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MIAMI — Capital One has closed an $88.7 million refinance of ECI Group Inc. and Harbor Group International’s Shorecrest Club Apartments, a 467-unit, 20-story multifamily project located on the west shore of Biscayne Bay in Miami. Loan proceeds will be used to refinance a syndicated construction loan, also from Capital One, used to build the complex. As with the construction loan that preceded it, 50 percent of the current loan has been syndicated with SunTrust Bank. Capital One served as joint lead arranger, joint book runner and administrative agent for the syndicated loan. With the project still under construction, Capital One issued terms for a takeout loan that would close shortly after construction was completed. Located adjacent to the John F. Kennedy Causeway, the Shorecrest Club offers expansive views of Biscayne Bay, North Miami Beach and Bal Harbor from each of its two towers. Amenities at the complex include a waterfront restaurant, lap and resort pools, cabanas and a sundeck overlooking the bay. ECI Group is a privately owned development, construction, brokerage and management real estate company primarily focused on the multifamily sector. Harbor Group International is a diversified real estate investment and financial services company with a portfolio of …

NEW YORK — Paramount Group Inc. (NYSE: PGRE) has agreed to acquire the remaining 35.8 percent ownership interest in 31 W. 52nd St. in New York City from its joint venture partner for approximately $230 million in cash. The acquisition is expected to be completed in the fourth quarter of 2015. The 29-story, 786,647-square-foot office building is located between Fifth Avenue and Avenue of the Americas in Midtown Manhattan. Paramount Group originally purchased the asset in late 2007 from Hines, Deutsche Bank and RREEF for $595 million, according to media reports. The company declined to name its joint venture partner. “The acquisition of the remaining ownership interest in this distinctive trophy asset offers Paramount an outstanding opportunity to execute on our embedded growth strategy,” says Albert Behler, chairman, CEO and president of Paramount Group. “We believe full ownership of the property is in the best long-term interests of our shareholders, as we continue to focus our efforts on driving NOI [net operating income] growth through strategic and creative leasing and other key initiatives.” The property is currently leased to a number of high-profile tenants including Clifford Chance, Toronto-Dominion Bank, Morgan Stanley, Centerview Partners and an upscale steakhouse, Fogo de Chao. …

BOCA RATON, FLA. — Regency Centers Corp. (NYSE: REG) has acquired University Commons, a 180,323-square-foot grocery-anchored shopping center located in Boca Raton, for $80.5 million. University Commons is fully occupied by tenants including Whole Foods Market, Nordstrom Rack, Barnes & Noble, Bed Bath & Beyond, P.F. Chang’s China Bistro, J. Alexander’s, Mario’s Osteria and Shake Shack. The center, which was developed in 2001, is situated on 22.4 acres at the I-95 interchange at 1400 Glades Road and consists of one primary building with four outparcel buildings and 1,156 parking spaces. “University Commons is a trophy asset that we are extremely excited about,” says Scott Porter, vice president of transactions for Regency Centers. “It’s rare that you find a property with its mixture of fundamental retail drivers.” Daniel Finkle, Luis Castillo and Nat Scarmazzi of HFF worked on behalf of the seller, an entity controlled by Boca Raton-based Schmier & Feurring Properties, in the transaction. “University Commons is one of the premier retail centers in the country,” says Finkle. “Its combination of location, tenancy and design are impeccable and highlighted by the tenants’ outstanding sales performance.” Regency Centers purchased the asset subject to an existing loan. Regency Centers owns, operates and …

CHICAGO — Blackstone Real Estate Partners VIII LP and Strategic Hotels & Resorts Inc. (NYSE: BEE) have entered into a definitive agreement in which Blackstone will acquire all outstanding Strategic common stock, in a transaction totaling approximately $6 billion. Blackstone will acquire the shares in cash at a share price of $14.25. The transaction will also include all outstanding membership units of Strategic’s subsidiary, Strategic Hotels Funding LLC, for the same cash price. “We believe this transaction capitalizes on our unique portfolio, strong asset management platform and continued operating outperformance over the past several years,” said Raymond “Rip” Gellein, chairman and CEO of Strategic Hotels. “The board thoroughly considered various alternatives over the course of the past few years, and this all-cash offer from Blackstone creates significant stockholder value with a high degree of execution certainty.” The transaction is expected to be completed by the first quarter of 2016, and is contingent upon customary closing conditions, including the approval of Strategic Hotel’s stockholders, who will vote on the transaction on a date to be announced. Strategic Hotels’ board of directors has unanimously approved the merger agreement. The offer price represents a premium of approximately 13 percent over the unaffected intra-day …

WALNUT CREEK, CALIF. — A consortium of private investment groups affiliated with real estate investor and developer Mark Hall, CEO of Walnut Creek-based Hall Equities Group and Zenith Asset Co., has acquired 29 hotels and the corporate assets of Duluth, Minn.-based hotelier ZMC Hotels. The purchase price was not disclosed. The 29-hotel portfolio is disbursed throughout the country, with five hotels located in Scottsdale, Ariz. All of the hotels will be master leased to and managed by Zenith Asset Co. Following this acquisition, Zenith’s total hotel portfolio will consist of 4,000 rooms in 34 properties. ZMC Hotels owns and operates both private label boutique hotels, as well as those licensed by brands including Hilton, Marriott, IHG and Wyndham, and employs 1,000 people. ZMC Hotels is a third-generation family business previously owned and operated by the Goldfine family of Duluth. Hall intends to retain certain senior ZMC Hotels management staff located in Duluth, Minn.; Kansas City, Mo.; and Scottsdale, Ariz., but will consolidate accounting and construction functions at the headquarters of Hall Equities Group and Zenith Asset Co. Hall plans for more than $40 million in immediate capital investment improvements and upgrades within the ZMC Hotel portfolio. Zenith also has plans to …

ROHNERT PARK, CALIF. — The leadership of the Federated Indians of the Graton Rancheria has begun construction on the $175 million expansion of the Graton Resort & Casino, a gaming and entertainment destination in Northern California’s Bay Area. The expansion includes a 200-guest room resort that also features a spa, meeting and convention space and a pool area. The six-story hotel will connect to the south side of the existing facility. The 342,000-square-foot addition will expand the amenities at the existing $800 million casino and entertainment facility that opened in November 2013. Located just off U.S. Highway 101 at Golf Course Drive West in Rohnert Park, the Graton Resort & Casino is owned by the Federated Indians of Graton Rancheria and is managed by Station Casinos LLC. The new hotel will feature guest rooms ranging from 500 square feet to 2,600 square feet, as well as an upscale lobby and bar, spa and 20,000 square feet of flexible event and convention space that includes seven separate rooms. The meeting space will also comprise pre-function areas and smaller breakout meeting rooms. The new pool area will serve as an extension of the hotel lobby, and will provide an outdoor connection to …

SHREVEPORT, LA. — Care Capital Properties Inc. (NYSE: CCP), the skilled nursing REIT that spun off from healthcare giant Ventas in August, has completed its first major transaction. CCP acquired eight skilled nursing facilities and one assisted living facility, all located in Shreveport in northwest Louisiana near the Texas border, for $190 million. The seller was not disclosed. The properties contain a total of 1,174 beds, with an average occupancy rate of approximately 88 percent. The company immediately entered into a long-term, triple-net lease with Texas-based operator Senior Care Centers LLC (SCC) to operate the acquired portfolio. SCC concurrently acquired the portfolio’s operations, which include a rehabilitative therapy company, four hospice agencies and an interest in an affiliated pharmacy provider. In conjunction with the acquisition, CCP made a $20 million five-year, fully amortizing loan to SCC. The initial cash lease yield on the properties is 8.25 percent, and the loan bears interest at a rate of LIBOR plus 5 percent, which escalates 25 basis points annually. As a result of the transaction, SCC is expected to account for approximately 16 percent of CCP’s net operating income on a pro forma basis. On Tuesday, CCP’s stock price closed at $30.87 per …