Valuation: Between $50 million and $100 million
BRE Properties to Raise $98Mln in Share Offering
September 17, 2003 BRE Properties Inc. (NYSE:BRE) expects to raise $98 million through a public offering of 3 million common shares. The offering is being underwritten by Wachovia Securities, which has an option for another 450,000 shares for over-allotments.Some of ...
CNL Borrows Another $88Mln From BofA
September 17, 2003 Commercial Real Estate Staff ReportCNL Hospitality Properties Inc. has drawn an additional $88 million against a bridge loan from Bank of America to finance its recent acquisition of RFS Hotel Investors.With the latest draw, the Orlando, Fla., ...
Home Properties Pays $59Mln for Md. Apartments
September 16, 2003 Home Properties (NYSE:HME) has purchased the 450-unit Falkland Chase Apartments in Silver Spring, Md., for about $59 million.The Rochester, N.Y., REIT assumed $24.7 million of floating-rate bond financing on the property. It tapped its line of credit ...
LTC Properties to Sell $50Mln of Preferred Stock
September 16, 2003 LTC Properties Inc. (NYSE:LTC) plans to raise $50 million through a public offering of 2 million shares of 8.5 percent series E cumulative convertible preferred stock at $25/share.Each share of series E preferred stock will be convertible ...
Mortgage on Clift Hotel Placed on Sales Block
GMAC Commercial Mortgage, the special servicer for the CMBS deal that owns a $57 million mortgage on San Francisco's Clift Hotel, has hired Ackman-Ziff to market the loan for sale. It hopes to recover face value.
Hartford, Conn., Office Complex Sells for $66Mln
September 15, 2003 Harbor Group International has paid $66 million, or $78.10/sf, for State House Square, an 845,000-square-foot office complex in Hartford, Conn.Harbor, a Norfolk, Va., investment firm, bought the 92 percent-leased property from Aetna Life, which was represented by ...
Keystone Gets $75Mln Loan from Wells Fargo
September 15, 2003 Keystone Property Trust (NYSE:KTR) has lined up a $75 million unsecured term loan from Wells Fargo Bank.The five-year loan carries a rate that ranges from Libor plus 135 basis points to Libor plus 175 bp, depending on ...
Divco West in Talks to Buy Market Center Loan
Divco West Properties is said to the lead bidder for a matured mortgage on Market Center, a 743,134-square-foot office complex in San Francisco. The loan sale could value the property at up to $80 million.
2 NC Apartment Communities Sold
September 11, 2003 Charlotte Business JournalWaterford Square Apartments in Charlotte, N.C., has been sold to St. Louis-based Midwest Diversified Development Corp. for $41.2 million. The 694-unit development, at 7601 Waterford Square Drive, was sold by Lend Lease Real Estate Investments ...
Key Bank Provides $63Mln for Ind. Retail Center
September 11, 2003 Key Bank has provided $63 million of mortgage debt for Jefferson Pointe, a 544,000-square-foot shopping center in Fort Wayne, Ind.The property, which is 91 percent leased, is anchored by a 134,000-sf Von Maur department store and an ...
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