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BUSINESS
May 12, 1989
Wall Street Firms Look at Thrifts: Three powerful Wall Street companies--Salomon Inc., Blackstone Group and Old Stone Corp.--announced the formation of a partnership for the purpose of acquiring insolvent financial institutions. The three companies said their affiliates hope to raise between $300 million and $600 million to take over and operate some of the troubled institutions crippled by the nation's thrift industry crisis.
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BUSINESS
October 28, 1989 | JAMES S. GRANELLI, TIMES STAFF WRITER
Pacific First Financial Corp., the Seattle holding company managing Pacific First Bank in Costa Mesa, has tentatively agreed to acquire the California residential real estate construction lending unit of Old Stone Corp. Under the letter of intent, the Seattle firm would pick up five Old Stone construction lending offices, including one in Irvine, and 30 employees. The offices' portfolio consists of $250 million in loans and $290 million in loan commitments.
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BUSINESS
October 28, 1989 | JAMES S. GRANELLI, TIMES STAFF WRITER
Pacific First Financial Corp., the Seattle holding company managing Pacific First Bank in Costa Mesa, has tentatively agreed to acquire the California residential real estate construction lending unit of Old Stone Corp. Under the letter of intent, the Seattle firm would pick up five Old Stone construction lending offices, including one in Irvine, and 30 employees. The offices' portfolio consists of $250 million in loans and $290 million in loan commitments.
BUSINESS
May 12, 1989
Wall Street Firms Look at Thrifts: Three powerful Wall Street companies--Salomon Inc., Blackstone Group and Old Stone Corp.--announced the formation of a partnership for the purpose of acquiring insolvent financial institutions. The three companies said their affiliates hope to raise between $300 million and $600 million to take over and operate some of the troubled institutions crippled by the nation's thrift industry crisis.
REAL ESTATE
July 12, 1987
Friday has been set as the move-in day for Daley Center, the first phase of the $120-million Daley Corporate Center in the Kearney Mesa area of San Diego. The 112,000-square-foot Daley Center is composed of two research-and-development buildings and one three-story office building. Old Stone of California is the project's largest tenant, occupying more than 8,000 square feet of space.
REAL ESTATE
January 12, 1986
Joseph Development Co., headed by Roger A. Joseph, and John Burnham & Co. executives Malin Burnham, Robert Lichter, John Tanner and Kenneth Satterlee have formed an investment group that has acquired, in a joint venture with the Old Stone Development Corp. of Providence, R. I., a 16.6-acre commercial site and 60,000-square-foot office building in San Diego's Golden Triangle for $14.5 million.
REAL ESTATE
July 19, 1987
Construction has begun on the $10-million Commerce Center, a 185,000-square-foot mixed-used complex at the northeast corner of Norwalk Boulevard and Florence Avenue in Santa Fe Springs. The complex, a joint venture of Culver City-based McGranahan Carlson & Co. and Old Stone Development Corp., will contain 42,000 square feet of service and industrial space and 143,000 square feet of distribution space when it is completed in February 1988.
REAL ESTATE
September 7, 1986
San Diego Gas & Electric Co. paid $12.53 million for a 19-acre parcel in the first phase of San Diego's new, $130-million Daley Corporate Center, Grubb & Ellis Commercial Brokerage Services said. The utility will build an operation and service center on the site. Daley Corporate Center, a partnership of Hooberman Group and Old Stone Development Corp., is a 100-acre research-and-development, office and commercial project that will total more than 1.1 million square feet when completed in 1988.
REAL ESTATE
January 3, 1988
Tokai Bank of California has agreed to provide $44 million in financing toward first-phase construction of 185,000 square feet of Chancellor Park, a $150-million, 16.6-acre office park in the Golden Triangle in San Diego, at Executive Drive and Executive Way. Chancellor Park will include six office buildings of three and four stories and one two-story office building surrounding a landscaped garden plaza. The project is a development of Joseph Development Co.
BUSINESS
November 6, 1985 | BILL RITTER, San Diego County Business Editor
Continuing its reorganization effort to concentrate primarily on retail and mortgage banking, Imperial Corp. of America entered into an agreement Tuesday to sell $250 million of its residential and commercial loans to a Rhode Island bank. Imperial will use the proceeds from the loan sale to repay short-term wholesale funds as well as advances from the Federal Home Loan Bank Board.
BUSINESS
November 6, 1985 | BILL RITTER, San Diego County Business Editor
Continuing its reorganization effort to concentrate primarily on retail and mortgage banking, Imperial Corp. of America on Tuesday entered into an agreement to sell $250 million in residential and commercial loans to Old Stone Bank. Imperial will use the proceeds to repay short-term wholesale funds as well as advances from the Federal Home Loan Bank Board.
CALIFORNIA | LOCAL
September 23, 1987 | ARMANDO ACUNA, Times Staff Writer
A proposal was unveiled Tuesday to turn a large rock quarry in Murphy Canyon off Interstate 15 and Aero Drive into a billion-dollar office and research complex reminiscent of a bucolic university campus. If the project meets city approval and the developers are able to obtain financing, the complex, known as StoneCrest, would be built in phases over a period of 15 to 20 years and would amount to one of the largest single developments in the region.
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