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BRENTWOOD, TENN. AND IRVINE, CALIF. — Brookdale Senior Living (NYSE: BKD) and HCP Inc. (NYSE: HCP) have arranged the closing of their previously announced portfolio acquisition of 35 private pay seniors housing communities, representing 5,025 units, for $847 million from Chartwell Retirement Residences. Brookdale has operated the portfolio since 2011 after its acquisition of Horizon Bay and will continue to manage the communities under a RIDEA joint venture structure with HCP and Brookdale owning 90 percent and 10 percent, respectively. The portfolio is currently 89 percent occupied with an average monthly rate of $3,425. It was acquired unencumbered by third party debt and is projected to generate a first-year cash yield of approximately 6.6 percent. Located in eight states including Florida, Texas and Colorado, the portfolio consists of 5,025 units and is comprised of 33 seniors housing properties representing 4,792 units, with a mix of 46 percent assisted living, 45 percent independent living, 5 percent memory care and 4 percent skilled nursing. The portfolio also includes leasehold interests in two communities, which are wholly owned by HCP, representing 233 units with purchase-option rights exercisable in 2017. “This portfolio acquisition provides attractive risk-adjusted returns for our shareholders, and also creates value for …

NEW YORK — Meridian Capital Group has arranged a $100 million bridge loan for the refinancing of a six-property hotel portfolio located in Florida, Texas, North Carolina and Minnesota. Meridian arranged the loan through an unnamed debt fund based in New York on behalf of the borrower, a Los Angeles-based private equity fund. The three-year initial loan term features a floating interest rate, interest-only payments for the full term and two one-year extension options. Seth Grossman and Sarah Kuebler of Meridian’s Carlsbad, Calif., office arranged the loan. Grossman and Kuebler also arranged the acquisition financing for the same portfolio in 2012. “Based largely on the sponsor’s strength, track-record, the improving market and specific hotel conditions, we were successful reaching our client’s objectives, says Grossman. “We refinanced their acquisition loan with an increase in loan proceeds while simultaneously lowering the interest rate several hundred basis points and maintaining ample flexibility for the portfolio going forward.” The portfolio comprises the following hotels: • DoubleTree Suites by Hilton Hotel Tampa Bay located at 3050 N. Rocky Point Drive W. in Tampa, Fla. • Embassy Suites Boca Raton located at 661 N.W. 53rd St. in Boca Raton, Fla. • Sheraton Suites Fort Lauderdale at …

NEW YORK — CPA:17 – Global, a non-traded managed REIT of New York-based W.P. Carey Inc. (NYSE: WPC), has purchased a portfolio of six Midwestern net lease properties leased to an affiliate of The Bon-Ton Stores Inc. (Bon-Ton) for approximately $88 million. Three of the department store properties are located in Milwaukee, Wis., and the remaining three are located in Green Bay, Wis.; Fargo, N.D.; and Joliet, Ill. Each of the facilities is leased to Bon-Ton for 20 years. “Bon-Ton has built a strong track record of tenancy with W. P. Carey since our first transaction 18 years ago,” says W.P. Carey Managing Director Gino Sabatini. “Given the criticality of these retail stores to Bon-Ton’s ongoing operations, an attractive yield on the investment and the inclusion of annual consumer price index adjustments, we believe the investment is a valuable addition to the CPA:17 – Global portfolio.” Bon-Ton operates department stores offering apparel and accessories for women, men and children, as well as cosmetics, home furnishings, footwear and other goods. The company operates 270 stores, including nine furniture galleries and four clearance centers in 26 states in the Northeast, Midwest and upper Great Plains. Each store in the transaction anchors a …

DALLAS — Ashford Hospitality Trust  (NYSE: AHT) has announced its intent to list a portfolio of 23 select-service hotels for sale, as the company shifts its investment strategy toward predominantly upper upscale, full-service hotels. The 23-hotel portfolio for sale totals 4,308 rooms. The hotels are encumbered by approximately $190 million of long-term, fixed-rate debt and $187 million of maturing or floating-rate debt for total debt of approximately $377 million. The current trailing 12-month NOI for the portfolio is $44 million, and the trailing 12-month RevPAR for the portfolio is approximately $88. The company plans to use the proceeds from this sale toward acquiring hospitality properties more in line with its new focus on upscale hotels. “Beginning in November 2013, the Ashford Trust strategy has been evolving,” says Monty J. Bennett, chairman and CEO of Ashford Trust. “We feel that these changes are another step towards our goal with the Ashford group of companies of having very well-defined, distinct strategies within our investment platforms.” Ashford Hospitality Trust is a real estate investment trust focused on the hospitality sector. According to the company, its portfolio currently consists of 116 properties with over 25,000 rooms. The majority of its existing portfolio operates under …

HAMPTON ROADS, VA. — Lingerfelt CommonWealth Partners has acquired a 1.3 million-square-foot office portfolio in Hampton Roads. According to Nasdaq.com, the purchase price was $110 million and the portfolio was 89.1 percent leased at closing. The portfolio, comprised of 20 office buildings and two office/flex buildings, is spread across six major submarkets in the Hampton Roads region including Hampton, Virginia Beach, Norfolk and Chesapeake. The Hampton Roads Portfolio includes; five properties in the Greenbrier submarket located at 1301, 1305, 1309, 1313 and 1317 Executive Blvd.; six properties in the Battlefield submarket located at 500, 501, 505, 510, 676 and 700 Independence Parkway; five properties in the Lynnhaven submarket located at 200 and 208 Golden Oak Court, 2809 S. Lynnhaven Road, 484 Viking Drive and 629 Phoenix Drive; and six properties in the Hampton Roads Center/Airport Industrial/Coliseum Center submarkets located 1, 21 and 22 Enterprise Parkway, 1457 Miller Store Road, 5 Manhattan Square and 521 Butler Farm Road. Lingerfelt will provide leasing, property management and asset management services in-house via its operating platform. Its property management affiliate, Commonwealth Commercial Partners, will handle all aspects of the day-to-day property management. Commonwealth Commercial Partners has retained many of the existing leasing and property …

NEW YORK — New Senior Investment Group Inc. (NYSE: SNR) has entered into an agreement to acquire a 28-property portfolio of private-pay, independent living senior housing properties from affiliates of Holiday Retirement for approximately $640 million. New Senior expects to invest approximately $190 million of equity and incur approximately $450 million of debt to purchase the portfolio. New Senior anticipates the closing of the acquisition by the third quarter. “We are excited to add 28 independent living properties to our portfolio through this accretive acquisition,” says New Senior CEO Susan Givens. “This transaction further increases our private-pay seniors housing NOI (net operating income) exposure to 91 percent of our portfolio.” The portfolio is 100 percent private pay and contains 3,298 independent living units located across 21 states, which as of May had an average occupancy rate of 88 percent. The portfolio is currently operated by Holiday, and New Senior expects Holiday will continue to operate the portfolio following the closing of the acquisition under new property management agreements. New Senior also expects the portfolio to generate an initial cash NOI of approximately 6.4 percent after property management fees. The transaction is the second large sale of properties Lake Oswego, Ore.-based …