RECENT NEWS
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...
Canada Regional Digest
March 14, 2000 Report: Vancouver needs more convention spaceThe Vancouver Sun, March 14VANCOUVER – Vancouver officials can reap twice as much convention visitor spending by expanding the amount of facilities available, according to a report from KPMG, which...
Southeast Regional Digest
March 14, 2000 TBS starts two buildings to cement Atlanta tiesThe Atlanta Journal-Constitution, March 14ATLANTA – Turner Broadcasting plans to add two new facilities that will total 330,000-square-feet at its 35-acre Techwood campus, where it currently has about...
LoopNet Hires Silicon Valley Vet as CFO
March 14, 2000 SAN FRANCISCO – LoopNet Inc., an online commercial mortgage lending site, has hired Robert Hull, formerly chief financial officer at Risk Management Solutions Inc. as the chief financial officer.Hull was with Risk Management, which provides...
Cornerstone Realty Sells 16 Properties for $136.5 Mln
March 14, 2000RICHMOND, Va. – Cornerstone Realty Income Trust (NYSE:TCR) completed the sale of 16 apartment communities, with 3,609 units, for $136.5 million.Proceeds of the sale will be used to pay down Cornerstone's credit line, fund a $35...
Kelvin Davis Leaves Colony, Joins Texas Pacific
March 14, 2000 Kelvin Davis, the chief operating officer and co-founder of Colony Capital Inc., has left to join its affiliate, Texas Pacific Group, in order to handle investments outside of real estate.The departure is totally amicable, according...
Kearny/Lankford Sell San Diego Office Building for $44 Mln
March 14, 2000 SAN DIEGO, Calif. – A partnership between Kearny Real Estate Co. and Lankford & Associates of San Diego has sold a recently completed office building in the Scripps Northridge Corporate Center for $44 million.The 188,275-square-foot...
Archstone to Invest $122 Mln in Long Island Complex
March 14, 2000 DENVER – Archstone Communities (NYSE:ASN) is about to close on a deal to buy 37 acres at the Roosevelt Raceway, a proposed mixed-use property in the Town of Hempstead in Long Island, N.Y.Archstone anticipates that...
Boeing Eyes Sale of Surplus Land in California
March 14, 2000 SEAL BEACH, Calif. – Boeing Realty Corp. is planning to sell 48 acres of undeveloped land next to its Space and Communications Group headquarters in Seal Beach.The property is zoned for light industrial/manufacturing. Boeing has...
U.S. Restaurants Properties 4th-Qtr FFO -$0.05/shr vs $0.08/shr
March 14, 2000 4th-Qtr 994th-Qtr 9812-mos 9912-mos 98FFO ($0.8 mln)$1.3 mln $24.9 mln $18.6 mln FFO/shr (diluted)($0.05) $0.08 $1.46 $1.23 Net Income (Loss)($12.2 mln) $4.5 mln $6.3 mln $1.2 mln Net (Loss)/shr($0.79) ($0.31) ($0.43) ($0.09) Revenue$19.8 mln $15.9...
PRICE TALK: Chase, G.E. Capital $704.2 Mln Conduit
March 14, 2000Chase Commercial Mortgage Securities Corp, 2000-1ClassAmount($mln)Sub. Level(%)RatingS&PRatingDuff & PhelpsAvg.LifePriceTalk(BP)BnchMarkA-1125.226.5AAAAAA5.7+106-109 (L+23-31)Treas.A-2392.426.5AAAAAA10+140-143 (L+38-41)Treas.B3721.25AAAA10+153-156Treas.C33.516.5AA10+165-168Treas.D10.615A-A-10+175-178Treas.E24.611.5BBBBBB10+210 areaTreas.F10.610BBB-BBB-10+255 areaTreas.X704.2N/AAAArAAA--+375*Treas.* At 100 percent constant prepayment rate.
Grand Court Lifestyles Defaults, Heads for Bankruptcy
March 14, 2000BOCA RATON, Fla. – Grand Court Lifestyles Inc. (NASDAQ:GCLI), an operator of senior living facilities, has failed to pay rent on offices it occupies in Florida and New Jersey and debt payments that were due March...
AIMCO Plans to Buy More Properties from Dreyfuss Bros.
March 14, 2000 Apartment Investment and Management Co. (NYSE:AIV), through an operating partnership, expects to acquire five residential communities from Dreyfuss Brothers Inc. by June 30.In December and January, AIMCO bought four other communities from Dreyfuss.In total, AIMCO...
G&L Realty Corp. 4th-Qtr FFO -$0.59/shr vs -$0.95/shr
March 14, 2000 4th-Qtr 994th-Qtr 9812-mos 9912-mos 98FFO ($2.3 mln)($4.3 mln)($6 mln)$0.8 mlnFFO/shr (diluted) ($0.59) ($0.95) ($1.36)$0.17 Extra Gain (Loss) ($0.2 mln) -- ($0.2 mln) -- Net Income (Loss) ($0.9 mln) ($3.1 mln) ($2.1 mln) $4.3 mln Net...
CB Richard Ellis Considers Korean Asset Buy
March 14, 2000 SEOUL (Asia Pulse) - CB Richard Ellis said it is considering buying assets from Korea Asset Management Corp., including land, buildings and other assets taken over in connection with bad loans.The move is based on...
Proposed Philly Baseball Stadium Site Purchased, Newspaper Says
March 13, 2000 The 1.1 million square-foot former headquarters of SmithKline Beecham in Philadelphia, which was to be destroyed to make room for a new downtown stadium, has been purchased by a local developer, Amerimar Enterprises, according to...
AmeriVest Properties Registers for $10 Mln of Common Stock, Warrants
March 13, 2000DENVER – AmeriVest Properties Inc. (AMEX: AMV) today filed a registration statement with the SEC for a public offering of up to $10 million of its common stock and common stock purchase warrants. The offering will...
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...
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...
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...
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...
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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.
