RECENT NEWS
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...
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...
FINAL PRICING: $2.3Bln Lehman Brothers Floating-Rate Commercial Mortgage Trust, 2007-LLF C5
ClassAmt$mlnSubLevel%AvgLife (yrs)*RatingS&PRatingFitchRatingMoody'sFinalPricing (bp)BnchmarkA-11,419.8638.401.37AAAAAAAaa+30LiborA-2473.2917.871.76AAAAAAAaa+35LiborA-381.9014.321.81NRAAAAaa+40LiborB53.4212.001.81AAAAAa2+50LiborC48.999.881.81AA-AA-Aa3+60LiborD31.698.501.81A+A+A1+80LiborE28.817.251.81AAA2+90LiborF28.816.001.81A-A-A3+100LiborG28.814.751.81BBB+BBB+Baa1+125LiborH51.862.502.36BBBBBBBaa2+160LiborJ57.630.002.48BBB-BBB-Baa3+230LiborX-12,305.10**NANAAAAAAAAaaNALiborX-22.305.10**NANAAAAAAAAaaNALibor*assumes no extension**Notional amount, interest onlyCollateral balance: $2,305.09 millionBookrunner(s): Lehman BrothersLead Managers: Lehman BrothersCo-managers: RBS Greenwich Capital MarketsMaster Servicer: KeyCorp Real Estate Capital Markets Inc.Special Servicer: TriMont Real Estate Advisors Inc.Trustee: LaSalle BankOriginators: Lehman Brothers...
Suburban Boston Retail Property Sells for $20.6Mln
An affiliate of ACG Equities paid $20.6 million for TJ Maxx Plaza, a 136,270-square-foot retail property in Tyngsborough, Mass.The New York investment firm purchased the property from an affiliate of Stavins & Axlerod Properties of Washington, D.C. Jones...
CIT Opens West Coast Office; Hires Mary Ann Jones
Mary Ann Jones, senior vice president of originations at Centerline Capital Group, has joined CIT Commercial Real Estate as senior director to oversee the expansion of the lender's structured finance operation.CIT Group Inc. launched its commercial real estate...
Manhattan’s Downtown Office Stays Hot, While Midtown Cools
Commercial Real Estate Direct Staff ReportDowntown Manhattan's office market has been even hotter than the weather this summer. But midtown may be feeling a bit of an autumn chill. Downtown's class-A vacancy during July dropped 50 basis points...
FINAL PRICING: $2.9Bln COMM, 2007-C9
ClassAmt$mlnSubLevel%AvgLife (yrs)RatingS&PRatingMoody'sFinalPricing (bp)BnchmarkA-126.5030.002.98AAAAaa+35swapsA-1A257.5630.007.30AAAAaaNAswapsA-2160.4030.004.60AAAAaa+65swapsA-355.7030.006.69AAAAaa+73swapsA-AB64.7930.007.24AAAAaa+72swapsA-41,454.9230.009.77AAAAaa+69swapsA-M103.0520.009.91AAAAaa+76swapsA-MFL180.0020.009.91AAAAaa+64LiborA-J50.0013.259.91AAAAaa+87swapsA-JFL144.7313.259.91AAAAaa+69LiborB32.4612.1259.91AA+Aa1+110swapsC28.8611.1259.91AAAa2+125swapsD32.4610.009.91AA-Aa3+138swapsE25.259.1259.91A+A1+150swapsF21.648.3759.91AA2+160swapsG25.257.509.91A-A3NAswapsH36.076.259.91BBB+Baa1NAswapsJ36.075.009.91BBBBaa2NAswapsK32.463.8759.95BBB-Baa3+350swapsL21.733.1259.99BB+Ba1NATreasM14.492.6259.99BBBa2NATreasN10.872.259.99BB-Ba3NATreasO7.252.009.99B+B1NATreasP10.871.6259.99BB2NATreasQ7.251.3759.99B-B3NATreasS39.850.009.99NRNRNATreasX2,885.52*NANAAAAAaaNATreas*Notional amount, interest onlyCollateral balance: $2,885.52 millionBookrunner(s): Deutsche Bank SecuritiesLead Managers: Deutsche Bank SecuritiesCo-managers: Capmark Securities, Citigroup, KeyBanc Capital Markets, Morgan StanleyB-piece Buyer: Hyperion Brookfield Asset ManagementMaster Servicer: KeyCorp, Wachovia Bank, Capmark FinanceSpecial Servicer: LNR...
Dallas Building Nears Leases; Asking Price Rises
By Jeff Mordock, Commercial Real Estate Direct Staff WriterThanks to the expected signing of a number of leases at 600 E. Las Colinas, a 509,829-square-foot office building in the Dallas suburb of Las Colinas, Texas, the property's owner...
KBS Sells N.J. Office for $33.7Mln
An affiliate of KBS Realty Advisors has sold a two-building office complex in Florham Park, N.J., for $33.7 million, or $149/sf.The Newport Beach, Calif., investment manager sold the property, 25 A&B Vreeland Road, to a venture between the...
Wells to Create Funds for Institutional Investors
Commercial Real Estate Direct Staff ReportWells Real Estate Funds has created a unit to develop new investment vehicles that will raise equity from institutional investors.David Steinwedell has moved from his role as chief investment officer of the Atlanta...
Suburban Boston Retail Property Sells for $20.6Mln
An affiliate of ACG Equities paid $20.6 million for TJ Maxx Plaza, a 136,270-square-foot retail property in Tyngsborough, Mass.The New York investment firm purchased the property from an affiliate of Stavins & Axlerod Properties of Washington, D.C. Jones...
Manhattan’s Downtown Office Stays Hot, While Midtown Cools
Commercial Real Estate Direct Staff ReportDowntown Manhattan's office market has been even hotter than the weather this summer. But midtown may be feeling a bit of an autumn chill. Downtown's class-A vacancy during July dropped 50 basis points...
FINAL PRICING: $2.9Bln COMM, 2007-C9
ClassAmt$mlnSubLevel%AvgLife (yrs)RatingS&PRatingMoody'sFinalPricing (bp)BnchmarkA-126.5030.002.98AAAAaa+35swapsA-1A257.5630.007.30AAAAaaNAswapsA-2160.4030.004.60AAAAaa+65swapsA-355.7030.006.69AAAAaa+73swapsA-AB64.7930.007.24AAAAaa+72swapsA-41,454.9230.009.77AAAAaa+69swapsA-M103.0520.009.91AAAAaa+76swapsA-MFL180.0020.009.91AAAAaa+64LiborA-J50.0013.259.91AAAAaa+87swapsA-JFL144.7313.259.91AAAAaa+69LiborB32.4612.1259.91AA+Aa1+110swapsC28.8611.1259.91AAAa2+125swapsD32.4610.009.91AA-Aa3+138swapsE25.259.1259.91A+A1+150swapsF21.648.3759.91AA2+160swapsG25.257.509.91A-A3NAswapsH36.076.259.91BBB+Baa1NAswapsJ36.075.009.91BBBBaa2NAswapsK32.463.8759.95BBB-Baa3+350swapsL21.733.1259.99BB+Ba1NATreasM14.492.6259.99BBBa2NATreasN10.872.259.99BB-Ba3NATreasO7.252.009.99B+B1NATreasP10.871.6259.99BB2NATreasQ7.251.3759.99B-B3NATreasS39.850.009.99NRNRNATreasX2,885.52*NANAAAAAaaNATreas*Notional amount, interest onlyCollateral balance: $2,885.52 millionBookrunner(s): Deutsche Bank SecuritiesLead Managers: Deutsche Bank SecuritiesCo-managers: Capmark Securities, Citigroup, KeyBanc Capital Markets, Morgan StanleyB-piece Buyer: Hyperion Brookfield Asset ManagementMaster Servicer: KeyCorp, Wachovia Bank, Capmark FinanceSpecial Servicer: LNR...
BoNY, Allied Irish Fund $700Mln Construction Loan
Bank of New York and Allied Irish Bank have provided $700 million of construction financing for II River Place, a proposed 1,359-unit apartment property in midtown Manhattan.The financing, arranged by Cushman & Wakefield Sonnenblick-Goldman, allows developer Larry Silverstein...
Dallas Building Nears Leases; Asking Price Rises
By Jeff Mordock, Commercial Real Estate Direct Staff WriterThanks to the expected signing of a number of leases at 600 E. Las Colinas, a 509,829-square-foot office building in the Dallas suburb of Las Colinas, Texas, the property's owner...
FINAL PRICING: $2.3Bln Lehman Brothers Floating-Rate Commercial Mortgage Trust, 2007-LLF C5
ClassAmt$mlnSubLevel%AvgLife (yrs)*RatingS&PRatingFitchRatingMoody'sFinalPricing (bp)BnchmarkA-11,419.8638.401.37AAAAAAAaa+30LiborA-2473.2917.871.76AAAAAAAaa+35LiborA-381.9014.321.81NRAAAAaa+40LiborB53.4212.001.81AAAAAa2+50LiborC48.999.881.81AA-AA-Aa3+60LiborD31.698.501.81A+A+A1+80LiborE28.817.251.81AAA2+90LiborF28.816.001.81A-A-A3+100LiborG28.814.751.81BBB+BBB+Baa1+125LiborH51.862.502.36BBBBBBBaa2+160LiborJ57.630.002.48BBB-BBB-Baa3+230LiborX-12,305.10**NANAAAAAAAAaaNALiborX-22.305.10**NANAAAAAAAAaaNALibor*assumes no extension**Notional amount, interest onlyCollateral balance: $2,305.09 millionBookrunner(s): Lehman BrothersLead Managers: Lehman BrothersCo-managers: RBS Greenwich Capital MarketsMaster Servicer: KeyCorp Real Estate Capital Markets Inc.Special Servicer: TriMont Real Estate Advisors Inc.Trustee: LaSalle BankOriginators: Lehman Brothers...
KBS Sells N.J. Office for $33.7Mln
An affiliate of KBS Realty Advisors has sold a two-building office complex in Florham Park, N.J., for $33.7 million, or $149/sf.The Newport Beach, Calif., investment manager sold the property, 25 A&B Vreeland Road, to a venture between the...
CIT Opens West Coast Office; Hires Mary Ann Jones
Mary Ann Jones, senior vice president of originations at Centerline Capital Group, has joined CIT Commercial Real Estate as senior director to oversee the expansion of the lender's structured finance operation.CIT Group Inc. launched its commercial real estate...
BoNY, Allied Irish Fund $700Mln Construction Loan
Bank of New York and Allied Irish Bank have provided $700 million of construction financing for II River Place, a proposed 1,359-unit apartment property in midtown Manhattan.The financing, arranged by Cushman & Wakefield Sonnenblick-Goldman, allows developer Larry Silverstein...
Wells to Create Funds for Institutional Investors
Commercial Real Estate Direct Staff ReportWells Real Estate Funds has created a unit to develop new investment vehicles that will raise equity from institutional investors.David Steinwedell has moved from his role as chief investment officer of the Atlanta...
Anglo Irish Lends $141.5Mln for Boston-Area Apartments
Anglo Irish Bank has provided $141.5 million of financing to Metropolitan Properties of America, allowing the Boston company to complete its $181 million acquisition of Granada Highlands, a 910-unit apartment complex in the Boston suburb of Malden, Mass.Metropolitan...
GE Sells Suburban Phila. Office for $35.6Mln
General Electric has sold 500 Virginia Drive, a 366,992-square-foot office building in the Philadelphia suburb of Fort Washington, Pa., for $35.6 million.The firm sold the two-story building to APC Virginia Drive, a private investment group.Cushman & Wakefield marketed...
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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.
