The group that acquired a development tract at 537-545 W. 27th St. in Manhattan are looking to win air rights that would allow the development of a larger property than originally expected.The group is comprised of Jay Furman,...

  ClassAmt$mlnSubLevel%AvgLife (yrs)RatingS&PRatingFitchFinalPricing (bp)BnchmarkA-161.7030.003.39AAAAAA+35swapsA-1A278.7430.008.58AAAAAANAswapsA-2227.4030.004.82AAAAAA+63swapsA-372.8030.007.04AAAAAA+74swapsA-4796.8930.009.70AAAAAA+68swapsA-M205.3620.009.88AAAAAA+79swapsA-J177.1211.3759.88AAAAAA+85swapsB33.379.759.91AAAA+125swapsC15.409.009.97AA-AA-+140swapsD28.247.6259.97AA+160swapsE15.406.8759.97A-A-+190swapsF30.805.37510.04BBB+BBB++235swapsG23.104.2511.75BBBBBBNAswapsH20.543.2511.88BBB-BBB-NAswapsJ10.272.7512.78BB+BB+NATreasK5.132.5013.47BBBBNATreasL7.702.12513.47BB-BB-NATreasM5.131.87513.47B+B+NATreasN5.131.62513.47BBNATreasO7.701.2513.85B-B-NATreasP25.67NA15.23NRNRNATreasX2,503.61*NA8.73AAAAAANATreas*Notional amount, interest onlyCollateral balance: $2,503.61 millionBookrunner(s): Morgan StanleyLead Managers: Morgan StanleyCo-managers: Bear Stearns, RBS Greenwich Capital, RBC Capital MarketsB-piece Buyer: Centerline REITMaster Servicer: Capmark Finance, Prudential Asset ResourcesSpecial Servicer: Centerline Servicing Inc.Trustee: Wells Fargo...

  Deal NameCurrentPoolBal. $mlnOrig.PoolBal $mlnClassSize$mlnS&PNewRatingS&POldRatingReason for Rating ActionCDC Commercial Mortgage Trust, 2002-FX1581.9637.5G12.8AAAA-Increased subordination; defeasance (51 percent of pool)---H9.6AA-A-----J14.3A-BBB+----K12.7BBBBBB-----L6.4BB+BB----M4.8BBBB-----N4.0BB-B+----P3.2B+B-Morgan Stanley Capital I Inc., 2006-XLF571.51,560.0B34.2AAAAA+Increased subordination---C53.3AAAAA----D38.0AAAAA----E69.5AAAAA----F23.7AAAA-----G23.7AA-A+----H23.7A+A----J23.3A--Morgan Stanley Capital I Inc., 1999-CAM1240.2806.5E20.2AAAAA-Increased subordination---F8.1AA+A+----G14.1AA-BBB+----H14.1A-BBB--First Union National Bank Commercial Mortgage Trust, 2001-C2867.81,002.0F10.0AAAAA+Increased subordination;...

Westfield Group and CBL & Associates Properties have formed a venture that will own a series of malls contributed by the two companies.Westfield is contributing three St. Louis-area malls with 3.3 million square feet to the venture, CW...

IMT Capital has raised $350 million in equity commitments for an investment fund that will pursue investments in value-add multifamily properties.The investment vehicle, IMT Capital Fund, seeks under-valued multifamily property in key domestic markets. Institutional investors that include...

  ClassAmt$mlnSubLevel%AvgLife (yrs)RatingS&PRatingFitchFinalPricing (bp)BnchmarkA-161.7030.003.39AAAAAA+35swapsA-1A278.7430.008.58AAAAAANAswapsA-2227.4030.004.82AAAAAA+63swapsA-372.8030.007.04AAAAAA+74swapsA-4796.8930.009.70AAAAAA+68swapsA-M205.3620.009.88AAAAAA+79swapsA-J177.1211.3759.88AAAAAA+85swapsB33.379.759.91AAAA+125swapsC15.409.009.97AA-AA-+140swapsD28.247.6259.97AA+160swapsE15.406.8759.97A-A-+190swapsF30.805.37510.04BBB+BBB++235swapsG23.104.2511.75BBBBBBNAswapsH20.543.2511.88BBB-BBB-NAswapsJ10.272.7512.78BB+BB+NATreasK5.132.5013.47BBBBNATreasL7.702.12513.47BB-BB-NATreasM5.131.87513.47B+B+NATreasN5.131.62513.47BBNATreasO7.701.2513.85B-B-NATreasP25.67NA15.23NRNRNATreasX2,503.61*NA8.73AAAAAANATreas*Notional amount, interest onlyCollateral balance: $2,503.61 millionBookrunner(s): Morgan StanleyLead Managers: Morgan StanleyCo-managers: Bear Stearns, RBS Greenwich Capital, RBC Capital MarketsB-piece Buyer: Centerline REITMaster Servicer: Capmark Finance, Prudential Asset ResourcesSpecial Servicer: Centerline Servicing Inc.Trustee: Wells Fargo...

By Jeff Mordock, Commercial Real Estate Direct Staff WriterNewcastle Investment Corp. has paid $11 million for Quail Pointe, a 264-unit apartment complex in Phoenix.The New York real estate firm purchased the complex from Pro Properties, a Phoenix apartment...

The group that acquired a development tract at 537-545 W. 27th St. in Manhattan are looking to win air rights that would allow the development of a larger property than originally expected.The group is comprised of Jay Furman,...

Deal NameCurrentPoolBal. $mlnOrig.PoolBal $mlnClassSize$mlnFitchNewRatingFitchOldRatingReason for Rating ActionMorgan Stanley Capital I Inc., 1998-WF2504.91,060.0F21.2AAAAAIncreased subordination---G23.9A+A-----H10.6BBB+BBB----J8.0BBBBBB-----K8.0BB+BB-CSFB Mortgage Securities Corp., 2006-TFL1583.61,080.0B39.0AAAAA+Increased subordination---C34.0AA+AA----D27.0AAAA-----E29.0AA-A+----F24.0A+A----G25.0AA-----H25.0A-BBB+-GMAC Commercial Mortgage Securities Corp., 2002-C3709.3777.4F9.7AAAAA+Increased subordination; defeasance (26.3 percent of pool)---G9.7AAAA-----H9.7A+A-Banc of America, First Union Commercial Mortgage Trust, 2001-3956.81,140.0G17.1AAAAA+Defeasance (25.9...

  Deal NameCurrentPoolBal. $mlnOrig.PoolBal $mlnClassSize$mlnS&PNewRatingS&POldRatingReason for Rating ActionCDC Commercial Mortgage Trust, 2002-FX1581.9637.5G12.8AAAA-Increased subordination; defeasance (51 percent of pool)---H9.6AA-A-----J14.3A-BBB+----K12.7BBBBBB-----L6.4BB+BB----M4.8BBBB-----N4.0BB-B+----P3.2B+B-Morgan Stanley Capital I Inc., 2006-XLF571.51,560.0B34.2AAAAA+Increased subordination---C53.3AAAAA----D38.0AAAAA----E69.5AAAAA----F23.7AAAA-----G23.7AA-A+----H23.7A+A----J23.3A--Morgan Stanley Capital I Inc., 1999-CAM1240.2806.5E20.2AAAAA-Increased subordination---F8.1AA+A+----G14.1AA-BBB+----H14.1A-BBB--First Union National Bank Commercial Mortgage Trust, 2001-C2867.81,002.0F10.0AAAAA+Increased subordination;...

Commercial Real Estate Direct Staff ReportCarlton Advisory Services helped structure $130 million of debt and equity, enabling Metropolitan Real Estate Investors to complete its acquisition of 292 Madison Ave. in Manhattan. The transactions, a mortgage financing and the sale of...

Westfield Group and CBL & Associates Properties have formed a venture that will own a series of malls contributed by the two companies.Westfield is contributing three St. Louis-area malls with 3.3 million square feet to the venture, CW...

By Jeff Mordock, Commercial Real Estate Direct Staff WriterNewcastle Investment Corp. has paid $11 million for Quail Pointe, a 264-unit apartment complex in Phoenix.The New York real estate firm purchased the complex from Pro Properties, a Phoenix apartment...

Standard & Poor's has downgraded four classes of JPMorgan Chase Commercial Mortgage Securities Corp., 2004-CIBC8, because of a $13.9 million principal loss resulting from the liquidation of a $26.6 million apartment loan.The loss has impacted credit support levels...

AEW Capital Management has paid $22 million for Mullica Hill Plaza, a 90,876-square-foot retail property in Mullica Hill, N.J.The Boston investment manager purchased the property from Madison Development Inc. of Philadelphia. Marcus & Millichap brokered the deal.Mullica Hill...

Dominguez Industrial Center LLC has paid $52.5 million for the Madrona Buildings, a 211,000-square-foot office complex in the Los Angeles suburb of Torrance, Calif.The Los Angeles investment group purchased the four-building property from G REIT, an affiliate of...

Commercial vacancy rates remained relatively unchanged throughout the country, according to a second quarter survey by Property & Portfolio Research, a Boston firm, which tracks the market.Apartment and industrial vacancy rates remained flat from the first quarter at...

Commercial Real Estate Direct Staff ReportCMBS spreads continue to widen, with super-senior AAA bonds now being quoted at levels of about 70 basis points over swaps.The bright side is that the near glut of transactions that had been...

Developer Peter Moore has acquired an 88,000-square-foot development site in Manhattan's Hudson Square for $34 million. Olympic Diamond Corp., a diamond manufacturer, sold the property at 357 and 361 West St. and 156-162 Leroy St. Eastern Consolidated Properties...

Michael Stark, a founding member of Credit Suisse's real estate private fund group, has joined Park Hill Real Estate Group as senior managing principal.Stark will be co-head of Park Hill, a unit of Blackstone Group that provides equity-placement...

Standard & Poor's has downgraded four classes of JPMorgan Chase Commercial Mortgage Securities Corp., 2004-CIBC8, because of a $13.9 million principal loss resulting from the liquidation of a $26.6 million apartment loan.The loss has impacted credit support levels...

AEW Capital Management has paid $22 million for Mullica Hill Plaza, a 90,876-square-foot retail property in Mullica Hill, N.J.The Boston investment manager purchased the property from Madison Development Inc. of Philadelphia. Marcus & Millichap brokered the deal.Mullica Hill...

Commercial Real Estate Direct Staff ReportCMBS spreads continue to widen, with super-senior AAA bonds now being quoted at levels of about 70 basis points over swaps.The bright side is that the near glut of transactions that had been...

Michael Stark, a founding member of Credit Suisse's real estate private fund group, has joined Park Hill Real Estate Group as senior managing principal.Stark will be co-head of Park Hill, a unit of Blackstone Group that provides equity-placement...

Dominguez Industrial Center LLC has paid $52.5 million for the Madrona Buildings, a 211,000-square-foot office complex in the Los Angeles suburb of Torrance, Calif.The Los Angeles investment group purchased the four-building property from G REIT, an affiliate of...