RECENT NEWS
NorthStar/Whitehall Venture Abort Proposed $1.9Bln Acquisition
Commercial Real Estate Direct Staff ReportA venture between NorthStar Realty Finance Corp. and Goldman Sachs' Whitehall Street Real Estate Funds has aborted its proposed $1.9 billion portfolio of apartment properties.The venture was to pay $525 million for the...
CalPERS Eyes Up to $2.5Bln of Investments in Infrastructure
Commercial Real Estate Direct Staff reportCalifornia Public Employees Retirement System will be investing up to $2.5 billion in infrastructure assets. The pension fund's board has approved a pilot program that would invest $500 million to $2.5 billion in...
Inland American Closes in on $709Mln Buy of Apple Hospitality Five
Commercial Real Estate Direct Staff ReportInland American Real Estate Trust is closing in on its acquisition of Apple Hospitality Five, a $709 million deal that will give it 27 upscale, extended-stay hotels with 3,539 rooms.The Oak Brook, Ill.,...
Austin, Texas, Office Sold for $119.8Mln
Commercial Real Estate Direct Staff ReportNational Office Properties paid $119.8 million for 301 Congress Ave., a 418,338-square-foot office building in Austin, Texas.As reported, the 22-story property was sold by a venture between Crescent Real Estate Equities Co. and...
Las Vegas Shopping Center on Sales Block for $20.4Mln
Toibb Enterprises has place Warm Springs Plaza, a 75,964-square-foot shopping center in Las Vegas, on the sales block. The Woodland Hills, Calif., firm is listing the property through Hanley Investment Group Real Estate Advisors of Irvine, Calif., with...
Moody’s Watches for Downgrade Class from Wachovia 2005-WHALE6
Moody's Investors Service has placed the Baa3 rating of the $32.8 million class K of Wachovia Bank Commercial Mortgage Trust, 2005-WHALE 6 under review for possible downgrade.The rating action was prompted by the poor performance of two collateral...
S&P CMBS UPGRADES
Deal NameCurrentPoolBal. $mlnOrig.PoolBal $mlnClassSize$mlnS&PNewRatingS&POldRatingReason for Rating ActionBear Stearns Commercial Mortgage Securities Trust, 2004-PWR3958.21,108.0B26.3AA+AA-Increased subordination; defeasance (6 percent of pool)---C12.5AAAA--COMM, 2005-LP51,720.01,790.0GMB-127.5AAABBBDefeasance of GM Building loan---GMB-228.0AAABBB-----GMB-316.2AAABBB--
Inland Identified as Partner in Lexington Realty Venture
Commercial Real Estate Direct Staff ReportInland American Real Estate Trust is forming a venture with an affiliate of Lexington Realty Trust to invest in properties throughout the United States that are net leased to single tenants.News of the...
MOODY’S CMBS UPGRADES
Deal NameCurrentPoolBal. $mlnOrig.PoolBal $mlnClassSize$mlnMoody'sNewRatingMoody'sOldRatingReason for Rating ActionHeller Financial Commercial Mortgage Asset Corp., 2000 PH-1707.8957.0E35.9AaaAa1Increased subordination; defeasance (37.5 percent of pool)---F14.4Aa1Aa3----H19.1Baa3Ba2----J9.6Ba2Ba3-Credit Suisse First Boston Commercial Mortgage Corp., 2002-CKP1875.1992.9D26.1AaaAa1Increased subordination; defeasance (14.3 percent of pool)---E14.9Aa2Aa3----F13.7A1A2----G14.9A2A3-First Union National Bank Commercial...
CalPERS Eyes Up to $2.5Bln of Investments in Infrastructure
Commercial Real Estate Direct Staff reportCalifornia Public Employees Retirement System will be investing up to $2.5 billion in infrastructure assets. The pension fund's board has approved a pilot program that would invest $500 million to $2.5 billion in...
S&P Downgrades Classes from 9 TruPS CDOs
Standard & Poor's has downgraded 46 classes of collateralized debt obligations backed by trust preferred shares because of the "weakening credit quality" of the mortgage REITS that issued the TruPS.The 46 classes are from nine CDO transactions. The...
Austin, Texas, Office Sold for $119.8Mln
Commercial Real Estate Direct Staff ReportNational Office Properties paid $119.8 million for 301 Congress Ave., a 418,338-square-foot office building in Austin, Texas.As reported, the 22-story property was sold by a venture between Crescent Real Estate Equities Co. and...
CB Richard Ellis Launches Equity, Debt-Placement Unit
CB Richard Ellis has hired two seasoned real estate professionals to run a new unit within its capital markets group that will help clients raise equity and high-yield debt.The two executives are Michael C. Coyne, who previously was...
GE Provides $30Mln of Debt for Long Island Retail Center
GE Real Estate has provided $30 million of financing for Southgate shopping center, a 117,000-square-foot property in the Long Island community of Massapequa, N.Y.The lender structured the debt as a $10 million fixed-rate mortgage and $20 million revolving...
Praedium Pays $44.1Mln for Fla. Properties
Praedium Group has paid $44.1 million for a portfolio of three properties in the Tampa, Fla., area and another in West Palm Beach, Fla.The properties, with 304,000 square feet, were purchased from Capital Realty Investors, a Tampa investment...
Eurohypo Lends $400Mln for KPMG Tower
Eurohypo has provided $400 million of financing for KPMG Tower, a 1.1 million-square-foot office building in downtown Los Angeles that is owned by Maguire Properties Inc. The five-year loan pays a floating rate pegged to Libor plus 150...
John Beaman Leaves Lehman
Commercial Real Estate Direct Staff ReportJohn Beaman, a senior vice president and the head of CMBS trading at Lehman Brothers, has left the firm.One individual said he left to "pursue other opportunities." Lehman would not comment on his...
CMBS Market, Like Others, Still Ails
Commercial Real Estate Direct Staff ReportBear Stearns and Morgan Stanley late yesterday priced a $3.3 billion conduit transaction at spreads that indicate the CMBS market is still far from its pre-correction buoyancy.The super-senior AAA class from the deal,...
CB Richard Ellis Launches Equity, Debt-Placement Unit
CB Richard Ellis has hired two seasoned real estate professionals to run a new unit within its capital markets group that will help clients raise equity and high-yield debt.The two executives are Michael C. Coyne, who previously was...
BentleyForbes Seeks Equity Partner for Massive National Portfolio
Commercial Real Estate Direct Staff ReportBentleyForbes is seeking partners for its eight largest properties, representing roughly 5.8 million square feet of office space and a 387-room hotel.The Los Angeles firm has tapped Eastdil Secured to market stakes of...
GE Provides $30Mln of Debt for Long Island Retail Center
GE Real Estate has provided $30 million of financing for Southgate shopping center, a 117,000-square-foot property in the Long Island community of Massapequa, N.Y.The lender structured the debt as a $10 million fixed-rate mortgage and $20 million revolving...
Praedium Pays $44.1Mln for Fla. Properties
Praedium Group has paid $44.1 million for a portfolio of three properties in the Tampa, Fla., area and another in West Palm Beach, Fla.The properties, with 304,000 square feet, were purchased from Capital Realty Investors, a Tampa investment...
Eurohypo Lends $400Mln for KPMG Tower
Eurohypo has provided $400 million of financing for KPMG Tower, a 1.1 million-square-foot office building in downtown Los Angeles that is owned by Maguire Properties Inc. The five-year loan pays a floating rate pegged to Libor plus 150...
John Beaman Leaves Lehman
Commercial Real Estate Direct Staff ReportJohn Beaman, a senior vice president and the head of CMBS trading at Lehman Brothers, has left the firm.One individual said he left to "pursue other opportunities." Lehman would not comment on his...
CMBS Market, Like Others, Still Ails
Commercial Real Estate Direct Staff ReportBear Stearns and Morgan Stanley late yesterday priced a $3.3 billion conduit transaction at spreads that indicate the CMBS market is still far from its pre-correction buoyancy.The super-senior AAA class from the deal,...
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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.
