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PORTLAND, Ore. — Sonnenblick-Eichner Co. has arranged $236.7 million of first mortgage financing for seven lifestyle hotels owned and operated by Provenance Hotels. The seven hotels total 1,072 rooms and are mainly located in Seattle and Provenance’s hometown of Portland. One property is located in Nashville, Tenn. Six of the properties received 10-year fixed rate loans, all non-recourse and not cross-collateralized. These properties include Hotel Lucia, Hotel deLuxe, Sentinel, and Westin Portland — all located in Portland — as well as Hotel Max in Seattle and Hotel Preston in Nashville. Provenance Hotel Partners Fund I acquired these six hotels following the financings. “The borrower chose to refinance a majority of the loans prior to maturity,” says Elliot Eichner, principal of Sonnenblick-Eichner Co. “The cost of prepayment was mitigated by the lower cost of capital and the risk associated with the potential of higher interest rates in the future. The borrower also realized pent-up equity they had in the portfolio.” The financing of the seventh hotel, the Roosevelt Hotel in Seattle, was a non-recourse, LIBOR-based loan. Provenance Hotels will use the money to acquire its partners’ equity interest and for the upcoming renovation and repositioning of the hotel. “We were engaged to …

RICHLAND, WASH. — HFF has arranged a $110 million acquisition loan for the largest refrigerated warehouse in North America. Completed in 2015, the Class A, 456,412-square-foot cold storage warehouse and distribution facility is located at 2800 Polar Way in Richland. Mark West, Brandon Chavoya and Coler Yoakam led HFF’s team in arranging the loan. The team worked on behalf of the borrower, an affiliate of Lexington Realty Trust (NYSE: LXP), to place the 10-year, fixed-rate loan with MetLife Agricultural Investments. The purchase price wasn’t disclosed, but Lexington Realty Trust’s SEC filings show the price as $155 million. A wholly owned subsidiary of Preferred Freezer Services, a cold storage provider, leases the facility on a long-term, triple net basis. The property consists of 312,755 square feet of freezer capacity that stores product at -10° F and 94,930 square feet of medium temperature mezzanine dock space. Additional building features include an 11,900-square-foot, two-story office; 6,492-square-foot, two-story equipment/utility room; and 30,335 square feet of mezzanine dock space. At the peak, the freezer has a wall height of 115 feet with an interior clear height of 108 feet, which allows for approximately 11 stories of vertical product storage. Additionally, there are 31 manually operated …

SAN BRUNO, CALIF. — Hudson Pacific Properties (NYSE: HPP) has sold Bayhill Office Center in San Bruno to online video distribution company YouTube for $215 million, or $388 per square foot. The sale was an all-cash, off-market transaction. YouTube is a division of Google Inc. (NASDAQ: GOOG) headquartered in San Bruno, 12 miles south of San Francisco. It was founded in 2005 and was purchased by Google the next year. The campus is adjacent to YouTube’s existing headquarters. YouTube is San Bruno’s largest private employer, according to the Silicon Valley Business Journal, with 800 employees. YouTube has not announced any plans for the new space, but has been tweaking its business strategy. In October, the company launched YouTube Red, a paid subscription service. Hudson Pacific acquired the 554,328-square-foot Class A office campus as part of the San Francisco Peninsula and Silicon Valley portfolio purchased in April 2015 from Blackstone. Hudson Pacific Properties acquires, repositions, develops and operates office, media and entertainment properties in West Coast markets. Founded in 2006 as Hudson Capital, the company went public in 2010 as a REIT. Hudson Pacific’s portfolio spans 16.8 million square feet, including land for development, in California and the Pacific Northwest. Google’s stock …

LAKELAND, FLA. — Brennan Investment Group has purchased approximately 112 acres of land in Lakeland, with plans to build approximately 1.2 million square feet of Class A distribution space on a speculative basis. Brennan is investing about $100 million in the project, according to the Business Observer, a weekly business publication in Florida. Rosemont, Illinois-based Brennan will construct the newly named CenterState Logistics Park in two phases. Phase I will consist of two buildings totaling 720,000 square feet. Phase II, consisting of approximately 480,000 square feet, will begin upon the completion and leasing of Phase One. The company purchased the land from New York-based Rockefeller Group for $6.25 million, according to the Business Observer. Rockefeller paid $9.3 million for the property in 2008. “The Florida industrial markets are resurgent with strong tenant demand,” says Bob Krueger, managing principal for the Southeast region at Brennan. “The Interstate 4 corridor in particular, given its central location within Florida, is seeing a significant rise in big-box leasing as Florida’s in-migration of permanent residents and job growth leads the nation in most economic indicators.” The site is bordered by Old Polk City Road on the north and State Route 33 on the south and …

NEW YORK CITY — Square Mile Capital Management LLC has provided a $205 million loan for the development and construction of a 618-room Marriott Moxy Hotel in Times Square. Two institutional investors provided an additional $125 million in loans. Lightstone Group, a real estate investor and developer, is repositioning a 16-story property located at the intersection of 37th Street and 7th Avenue. The building was originally constructed in 1907 as an 1,885-room residential building and was converted in the 1980s into a retail and office property. For the conversion, Lightstone vacated the former tenants and the interior has been demolished. “Marriott is the leader in defining the next generation travel and lifestyle space, and Moxy hotels are fun lifestyle hotels with smartly designed and technologically advanced rooms, coupled with generous socially activated public space,” says Mitchell Hochberg, president of Lightstone. “Our partnership with Marriott puts Lightstone at the forefront of the rapidly growing lifestyle hotel sector in the New York City area,” continues Hochberg. “Square Mile’s leading support of this project is a testament to Lightstone as a developer of choice for budget lifestyle hotels in the New York market.” The building consists of H-shape floorplate that would not be …

NEW YORK CITY — Colliers International has arranged a 99-year ground lease on behalf of the Benider Co. at 136-62 Roosevelt Ave. in the Flushing neighborhood of Queens in New York City. Private real estate firm Crown Acquisitions signed the long-term lease at the 250,000-square-foot property, which is fully occupied by Macy’s. Over the course of the 99 years, the aggregate value of the ground lease will exceed $1 billion, marking the largest real estate transaction in the history of Flushing, according to Colliers. “This transaction is a game-changer for Flushing,” says Robert Freedman, tri-state co-chairman for Colliers, who noted that the property is at the terminus for the 7 train transportation hub, which also connects to the Hudson Yards as its Manhattan terminus, creating a multi-borough corridor. “We no longer characterize Flushing as an emerging market. It has arrived.” Crown Acquisitions is a commercial real estate investment firm focused on the New York metro area. The new lessor eventually plans to redevelop the property, according to Colliers, but the Macy’s store is not one of the 36 national locations slated for closing. “This property has incredible, long-term potential as a retail destination or for mixed-use redevelopment,” says Steve Chasanoff, …