Finance REITs
CNL, Macquarie Plan $1.5B Global REIT
Jan. 07, 2009
Orlando-based CNL Financial Group and Sydney's Macquarie Group have joined forces for the first time to establish a new global REIT, CNL Macquarie Global Growth Trust Inc., which will pursue opportunities in just about every sector of commercial real estate in various areas around the world. The partners can afford to think big, as the proposed total offering for the REIT is $1.5 billion.
Education Realty Nabs $222M
Jan. 06, 2009
Student housing REIT Education Realty Trust Inc. has closed a $222 million secured credit facility, courtesy of Fannie Mae DUS lender Red Mortgage Capital Inc., and is wasting precious little time making use of the proceeds.
SL Green Aims to Raise $95M with Sharp Dividend Cut
Dec. 30, 2008
SL Green Realty Corp. has slashed a planned dividend payment in efforts to pay down debt and conserve funds for future investments. The company set the new dividend payment at $0.375 per common share for the fourth quarter of 2008. The third quarter dividend was $0.7875 per share.
KBS REIT II Nabs San Jose Office for $35M
Dec. 23, 2008
KBS REIT II has acquired a 142,000-square-foot office building in San Jose, Calif., for $35.7 million. The property, located at 350 East Plumeria Dr., is fully-leased to Netgear Inc., a designer and developer of networking software, which houses its headquarters in the building.
ProLogis Buy Eases Debt Squeeze on European Unit
Dec. 22, 2008
Facing a looming CMBS debt maturity next summer, ProLogis European Properties is getting some much-needed breathing room from its corporate parent. In a deal valued at about 43 million euros, or $61 million, Luxemborg-based PEPR is selling ProLogis a 20 percent share of a private investment fund.
First Industrial Gets $110M Loan for CalSTRs JVs, Discontinues European Operations
Dec. 19, 2008
First Industrial Realty Trust Inc. has obtained a new $110 million term loan facility for its joint ventures with the California State Teachers’ Retirement System (CalSTRS), the second-largest public pension fund in the United States. The news came one day after the REIT said it was discontinuing its European operations as part of a cost-cutting measure.
General Growth Gets Extensions from Lenders
Dec. 18, 2008
General Growth Properties Inc. has reached a forbearance and waiver agreement with its syndicate of lenders on its Fashion Show and Palazzo mortgage loans totaling $900 million. The agreement, in connection with loans that originally had a Nov. 28 maturity date, extends until Feb. 12, 2009.
Cole REIT Announces $2.5B Offering
Dec. 17, 2008
Cole Credit Property Trust III has kicked off a public offering of up to 250 million shares of common stock valued at approximately $2.5 billion. Net proceeds from the offering will be primarily earmarked for the acquisition of net leased retail properties.
New Chicago Lease Further Evidence that ProLogis is Alive and Kicking
Dec. 17, 2008
Even if the generals have a brilliant plan for victory, wheels still need to roll at the front line if it’s all going to mean anything. In the case of ProLogis, time might still have to tell regarding the warehouse/distribution giant’s recovery strategy, but the ground-level activity seems to be rolling forward much as usual.
Penn REIT Nails $173M in New Financing
Dec. 16, 2008
Pennsylvania Real Estate Investment Trust has closed three new deals, securing a total of $173 million in new financing. Part of the proceeds have been used to repay the $93 million mortgage on Exton Square Mall in Pennsylvania, and another portion will go toward paying off outstanding debts under the company's credit facility.
ProLogis Closes $121M in Financing for Japan Fund
Dec. 11, 2008
Industrial property REIT ProLogis has closed $121 million in financing on behalf of one of its Japan Properties Fund II. The financing is with two separate banks: The Sumitomo Mitsui Banking Corp. and The Chiba Bank Ltd., both in Japan.
Commercial Mortgage Delinquencies Inch Up
Dec. 10, 2008
Commercial mortgage delinquencies are up, but still historically low, according to the latest numbers from the Mortgage Bankers Association. The 30-plus day delinquency rate on loans held in commercial mortgage-backed securities rose 10 basis points, to 0.63 percent, in 3Q08, compared with the previous quarter, notes the organization's third-quarter Commercial/Multifamily National Delinquency Report.
Ventas Closes $126M in Refis on 8 Assisted Living Communities
Dec. 08, 2008
Ventas Inc. has closed eight first-mortgage loans totaling $126 million through Freddie Mac on eight senior housing communities in three states managed by Sunrise Senior Living Inc. Proceeds of the loan were used to repay in full $71 million of existing debt, secured by the same facilities that was due to mature in mid-2009.
Washington REIT Closes on $181M D.C. Acquisition
Dec. 04, 2008
Nearly six months after announcing a pending agreement, Washington Real Estate Investment Trust has closed on the acquisition of 2445 M Street, a Class A, nine-story, 290,000-square-foot office building in Washington, D.C., for $181.4 million.
Morgan Stanley Ups Stake in Struggling General Growth
Dec. 03, 2008
Morgan Stanley has become the second investor to take a large stake in General Growth Properties Inc., the struggling mall operator headquartered in Chicago. Morgan Stanley bought more than 13.6 million shares, upping its stake in the company from 3 percent to 5.1 percent.
ProLogis Lines Up Over $200M in Financing
Dec. 03, 2008
ProLogis isn’t wasting time. In a presentation to investors on Nov. 13, new CEO Walter Rakowich gave some specifics about how the company, the world’s largest developer/owner of distribution facilities, would respond to a financial crisis that included a stock price in freefall and the resignation of the previous CEO, Jeffrey Schwartz. The three-pronged strategy that Rakowich presented comprises deleveraging ProLogis’ balance sheet, minimizing risk in its business model and downsizing.
General Growth Gets Two-Week Loan Extension
Dec. 02, 2008
One of the nation’s largest mall owners, General Growth Properties, Inc., reached an agreement Monday with the holder of a $58 million note to extend the maturity date to Dec. 11. The struggling REIT has been renegotiating with lenders for extensions including one made Sunday on $900 million in loans for two of its premier malls.
UDR Closes $400M Financing Package Through Fannie Mae
Dec. 01, 2008
Denver-based multi-family REIT UDR Inc. has closed a $225 million secured loan that includes an option to borrow an additional $175 million. The 10-year credit facility was originated by PNC ARCS L.L.C., for repurchase by Fannie Mae.
General Growth Wangles Extensions on $900M in Mortgages
Dec. 01, 2008
General Growth Properties Inc. has reached an agreement with a six-lender consortium to extend the maturity date for $900 million in mortgage loans on the company’s Fashion Show and Palazzo malls on the Las Vegas strip.
Fluor to Relocate UK Headquarters to SEGRO Park
Nov. 25, 2008
Fluor Corp., a global construction and engineering firm, has revealed plans to relocate its United Kingdom headquarters to a SEGRO-owned business park, IQ Farnborough, in Hamphshire, England.
Commercial Real Estate Magazine- Learn about the Profit Potential of REITs
Commercial real estate lending is in a state of constant fluctuation. Commercial Property News reports that commercial real estate loans are increasingly difficult to obtain. For extensive coverage on this and other important topics, professionals turn to CPN.
|
Subscribe to this blog's feed
