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Welltower, CPPIB Acquire Majority Interest in Six-Property Seniors Housing Portfolio in Florida for $555M

Welltower, CPPIB Acquire Majority Interest in Six-Property Seniors Housing Portfolio in Florida for $555M

TOLEDO, OHIO AND TORONTO — A joint venture between Welltower Inc. (NYSE: HCN) and Canada Pension Plan Investment Board (CPPIB) has acquired a 97.5 percent interest in seniors housing portfolio located in Florida for $555 million. Discovery Senior Living owns the remaining 2.5 percent and operates the six properties that make up the portfolio. Of the 97.5 percent interest that the joint venture acquired, CPPIB owns 45 percent while Welltower owns 55 percent. The seller was Kayne Anderson, which bought the portfolio in late 2013 for an estimated $400 million from GE Healthcare Finance. “As a long-term investor, CPPIB provides a large, global alternative capital source to the public markets that enables us to continue driving the..

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RCP Cos. Plans to Develop $300M Mixed-Use Project in South Atlanta

RCP Cos. Plans to Develop $300M Mixed-Use Project in South Atlanta

STOCKBRIDGE, GA. — RCP Cos., a Huntsville, Ala.-based real estate investor and developer, plans to develop a $300 million mixed-use project, known as Jodeco|Atlanta South, in Henry County. Preliminary plans for the mixed-use development in the southern Atlanta suburb of Stockbridge include retail and restaurants, an entertainment hub, amphitheater, outdoor fitness and recreation areas and apartment residences within an urban setting. “Our intention is to craft a new, vibrant community that brings the energy of a high-density, urban design — as well as the options that a larger city might provide — to South Atlanta,” says Max Grelier, chief development officer of RCP Cos. Jodeco will sit adjacent to I-75 at exit 222, one..

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Key To Successful Refinance Is Starting Early

Key To Successful Refinance Is Starting Early

No one can predict the future, but you can prepare for it. That’s always good advice for investors seeking to refinance their multifamily properties, but it’s particularly apt now. There’s both change and volatility in the air, making planning imperative. Volatile Interest Rates Interest rates have remained at historic lows much longer than most analysts predicted five years ago. Upward pressure has been restrained by a combination of factors that include a slower-than-expected recovery, the strong U.S. dollar and a fight to quality by global investors. However, in December the Fed raised rates for the first time in a decade, albeit modestly. Market observers expect additional increases this year. Meanwhile, investors..

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ARC Hospitality Buys Six Summit Hotels in Washington, Colorado for $108.3M

ARC Hospitality Buys Six Summit Hotels in Washington, Colorado for $108.3M

NEW YORK CITY — Affiliates of American Realty Capital (ARC) Hospitality Trust have purchased a six-property hotel portfolio from Summit Hotel Properties (NYSE: INN) for $108.3 million. The portfolio contains a total of 707 Marriott- and Hilton-branded rooms throughout the states of Washington and Colorado. Properties included in the transaction are the 84-room Fairfield Inn & Suites in Spokane and the 144-room Fairfield Inn & Suites in Bellevue, Wash.; the 120-room Hilton Garden Inn and 75-room Hampton Inn in Fort Collins, Colo.; and the 160-room Fairfield Inn & Suites and 124-room SpringHill Suites in Denver. The latest six-property portfolio acquisition brings ARC’s lodging holdings to 142 hotels totaling 17,351..

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