Time Equities Inc. has acquired an office building at 70 W. 36th St. in Manhattan, which it is converting to office condominiums. This is the New York investment firm's second Manhattan office-condo conversion in the past year.Earlier this...

A joint venture between Birtcher Development & Investments and Buchanan Street Partners has sold the South Coast Home Furnishings Centre, a 300,000-square-foot retail property in Costa Mesa, Calif., for $100 million.A Costa Mesa private group purchased the property....

Horizon Group Properties, Inc. has paid $59.1 million for three retail properties totaling 673,587 square feet.The purchase price includes $53 million of existing debt. The Rosemont, Ill., firm bought the properties from an affiliate of Prime Retail Inc....

An affiliate of Security Properties has paid $53 million for Torrey Pines, a 250-unit apartment complex in the Los Angeles suburb of Covina, Calif.The Seattle real estate firm purchased the property from an undisclosed seller. It funded the...

  ClassAmt$mlnSubLevel%AvgLife (yrs)RatingS&PRatingMoody'sFinalPricing (bp)BnchmarkA-1672.0046.681.49AAAAaa+50LiborA-2216.4529.501.73AAAAaa+56LiborB44.1126.001.90AAAAa1+60LiborC37.8123.001.98AA+Aa2+70LiborD37.8020.001.98AAAa3+85LiborE37.8117.001.98AA-A1+105LiborF37.8114.002.31A+A2+125LiborG37.8011.002.93AA3+140LiborH37.818.003.06BBB+Baa1+170LiborJ37.815.003.16BBBBaa2+210LiborK31.502.504.32BBB-Baa3NALiborL31.510.004.81BBB-Ba1NALibor*Notional amount, interest onlyCollateral balance: $1,295.00 Bookrunner(s): Morgan StanleyLead Managers: Morgan StanleyCo-managers: Banc of America, Merrill LynchMaster Servicer: Midland Loan ServicesSpecial Servicer: Midland Loan ServicesTrustee: Wells Fargo BankOriginators: Morgan Stanley (100 percent)Number of Loans/Properties: 13/21Property...

Kenneth J. Witkin, a senior executive with Bank of America's commercial real estate banking group, has been named president and chief executive of CBRE Realty Finance, a Hartford, Conn., mortgage REIT.Witkin, a 25-year veteran of the commercial mortgage...

Triple Net Properties has completed the purchase of a 252-unit apartment complex in North Carolina and a 153,000-square-foot office property in Illinois, on behalf of tenant-in-common investors.The Santa Ana, Calif., company acquired River Ridge in Asheville, N.C., from...

  ClassAmt$mlnSubLevel%AvgLife (yrs)RatingS&PRatingMoody'sFinalPricing (bp)BnchmarkA-1672.0046.681.49AAAAaa+50LiborA-2216.4529.501.73AAAAaa+56LiborB44.1126.001.90AAAAa1+60LiborC37.8123.001.98AA+Aa2+70LiborD37.8020.001.98AAAa3+85LiborE37.8117.001.98AA-A1+105LiborF37.8114.002.31A+A2+125LiborG37.8011.002.93AA3+140LiborH37.818.003.06BBB+Baa1+170LiborJ37.815.003.16BBBBaa2+210LiborK31.502.504.32BBB-Baa3NALiborL31.510.004.81BBB-Ba1NALibor*Notional amount, interest onlyCollateral balance: $1,295.00 Bookrunner(s): Morgan StanleyLead Managers: Morgan StanleyCo-managers: Banc of America, Merrill LynchMaster Servicer: Midland Loan ServicesSpecial Servicer: Midland Loan ServicesTrustee: Wells Fargo BankOriginators: Morgan Stanley (100 percent)Number of Loans/Properties: 13/21Property...

Southfield Crown Realty has paid $19.6 million for Southfield Center, a 160,000-square-foot office building in South Plainfield, N.J. The company, a subsidiary of Navika Capital Group of New York, bought the two-story building from Realty Associates Iowa Corp....

Triple Net Properties has completed the purchase of a 252-unit apartment complex in North Carolina and a 153,000-square-foot office property in Illinois, on behalf of tenant-in-common investors.The Santa Ana, Calif., company acquired River Ridge in Asheville, N.C., from...

Fannie Mae has provided a total of $61.3 million of financing for a pair of apartment properties with 432 units in San Jose, Calif.The neighboring properties, Ellmar Oaks, with 266 units, and Capitol Village, with 166 units, were...

Kenneth J. Witkin, a senior executive with Bank of America's commercial real estate banking group, has been named president and chief executive of CBRE Realty Finance, a Hartford, Conn., mortgage REIT.Witkin, a 25-year veteran of the commercial mortgage...

Southfield Crown Realty has paid $19.6 million for Southfield Center, a 160,000-square-foot office building in South Plainfield, N.J. The company, a subsidiary of Navika Capital Group of New York, bought the two-story building from Realty Associates Iowa Corp....

Commercial Real Estate Direct Staff ReportIn what could be among the last loans of its kind to close before the window is shut on such financings, Wachovia Bank provided $1.5 billion of floating-rate financing for Cabi Developers' acquisition...

Fitch Ratings has downgraded the $18.8 million class N of Credit Suisse First Boston Mortgage Securities Corp., 2005-CND2, to B- from BB-, because of expected special servicing fees and concerns over two matured collateral loans.In addition, the rating...

Hermani Management has paid $41.5 million for a portfolio of four Fairfield Inn and Hampton Inn hotels with 331 rooms in the Washington, D.C., area.Hermani, a Galloway, N.J., investor and manager led by the Khati family, purchased the...

Steve Inman, chief credit officer of Centerline Capital Group, is retiring.Inman will be replaced on an interim basis by Donald J. Meyer, executive managing director of Centerline and its chief investment officer. Inman will serve as a consultant...

Commercial Real Estate Direct Staff ReportBuyers of CMBS B-pieces, many of which have been laying low since volatility in the structured finance markets increased appreciably over the past few weeks, are becoming pickier in terms of what loans...

Fitch Ratings has downgraded the $18.8 million class N of Credit Suisse First Boston Mortgage Securities Corp., 2005-CND2, to B- from BB-, because of expected special servicing fees and concerns over two matured collateral loans.In addition, the rating...

Commercial Real Estate Direct Staff ReportIn what could be among the last loans of its kind to close before the window is shut on such financings, Wachovia Bank provided $1.5 billion of floating-rate financing for Cabi Developers' acquisition...

Hermani Management has paid $41.5 million for a portfolio of four Fairfield Inn and Hampton Inn hotels with 331 rooms in the Washington, D.C., area.Hermani, a Galloway, N.J., investor and manager led by the Khati family, purchased the...

Steve Inman, chief credit officer of Centerline Capital Group, is retiring.Inman will be replaced on an interim basis by Donald J. Meyer, executive managing director of Centerline and its chief investment officer. Inman will serve as a consultant...

Commercial Real Estate Direct Staff ReportBuyers of CMBS B-pieces, many of which have been laying low since volatility in the structured finance markets increased appreciably over the past few weeks, are becoming pickier in terms of what loans...

Commercial Real Estate Direct Staff ReportA nonperforming loan backed by Robinson Plaza, a 175,992-square-foot office complex in the Pittsburgh suburb of Robinson Township, Pa., is being offered for sale.The three-building property had served as collateral for an $8...

By Jeff Mordock, Commercial Real Estate Direct Staff WriterRreef Funds is offering for sale the Embassy Building, a 199,626-square-foot office building in the Dallas suburb of Irving, Texas.The New York investment manager has tapped the Dallas office of...