Capital Markets

LONG BEACH, CA-American Residential Investment Trust has entered into an arbitration agreement with Long Beach Mortgage Company (LBMC). On Jan. 4, 2001, the company had filed a lawsuit, seeking to recover damages arising from its purchase of a pool of residential mortgages from Lehman Capital, a Division of Lehman Brothers Holdings.

MEDFORD, MA-The Massachusetts Highway Department gives $12 million to the Telecom City project, a 200-acre, $750 million development located here and in Malden and Everett to improve its road infrastructure. Despite the current economic climate, the project is forging ahead.

BINGHAM FARMS, MI-The retail REIT believes it could see funds from operations reduced by $2.2 million year from the closure of up to 12 department stores. Kmarts lease 27 properties from Malan, accounting for 25% of base rents.

RANDALLSTOWN, MD-The Carriage Hill Apartments will continue to undergo its rejuvenation process with the assistance of a $36 million refinancing loan from Arbor Commercial Mortgage. Owner Sawyer Realty Holdings take on the 10-year loan at a rate of 7.11%

SAN DIEGO-The San Diego chapter of BOMA has elected its new board of directors. Cybele Thompson, RPA of PM Realty Group and general manager of the La Jolla Executive Tower, will serve her second term as president.

DETROIT-The smaller of the two grants, $150,000, helps the local Port Authority conduct environmental investigation and limited remedial activities on 35 acres along the Detroit River on West Jefferson Avenue.

PEABODY, MA-A luxury apartment complex here, Terrace Estates, receives $22 million in permanent mortgage financing. Funding for the 521-unit complex, developed by The Terrace Realty Trust, was provided by Freddie Mac through Legg Mason Real Estate Services/Spectrum Financial.

NEW YORK CITY-The Manhattan-based REIT and the New York State Common Retirement Fund expand their joint venture, adding $50 million and $150 million, respectively, for the acquisition of an additional $560 million in net-leased office and industrial properties.