RECENT NEWS
S&P CMBS UPGRADES
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;...
Innovative Financing Facilitates $140Mln Buy of NY Office
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...
Newcastle Pays $11Mln for Phoenix Apartments
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...
CBL Forms Mall Venture With Westfield
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...
S&P Downgrades 4 Classes, Upgrades 2 of JPMorgan 2004-CIBC8
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...
South Jersey Retail Plaza Sells for $22Mln
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...
G REIT Sells Calif. Office Plaza for $52.5Mln
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...
Stagnant Commercial Vacancy Rates Slow Rental Growth
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...
Spreads on AAA CMBS Near 70bp Over Swaps
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 Buys Manhattan Development Site for $34Mln
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...
Credit Suisse’s Michael Stark Joins Park Hill
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...
S&P Downgrades 4 Classes, Upgrades 2 of JPMorgan 2004-CIBC8
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...
South Jersey Retail Plaza Sells for $22Mln
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...
Spreads on AAA CMBS Near 70bp Over Swaps
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...
Credit Suisse’s Michael Stark Joins Park Hill
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...
G REIT Sells Calif. Office Plaza for $52.5Mln
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...
Developer Peter Moore Buys Manhattan Development Site for $34Mln
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...
Stagnant Commercial Vacancy Rates Slow Rental Growth
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...
Suburban Dallas Industrial Building Sold
Maxim Integrated Products has purchased 6431 Longhorn Drive, a 624,473-square-foot industrial building in the Dallas suburb of Irving, Texas.A purchase price was not disclosed, but the property was offered for $95 million. The Sunnyvale, Calif., technology firm purchased...
Redwood Trust Eyes Investing in Synthetic CMBS
Commercial Real Estate Direct Staff ReportRedwood Trust, a Mill Valley, Calif., REIT that started investing in CMBS two years ago, is exploring the CMBS derivatives market in order to diversify its exposure to the asset class.Because of its...
Land Underneath Long Island Retail Center Seen Selling for $80Mln
Commercial Real Estate Direct Staff Report The ground beneath a 360,000-square-foot retail center in Commack, N.Y., is available for sale. It is expected to fetch about $80 million.Eastdil Secured is marketing the fee interest on the property, Crooked...
Resource Capital Also Sees Drop in CMBS Values
Commercial Real Estate Direct Staff ReportAdd Resource Capital Corp. to the long list of investors that are getting hammered by the volatility in the credit markets.The Philadelphia REIT that focuses on the commercial mortgage sector reported earnings today...
JPMorgan Team Buys San Francisco-Area Office Complex for $90Mln
A venture between JPMorgan Investment Management and Seagate Properties has paid about $90 million for the San Rafael Corporate Center, a 157,723-square-foot office complex in San Rafael, Calif.The property was purchased from a venture between Sterling American Property...
Land Underneath Long Island Retail Center Seen Selling for $80Mln
Commercial Real Estate Direct Staff Report The ground beneath a 360,000-square-foot retail center in Commack, N.Y., is available for sale. It is expected to fetch about $80 million.Eastdil Secured is marketing the fee interest on the property, Crooked...
Suburban Dallas Industrial Building Sold
Maxim Integrated Products has purchased 6431 Longhorn Drive, a 624,473-square-foot industrial building in the Dallas suburb of Irving, Texas.A purchase price was not disclosed, but the property was offered for $95 million. The Sunnyvale, Calif., technology firm purchased...
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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.
