RECENT NEWS
FINAL PRICING: Heller/Prudential/RFC $956.9 CMBS Conduit
February 2, 2000 Go To Initial Price Talk (Jan. 27)Go To Revised Price Talk (Feb. 1)Heller Financial Commercial Mortgage Asset Corp., 2000-PH1ClassAmount($mln)Sub. Level(%)RatingFitchRatingMoody'sAvg.LifePriceTalk(BP)BnchMarkA-117126.5AAAAaa5.7+109.5Treas.A-2532.326.5AAAAaa9.5+128.75Treas.B43.122AAAa29.8143.75Treas.C47.817AA29.8156.75Treas.D11.915.75A-A39.9166.75Treas.E*35.912BBBBaa29.9186.75Treas.F*14.410.5BBB-Baa39.9251.75Treas.X**956.9--AAAAaa9.3NATreas.* Privately placed. ** Interest only, notional amount. N/A Not available.
FelCor Lodging Trust 4th-Qtr FFO $0.87/shr vs $0.82/shr
February 2, 2000 4th-Qtr 994th-Qtr 9812-mos 9912-mos 98FFO $63.7 mln$62.2 mln $286.9 mln $217.4 mln FFO/shr (diluted) $0.87 $0.82 $3.81 $3.75 Extra Gain (Loss) -- -- ($1.1 mln) ($3.1 mln) Net Income $17.3 mln $24.2 mln $106.3 mln...
Citizen Watch Signs $15 Mln Lease in Los Angeles
February 2, 2000 By Brad Berton, IPGDirect.com Contributing EditorCitizen Watch Co. of America is relocating its West Coast regional headquarters operation to about 130,000 square feet of office, service and distribution space at the Pacific Gateway business park....
Westfield America 4th-Qtr FFO $0.47/shr vs $0.43/shr
February 2, 2000 4th-Qtr 994th-Qtr 9812-mos 9912-mos 98FFO $49.7 mln$41 mln $177 mln $140.8 mln FFO/shr (diluted) $0.47 $0.43 $1.73 $1.63 Net Income $19.7 mln $12 mln $54.3 mln $106.2 mln Revenue$131.3 mln $111.2 mln $503.8 mln $328.5...
Finova Realty Shuffles Management Ranks, Brandes Steps Aside
February 2, 2000 IRVINE, Calif. – R.J. Brandes, executive managing director of Finova Realty Capital, is stepping aside from his day-to-day oversight of the operation.In his place, William G. Campbell was named managing director in charge of the...
Canada Regional Digest
February 2, 2000 Hotel, others eye Daly projectThe Ottawa Citizen, February 2OTTAWA – Operators of the Chateau Laurier Hotel are looking at expanding across the street into a new 10-story building set to rise this year on the...
First Union, Wellsford Kill Merger Talks
February 2, 2000 NEW YORK – First Union Real Estate Investments (NYSE:FUR) and Wellsford Real Properties Inc. (AMEX:WRP) have terminated negotiations concerning a possible business combination or other transaction.Reasons for the termination could not be immediately learned. The...
Southeast Regional Digest
February 2, 2000 UPS seeking site for e-commerce unitsAtlanta Journal-Constitution, February 2ROSWELL, Ga. – United Parcel Service has set its sights on the former Herman Miller Inc. campus here. UPS is focusing on the 220,000-square-foot office building that...
FINAL PRICING: Salomon Smith Barney $452 Floating-Rate CMBS
February 2, 2000 Salomon Smith Barney*, $452 Million Multi-Tranche Floating-Rate Commercial Mortgage-Backed SecuritiesClassAmount($mln)Credit support(%)RatingMoody'sRatingS&PAvg.LifeSpread(BP)BnchMarkA235.248AAAAAA1.0+301-mo. LiborB56.535.5AA2NR1.2+451-mo. LiborC36.227.5A2NR1.3+951-mo. LiborD38.419Baa2NR2.7+1901-mo. LiborE10.216.75Baa3NR2.7+2501-mo. Libor*Co-managed by Chase Manhattan Securities and Deutsche Banc Alex. Brown.NR: Not rated.
Tishman Speyer, Douglas Emmett Realty Finalists for MGM Plaza
February 2, 2000 Tishman Speyer Properties of New York and Douglas Emmett Realty Advisors of Los Angeles appear to be the finalists to buy Maguire Partners' MGM Plaza in Los Angeles, according to the Wall Street Journal.The newspaper...
Shorenstein Buys New Orleans Building, Seeks More Buys
February 2, 2000 Shorenstein Co. is getting back into the acquisition game. After a nearly four-year period during which the San Francisco company watched others bid up the price of commercial real estate, Shorenstein has decided that the...
Long-time Citigroup Exec Joins Cushman & Wakefield as Head of Corporate Services
February 2, 2000 NEW YORK – Steve Binder, a former director of global planning at Citigroup, has joined Cushman & Wakefield as managing director of corporate services.In his new post, Binder is charged with managing Cushman's national and...
Warburg, Cigna Lend $145 Mln for Simon Mall Buy
February 2, 2000 Warburg Dillon Read and Cigna Corp. are providing $145 million of floating-rate debt for the Emerald Square Mall, an Attleboro, Mass., mall purchased by a Simon Property Group Inc.-led venture.The financing was reported in today's...
Salomon Prices $452 Mln Floater at Good Spreads
February 2, 2000 By Thomas J. Walsh, IPGDirect.com Senior WriterIllustrating strong investor demand for floating-rate real estate bonds, Salomon Smith Barney's $452.3 million commercial mortgage-backed securities deal priced fairly well earlier this week.The deal's $235.2 million triple-A class,...
Spieker Properties 4th-Qtr FFO $0.92/shr vs $0.79/shr
February 2, 2000 4th-Qtr 994th-Qtr 9812-mos 9912-mos 98FFO $69.7 mln$58 mln$258.8 mln $215.1 mln FFO/shr (diluted) $0.92 $0.79 $3.46 $2.96 Net Income $74 mln$31.8 mln $187.3 mln $130.4 mln Net/shr$1.12 $0.50 $2.89 $2.07 Revenue$169.8 mln $151.4 mln $643.8...
REVISED PRICE TALK: Heller/Prudential/RFC $956.9 CMBS Conduit
February 1, 2000 Price talk from last week on the Heller 2000-PH1 issue widened significantly today, in line with swap spreads. The following is the revised guidance. Final pricing on the deal could come later today, or early...
Franchise Finance Corp. 4th-Qtr FFO $0.70/shr vs $0.61/shr
February 1, 2000 4th-Qtr 994th-Qtr 9812-mos 9912-mos 98FFO $39.4 mln$30.1 mln $145.1 mln $112 mln FFO/shr (diluted) $0.70 $0.61 $2.61 $2.34 Net Income $40.5 mln $24.9 mln $148.7 mln $95.7 mln Net/shr$0.72 $0.51 $2.68 $2.00 Revenue$57.3 mln $46.8...
Boston Properties Buys 75% Stake In Building for $84 Mln
February 1, 2000 Boston Properties, which last week purchased Reston Overlook in Reston, Va., had owned a 25 percent interest in the 444,000-square-foot, two-building complex.When the Boston REIT had announced its purchase, it did not disclose the size...
Canada Regional Digest
February 1, 2000 Exports, more jobs crank up economyThe Globe and Mail, February 1TORONTO – The Canadian economy cranked up the pace in November with a huge expansion that was driven by strong export growth and a big...
Mack-Cali Signs Keystone Mercy to 303,000 sf Lease
February 1, 2000 CRANFORD, N.J. – Mack-Cali Realty Corp. (NYSE: CLI) has signed Keystone Mercy Health Plan to a 15-year lease for 303,149 square feet of office space at the Airport Business Center in Lester, Pa. Keystone will...
Southeast Regional Digest
February 1, 2000 Developer buys back medical buildingsPalm Beach Post, February 1WEST PALM BEACH, Fla. – Developer Bruce Rendina is buying back most of the $200-million portfolio of medical buildings he sold two years ago to the Meditrust...
UPDATE: Heller-Pru CMBS Deal to Price Wednesday
February 1, 2000The $956.9 commercial mortgage-backed securities conduit from Prudential Securities, Heller Financial and Residential Funding Corp. will price Wednesday morning, according to an executive involved in the deal. Earlier today, price guidance was revised outward, reflecting current...
Ft. Worth, Texas, Office Market Shines Despite High Vacancy Rates
February 1, 2000By Debra Beachy, IPGDirect.com CorrespondentHOUSTON – Although Fort Worth has among the country's highest office vacancy rates, a unit of CB Richard Ellis has ranked the Texas city second, after New York City, as the best...
UNUM Taps WMF to Service $657 Mln of Mortgages
February 1, 2000 VIENNA, Va. – A unit of WMF Group (NASDAQ:WMFG) has been selected as national loan servicer by UNUMProvident Corp.The transaction adds 154 commercial mortgages, with a balance of $657 million, to WMF Washington Mortgage Corp.'s...
Schooner In Talks With Golf Trust For ‘Going Private’ Deal
February 1, 2000 (NewsTraders.com) -- Boston-based investment firm Schooner Capital LLC disclosed Friday afternoon in a regulatory filing that it recently expressed interest in working with Golf Trust of America (AMEX:GTA) on a 'going private' transaction.Schooner, which forwarded...
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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.
