Originations

Kramont Realty Trust, Plymouth Meeting, Pa., has closed a $100 million senior secured revolving credit facility and made an initial borrowing of approximately $68 million.The maximum amount of the three-year facility may be increased to $125 million, the real estate investment trust said. The facility refinances $56.8 million in a GMAC Commercial Mortgage Corp. facility that would have matured in August 2003, and bears an interest rate of 175-225 basis points over the one-month London interbank offered rate. Fleet Securities Inc. is the sole lead arranger and bookrunner of the facility, and Fleet National Bank is the administrative agent. The equity REIT can be found online at http://www.krt.com.

JDN Realty Corp., Atlanta, has refinanced its $300 million secured credit facility, consisting of a $150 million term loan and a $150 million line of credit, and closed on a commitment for a $50 million unsecured term loan.Borrowings under the credit facility will bear interest rates ranging from 212.5 to 225.0 basis points above the London interbank offered rate through March 14, 2003, after which the LIBOR spread will increase by 25 bp, JDN said. The facility will mature on Jan. 1, 2004, or the closing of the pending merger between JDN and Developers Diversified Realty Corp., whichever is earlier. The $50 million unsecured loan will bear interest at 400 bp over LIBOR until Sept. 30, 2003, after which the spread will climb to 550 bp. The secured facility is led by Fleet National Bank, as administrative agent, Deutsche Bank Trust Co. Americas, as syndication agent, and Commerzbank AG, as documentation agent. The commitment for the unsecured loan is led by Fleet. JDN can be found online at http://www.jdnrealty.com.

The insurer financial strength rating on the Cal-Mortgage Loan Insurance Division has been lowered from AA to A and left on Rating Watch Negative by Fitch Ratings.Fitch said the action was based on its recent downgrade of the state of California's general obligation bonds from AA to A. Cal-Mortgage, a division of the state's Office of Statewide Health Planning and Development, guarantees nonrated and below-investment-grade health care credits in order to improve access to capital for health care facilities and services deemed by the state to be needed. Fitch can be found on the Web at http://www.fitchratings.com.

Richard Hart and Kevin Wieland have joined Legg Mason Real Estate Investors Inc. as principals in the firm's Los Angeles office.Messrs. Hart and Wieland will be responsible for originating new investments for the company. Mr. Hart was previously a principal at Prudential, responsible for originating, closing, and managing bridge and mezzanine real estate loans. Mr. Wieland was a director of investment analysis for CIM Group, where he was responsible for acquisitions and dispositions of commercial real estate. Legg Mason Real Estate Investors, which also has offices in Baltimore, can be found on the Web at http://www.lmrei.com.

Old Republic Title Insurance Group, Minneapolis, has announced expanded roles for Stephen Wilson and Patrick Connor, two veterans of its management team.Mr. Wilson, the Boston-based president of the company's Eastern Title Group, has been given the additional role of president of its Central Title Group. He is a 15-year veteran of Old Republic Title, the company said. Mr. Connor, a vice president based in Columbus, Ohio, will take on the role of senior vice president of the company's National Services Group. The group includes Old Republic's national agency operations; its relocation division; Old Republic Title Residential Information Services; OR Credit; Old Republic Exchange Facilitator Services; and Old Republic Site Management Services. Mr. Connor began his career with Old Republic 14 years ago. The company can be found on the Web at http://www.oldrepublictitle.com.

Winston Hotels Inc., Raleigh, N.C., has formed a joint venture with Charlesbank Capital Partners LLC, Boston, to acquire more than $100 million of hotel assets.Winston, a real estate investment trust, will act as the managing member of the venture, which will focus on acquisitions of limited-service, upscale extended-stay, and small full-service branded hotels in secondary and primary markets, the REIT said. It will target acquisitions with turnaround or upside potential that can benefits from additional capital and aggressive asset management, Winston said. Charlesbank will provide 85%, and Winston 15%, of the total equity for each approved acquisition, and the former will have the option to expand the venture by committing additional equity. Joe Green, Winston's chief financial officer, said the new entity is looking at major brands in strong locations, not necessarily in major markets. "We like secondary markets where we think there is a lot of potential, such as suburban office parks, university areas, and small suburbs of larger markets," he said. The REIT can be found online at http://www.winstonhotels.com.

Price appreciation in the San Diego real estate market is driven by the low supply of housing and historically low interest rates, and does not represent a price "bubble," according to First American Real Estate Solutions, Anaheim, Calif."After rising by 20% to 25% from October 2001 to October 2002, housing prices are projected to surpass current levels and continue rising through 2003," said Christopher Cagan, director of research and analytics for First American RES. "Short of a major external shock, such as a terrorist event or massive layoffs, there is no reason to expect the San Diego real estate market will not continue rising in 2003." Price increases ranged from single-digits to nearly 30% around the county, and there was no price decline in any significant part of the county, the company said. First American RES can be found on the Internet at www.firstamres.com.

CNL Retirement Properties, Orlando, Fla., is acquiring nine senior housing properties from Marriott Senior Living Services for $170 million in the second phase of a transaction valued at $259 million.CNL, a real estate investment trust, said the first phase was its recent purchase of 12 senior housing properties from MSLS for $89 million. The REIT is entering into long-term management agreements with McLean, Va.-based Sunrise Assisted Living, a provider of senior living services, to operate the 21 properties. In a separate transaction, Sunrise is acquiring MSLS from Marriott International for $89 million in cash and the assumption of $61 million of liabilities. This merger will move 17 Marriott-operated residences in CNL's portfolio to the Sunrise brand, the REIT said. CNL's total acquisition includes 3,368 units located in 13 states.

AmeriVest Properties Inc., Denver, has acquired -- and consolidated on an in-house basis -- the remaining operations of its adviser, Sheridan Realty Advisors LLC, and has terminated its advisory agreement with Sheridan.Sheridan, which has been adviser to AmeriVest since January 2000, is owned by the executive officers of AmeriVest, a real estate investment trust. In January 2002, AmeriVest acquired the administrative, property management, and accounting services business of Sheridan. The latest acquisition, which is effective as of Nov. 1, 2002, is the final step in AmeriVest's consolidation with Sheridan. Fees totaling $865,470 earned by Sheridan through Dec. 31 will be paid before the end of the year. "Although the advisory fees will result in fourth-quarter charges which will reduce our FFO per share for the year, in the future the company will no longer be paying advisory fees in connection with new acquisitions," said William Atkins, chairman and chief executive officer of AmeriVest. "From this point on, Sheridan and its principals will be involved solely as inside management and as supportive stockholders." AmeriVest can be found online at http://www.amvproperties.com.

Meanwhile, Florida resales bucked the national trend by rising 10% in November, according to the Florida Association of Realtors.Sales of existing homes totaled 11,630 statewide, compared with 10,613 a year earlier, FAR reported. The median sales price of homes sold in November hit $141,500, up 11% from $127,500 in November 2001. Among the state's larger metropolitan statistical areas, resales increased 21% in Fort Lauderdale, 8% in Orlando, and 5% in Tampa-St. Petersburg-Clearwater, FAR said.

Sales of existing single-family homes fell 3.5% in November -- the sixth-highest monthly rate ever -- while price appreciation nearly hit 10% last month.The National Association of Realtors reported that single-family resales fell from 5.76 million in October to a seasonally adjusted annual rate of 5.56 million in November. "For the last three months [September, October, and November] existing-home sales have averaged 5.59 million units -- an extraordinarily high level of activity," NAR chief economist David Lereah told reporters. Looking ahead, the NAR economist said he does not expect 30-year mortgage rates to move above 6.6% in 2003, but he does expect the housing market to cool somewhat while remaining relatively strong. "There should be some cooling of the housing markets entering 2003," Mr. Lereah said. "Price appreciation should cool as well." The median existing-home price was $161,400 in November, up 9.7% from that of a year earlier. The current record is 10.6%, set in July 1987. With one month to go, the NAR economist estimates that median home price appreciation will come in at 7% for calendar year 2002.

Price appreciation in the San Diego real estate market is driven by the low supply of housing and historically low interest rates, and does not represent a price "bubble," according to First American Real Estate Solutions, Anaheim, Calif."After rising by 20% to 25% from October 2001 to October 2002, housing prices are projected to surpass current levels and continue rising through 2003," said Christopher Cagan, director of research and analytics for First American RES. "Short of a major external shock, such as a terrorist event or massive layoffs, there is no reason to expect the San Diego real estate market will not continue rising in 2003." Price increases ranged from single-digits to nearly 30% around the county, and there was no price decline in any significant part of the county, the company said. First American RES can be found on the Internet at www.firstamres.com.

CNL Retirement Properties, Orlando, Fla., is acquiring nine senior housing properties from Marriott Senior Living Services for $170 million in the second phase of a transaction valued at $259 million.CNL, a real estate investment trust, said the first phase was its recent purchase of 12 senior housing properties from MSLS for $89 million. The REIT is entering into long-term management agreements with McLean, Va.-based Sunrise Assisted Living, a provider of senior living services, to operate the 21 properties. In a separate transaction, Sunrise is acquiring MSLS from Marriott International for $89 million in cash and the assumption of $61 million of liabilities. This merger will move 17 Marriott-operated residences in CNL's portfolio to the Sunrise brand, the REIT said. CNL's total acquisition includes 3,368 units located in 13 states.

AmeriVest Properties Inc., Denver, has acquired -- and consolidated on an in-house basis -- the remaining operations of its adviser, Sheridan Realty Advisors LLC, and has terminated its advisory agreement with Sheridan.Sheridan, which has been adviser to AmeriVest since January 2000, is owned by the executive officers of AmeriVest, a real estate investment trust. In January 2002, AmeriVest acquired the administrative, property management, and accounting services business of Sheridan. The latest acquisition, which is effective as of Nov. 1, 2002, is the final step in AmeriVest's consolidation with Sheridan. Fees totaling $865,470 earned by Sheridan through Dec. 31 will be paid before the end of the year. "Although the advisory fees will result in fourth-quarter charges which will reduce our FFO per share for the year, in the future the company will no longer be paying advisory fees in connection with new acquisitions," said William Atkins, chairman and chief executive officer of AmeriVest. "From this point on, Sheridan and its principals will be involved solely as inside management and as supportive stockholders." AmeriVest can be found online at http://www.amvproperties.com.

Meanwhile, Florida resales bucked the national trend by rising 10% in November, according to the Florida Association of Realtors.Sales of existing homes totaled 11,630 statewide, compared with 10,613 a year earlier, FAR reported. The median sales price of homes sold in November hit $141,500, up 11% from $127,500 in November 2001. Among the state's larger metropolitan statistical areas, resales increased 21% in Fort Lauderdale, 8% in Orlando, and 5% in Tampa-St. Petersburg-Clearwater, FAR said.

Sales of existing single-family homes fell 3.5% in November -- the sixth-highest monthly rate ever -- while price appreciation nearly hit 10% last month.The National Association of Realtors reported that single-family resales fell from 5.76 million in October to a seasonally adjusted annual rate of 5.56 million in November. "For the last three months [September, October, and November] existing-home sales have averaged 5.59 million units -- an extraordinarily high level of activity," NAR chief economist David Lereah told reporters. Looking ahead, the NAR economist said he does not expect 30-year mortgage rates to move above 6.6% in 2003, but he does expect the housing market to cool somewhat while remaining relatively strong. "There should be some cooling of the housing markets entering 2003," Mr. Lereah said. "Price appreciation should cool as well." The median existing-home price was $161,400 in November, up 9.7% from that of a year earlier. The current record is 10.6%, set in July 1987. With one month to go, the NAR economist estimates that median home price appreciation will come in at 7% for calendar year 2002.

Fidelity National Financial Inc., a title insurance company based in Irvine, Calif., has received the "#1 Strong Buy" ranking from Zacks.com."In the past 30 days, analysts have upped estimates on the company by approximately 6 cents for this year and about 9 cents for next," Zacks said. "The company has managed positive double-digit [earnings per share] surprises the last four quarters, and there is little indication that the momentum will change." The Zacks #1 Strong Buy ranking is applied to 5% of the stocks ranked by the company, and these stocks have produced an average annual return of 34% since 1980, Zacks said. Zacks can be found on the Web at http://www.zacks.com.

Colonial Properties Trust, a Birmingham, Ala.- based diversified real estate investment trust, has closed on two shopping center transactions and used the proceeds to pay down its revolving line of credit.With these transactions, Colonial said it has generated over $135 million through total asset dispositions for 2002. In one transaction, Colonial sold half of its 50% interest in Colonial Promenade Madison, a 111,000-square-foot retail property in Huntsville, Ala., to a joint venture with Nationwide Mutual Insurance Co. Winchester Commons, Colonial's partner, also sold half of its 50% stake in the same property to Nationwide. In the second transaction, Colonial contributed Colonial Promenade Hoover, a 155,000-square-foot retail property in Birmingham, to Highway 150 LLC, a joint venture between the REIT and a private investment group. Colonial retained a 10% interest in the property and will continue to manage the two properties, the REIT said. It can be found online at http://www.colonialprop.com.

Sales of new single-family homes jumped 5.7% in November, almost entirely on the strength of a 41.2% surge in sales in the Midwest.The U.S. Commerce Department reported that new-home sales rose to a seasonally adjusted annual rate of 1.07 million units in November from 1.01 million in October. It was the fourth month in a row sales have exceeded a rate of 1.0 million units. Aside from the Midwestern surge, November sales actually declined substantially in the Northeast (26.7%) and modestly in the West (3.9%), while rising 2.4% in the South. The inventory of unsold new homes fell from a 4.0-month supply in October to a 3.8-month supply in November. The Commerce Department can be found online at http://www.doc.gov.

The average 30-year fixed mortgage rate fell to a survey-record low of 5.93% for the week ending Dec. 27 from 6.03% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.Freddie Mac began tracking the rate in 1971, but the government-sponsored enterprise said it has not been this low since 1965. (The previous survey low was the 5.94% recorded several weeks ago.) The average 15-year fixed mortgage rate fell from 5.42% to 5.32%, matching a survey-record low from November, while the average rate for one-year Treasury-indexed adjustable-rate mortgages dropped from 4.07% to 4.01%, its lowest level since Freddie Mac started tracking it in 1984. Fees and points averaged 0.6 points for all three mortgage categories. "The annual average for the 30-year fixed-rate mortgage rate this year was about 6.5%, the lowest annual average in more than 31 years," said Frank Nothaft, Freddie Mac's chief economist. "That was the primary factor that led to an incredible amount of homebuilding, home sales, and refinancing, all of which helped keep the economy from another recession." A year ago, the average 30-year and 15-year fixed rates were 7.16% and 6.65%, respectively, and the average one-year ARM rate was 5.25%, Freddie Mac said. Freddie Mac can be found on the Web at http://www.freddiemac.com.