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Volume 4 - Number 14 | July 18, 2006
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Top Story: AFR Signs Sourcing Agreement, Targets Mid-Tier Banks
By Michelle Napoli
While American Financial Realty Trust officials have yet to say why they canceled their Nareit REITWeek meetings--leading to speculation that significant changes may be imminent--they continue to announce agreements that are, according to a spokesperson, pieces of the company’s broader initiative.
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Industry Update: New Firm Joins SLB Investor Circle
By Michelle Napoli
The latest equity player to enter the competitive sale-leaseback market--Convergence Capital Partners LLC--says it will target “middle-market companies seeking to realize liquidity and value from corporate real estate” and will look at a broader array of tenants than the traditional investment grade realm.
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17-Restaurant Portfolio Gets $30M Bond Backing
By Connie Gore
A 17-property retail portfolio in the Southwest and West is collateralizing a $30-million refinancing, funded by a private bond sale to 10 US investors. The deal’s dynamics include an 87% loan-to-value ratio and a 1.05x debt-service coverage.
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Insider: W.P. Carey & Co.'s Harris
By Michelle Napoli
Recently, New York City-based W. P. Carey & Co. LLC purchased its 100th international property when it closed a sale-leaseback with a manufacturer in Germany. Overseas investments have become increasingly common for the company, but as the US net lease market seems poised for change, NET LEASE forum asked Benjamin P. Harris, an executive director and Carey’s director of domestic investment department, to share his thoughts and expectations on the domestic arena.
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