Finance Investment Banking
Corporate Office Properties Closes $225M Revolving Construction Facility
May 5, 2008

Corporate Office Properties Trust has announced it closed on a $225 million construction loan facility that will be utilized to fund most of its construction costs over the next several years. The facility has a three year term with a one year extension option, and requires interest only payments throughout the term. The interest rate is based on a pricing grid that is dependent on the Company’s leverage, with the initial interest rate on the facility of Libor plus 160 basis points. The $225 million facility has an accordion feature that allows for a potential increase up to $325 million at a future date.The three lead banks on the transaction were KeyBank National Association, Bank of America, N.A. and Manufacturers and Traders Trust Company.

 
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$8.9B Penn Gaming Merger Crumbles
July 03, 2008
By Barbra Murray, Contributing Editor After spending the last few months attaining all the requisite approvals from various gaming commissions and boards, Penn National Gaming has put the kibosh on its proposed $8.9 billion merger with PNG Acquisition Company Inc.,...

Colonial Properties Trust Sells 5 Apartment Communities for $82M
July 03, 2008
By Gail Kalinoski, Contributing Editor Colonial Properties Trust, a multi-family-focused REIT, is continuing its plan to dispose of older assets by selling five apartment communities in two transactions for a total of $81.8 million. The buyer or buyers were not...

H&R Sells 11 in Canada
July 03, 2008
By Thomas Peretti, Contributing Correspondent -- H&R Real Estate Investment Trust has announced the completion of the sale of eleven retail properties. The firm netted approximately $72 million from the transaction. The company expects approximately a $9 million return on...

LA Developer Partners with Vegas Officials for Museum, Hotel Redevelopment
July 03, 2008
By Tonie Auer, Southwest Correspondent -- Less than a year after entering the Las Vegas market with the acquisition of the Lady Luck Hotel and Casino, Los Angeles-based CIM Group won a deal with the city to develop land adjacent...

Lightstone Acquires Interests in 20 Outlet Centers in $456M Deal
July 02, 2008
By Barbra Murray, Contributing Editor Lightstone Value Plus REIT will soon have a stake in 20 factory outlet centers, now that it has signed on purchase from 22.54 to 25 percent interests in the properties from affiliates of Arbor Mortgage...

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