American Mortgage News

SAN DIEGO--(BUSINESS WIRE)--Financial Industry Computer Systems, Inc. (FICS), a mortgage technology specialist that provides in-house commercial servicing technology to the mortgage industry, announced today at the 2007 Mortgage Bankers Association Commercial Real Estate Finance (CREF)/Multifamily Housing Convention & Expo that users of its Commercial Servicer and Commercial Accountant systems can now download quarterly releases directly from the Internet.

Expected to close the year with $108 Billion in Special Servicing

WASHINGTON--(BUSINESS WIRE)--CWCapital Asset Management LLC (CWCAM) has recently been appointed special servicer on 23 separate commercial mortgage backed securities (CMBS) transactions totaling over $36.6 billion. The appointment brings CWCAM’s total Special Servicing portfolio to approximately $108 billion, representing approximately 11,100 loans, which should secure the company’s position as the second largest servicer in the industry.

PHILADELPHIA--(BUSINESS WIRE)--Hersha Hospitality Trust (AMEX: HT), a real estate investment trust (REIT), which owns interests in 66 nationally franchised, upper-upscale, upscale and midscale hotels, today announced that the Company has completed its previously announced acquisition of seven extended-stay Hyatt Summerfield Suites hotels with a total of 1,005 suites from LodgeWorks, L.P.

BOSTON--(BUSINESS WIRE)--Berkshire Income Realty, Inc. (AMEX: BIR.PR.A), (AMEX: BIR_PA), (AMEX: BIRPRA), (AMEX: BIR-A), (AMEX: BIR.A), (AMEX: BIR/PRA) (the “Company”) announced today that the Company has completed the acquisition of 100% of the fee simple interest of The Standard at Lenox Park Apartments (“Lenox Park”), a 375-unit multifamily apartment community located in Atlanta, Georgia, from an unaffiliated third party. The acquisition of Lenox Park increases the Company’s ownership presence in the southeast.

PARAMUS, N.J. & FORT WORTH, Texas & LOS ANGELES--(BUSINESS WIRE)--VORNADO REALTY TRUST (NYSE:VNO), CRESCENT REAL ESTATE EQUITIES COMPANY (NYSE:CEI) and THE YUCAIPA COMPANIES LLC announced today that Americold Realty Trust (“AmeriCold”) has completed a 5.45% fixed-rate, interest-only financing in an aggregate principal amount of $1.05 billion which matures in approximately equal tranches in seven, nine and ten years.

CHICAGO--(BUSINESS WIRE)--Prime Group Realty Trust (NYSE:PGEPRB) (the “Company”) is announcing that on November 21, 2006, the owners of the Continental Towers property located at 1701 Golf Road, Rolling Meadows, Illinois (the “Property”) refinanced the property with a first mortgage loan in the principal amount of $115.0 million (the “Senior Loan”) from CWCapital LLC (“Senior Lender”). Proceeds of the loan were utilized to (i) repay the existing first mortgage loan encumbering the Property in the principal amount of $75.0 million and (ii) partially repay approximately $36.6 million of the junior mortgage loan (the “Junior Loan”) encumbering the Property. The Junior Loan is held by a wholly owned subsidiary of the Company’s operating partnership, Prime Group Realty, L.P. After the partial repayment of the Junior Loan, approximately $128.6 million of principal and accrued interest remains outstanding under the Junior Loan. The Company used the funds from the partial prepayment of the Junior Loan, and certain other funds, to make a repayment of $39.2 million to Citicorp USA Inc. (“Citicorp”), in order to partially repay an existing mezzanine loan from Citicorp in the original principal amount of $58.0 million.

NEW YORK--(BUSINESS WIRE)--Fitch rates CBA Commercial Assets Small Balance Commercial Mortgage, Series 2006-2, commercial mortgage pass-through certificates as follows:

--$110,419,000 class A 'AAA';