Capital Markets and Deutsche Banc Alex. Brown in connection with the homebuilder's acquisition of U.S. Home Corp.The financing includes a $1...
Southeast Regional Digest
March 16, 2000 Developer wants Quay expansionThe Bradenton Herald, March 16SARASOTA, Fla. – Plans to double the size of the Sarasota Quay to 450,000 square feet, in conjunction with the construction of a Ritz-Carlton hotel next door, are...
Joseph W. Robertson Retires as VP/CFO of Weingarten
March 16, 2000 HOUSTON – Joseph "Bill" Robertson Jr. has retired as executive vice president and chief financial officer of Weingarten Realty Investors (NYSE:WRI), effective April 15.Robertson has also submitted his resignation from Weingarten's board of trust managers,...
Team Seeks $78 Mln Financing to Redevelop Atlanta Store
March 16, 2000 NEW YORK – A partnership among Taconic Investment Partners LLC, Benenson Capital Co. and Angelo, Gordon & Co. has hired Sonnenblick-Goldman Co. to line up $78 million of financing in order to redevelop a retail...
Cadillac Shareholders OK Teachers’ US$1.6 Bln Bid
March 16, 2000 TORONTO – Shareholders of Cadillac Fairview Corp. (NYSE:CDF) yesterday approved a 2.3 billion Canadian dollar (US$1.6 billion) takeover bid from the Ontario Teachers' Pension Plan.Go to Previous Story in the IPGdiresct.com Archive.More than 99 percent...
Omega Assumes Assets of Bankrupt RainTree Healthcare
March 15, 2000 ANN ARBOR, Mich. – Omega Healthcare Investors Inc. (NYSE:OHI) has taken possession of 30 nursing home and assisted-living properties operated by RainTree Healthcare Corp. of Phoenix.At the end of 1999, Omega had $78 million invested...
Steeltech Creditors Hire Brokers to Sell Plant
March 15, 2000 Associated Press MILWAUKEE – Creditors of the bankrupt Steeltech Manufacturing Inc. have hired The Dickman Co. and Jones Lang LaSalle to market a plant they have been trying to sell independently for several months.The creditors...
Thomas McCahill Promoted to Senior VP at MONY
March 15, 2000 NEW YORK – Thomas M. McCahill, who leads the investment management team for The MONY Group's (NYSE:MNY) commercial mortgage and equity real estate portfolio, has been promoted to senior vice president at the financial services...
Malan Realty Again Offers to Increase Board Size
March 15, 2000 BINGHAM FARMS, Mich. – Malan Realty Investors Inc. (NYSE:MAL) has reiterated its offer to provide representation on its board to Kensington Investment Group of Orinda, Calif.In an amended Form 13D, Kensington expressed its dissatisfaction with...
AIMCO Increases Credit Facility by $50 Mln
March 15, 2000 DENVER – Apartment Investment and Management Co. (NYSE:AIV) has secured an additional $50 million credit line from Bank of America, Fleet and lenders from its existing facility.The amendment to the REIT's previous $300 million credit...
Online Service Allows Service Providers to Bid for Contracts
March 15, 2000 DENVER – Martin Gibeau, who recently resigned as president of Stewart Title of Denver, has formed AmeriQuotes.com, an online service that allows property owners to receive quotes for services from a variety of providers.Here's how...
Chase Signs Monster Lease in Midtown Manhattan
March 15, 2000 Chase Manhattan Bank has agreed to lease 556,000 square feet at 1166 Sixth Avenue in Manhattan in a 20-year deal estimated to be valued at more than $500 million over its life.The lease is the...
Southeast Regional Digest
March 15, 2000 Continental Properties buys two more apartment complexesThe Daytona Beach News-Journal, March 15DAYTONA BEACH, Fla. – Continental Properties has paid $18.3 million for the 304-unit Indigo Plantation and the 170-unit Oaks of Lakebridge. Rents at both...
Fitch CMBS Upgrades Outpaced Downgrades in ’99
March 15, 2000 Fitch IBCA upgraded more individual tranches of commercial mortgage-backed securities last year than it downgraded.The rating agency conducted almost 200 reviews of more than $83.2 billion of CMBS. It upgraded 160 tranches within 55 deals...
U.K. Firm to Securitize Land Leases
March 15, 2000 LONDON – Standard & Poor's has assigned preliminary ratings to the first U.K. ground rent securitization, a 104 million pound ($164 million) transaction by Peverel Funding Ltd., a special-purpose entity formed by Peverel Properties Ltd.The...
Finalists Picked for San Francisco Offices
March 15, 2000 Divco West Properties and Westbrook Partners are among the finalists vying to buy 303 Second Street in San Francisco, according to the Wall Street Journal.The 700,000-square-foot office building, which is commonly known as Marathon Plaza,...
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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.
