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NEW YORK — Meridian Capital Group has arranged a $310 million CMBS loan for the refinancing of two adjacent office and retail properties spanning a full block on Fifth Avenue in New York. The Moinian Group is the borrower.
 The 10-year loan features a fixed rate below 4 percent. A national CMBS lender provided the loan. Meridian’s Drew Anderman, who is based in the company’s New York City headquarters, negotiated the transaction.
 The 36- and 13-story properties, located at 535 and 545 Fifth Ave., respectively, total 437,200 square feet of office space and 85,000 square feet of retail space. The properties are situated on Fifth Avenue between 44th and 45th streets, close to Grand Central Station, which provides access to several restaurants and retail stores. “Meridian Capital structured a loan that greatly benefited the ownership of this Class A, New York City property,” says Anderman. “We took advantage of the historically low interest rates and closed the financing prior to the 545 Fifth Avenue corner lease, while the remaining portion of the retail space is being retrofitted and repositioned to be re-tenanted.” Founded in 1991, Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida and California. …

LA JOLLA, CALIF. — McCarthy Building Cos. Inc. has completed construction of the new 383,000-square-foot Prebys Cardiovascular Institute and adjacent 26,000-square-foot central energy plant on the Scripps Memorial Hospital La Jolla campus located at 9888 Genesee Ave., in La Jolla. The Prebys Cardiovascular Institute is the cornerstone of a 25-year master plan unveiled in November 2010 that is transforming the Scripps Memorial Hospital La Jolla campus. The facility will provide cardiovascular patients with the most advanced treatment options available, while also serving as a center for medical research, clinical trials and graduate medical education. As the design-assist general contractor, McCarthy was retained by Scripps Health to perform preconstruction services for the $456 million Prebys Cardiovascular Institute before breaking ground in May 2011. HOK Architects was the project architect, and Jacobs Engineering Group Inc. served as the construction management firm on behalf of Scripps. The health system will begin treating patients at the new facility in mid-March. “This is an exciting achievement for us,” says Bruce Rainey, Scripps Health Corp. vice president of construction and facilities. “The new Prebys Cardiovascular Institute reflects the most advanced healthcare design principles together with remarkably high standards of construction. It stands as a model not …

LOS ANGELES — Mack Real Estate Group, Mack Urban and AECOM Capital have formed a new investment partnership with Capri Capital Partners LLC (Capri) for the development of the $144 million multifamily mixed-use project at 1230 South Olive St. and 1231 South Hill St. in the South Park district of downtown Los Angeles. Construction on the two-building property, which will include 362 residential rental units and 4,000 square feet of retail space, began Monday. Construction is scheduled for completion in the first quarter of 2017, with pre-leasing beginning in the fourth quarter of 2016. “This modern apartment project will be a welcome addition to downtown Los Angeles’s South Park neighborhood, and promises to help meet the demand for housing while injecting new life into a formerly underutilized site,” said Ken Lombard, vice chairman of investments and partner with Capri. “We are excited to be investing in one of the most active residential markets in Los Angeles and to play a role in the changing landscape of this diverse community.” The site of the development is one of several in downtown Los Angeles that Mack Real Estate Group, Mack Urban and AECOM Capital acquired in October 2013 for approximately $80 million. …

NEW YORK AND IRVING, TEXAS — American Realty Capital Hospitality Trust Inc. (ARC Hospitality), a non-traded, hotel-focused real estate investment trust (REIT) based in New York, has completed the previously announced acquisition of the Equity Inns Lodging Portfolio. ARC Hospitality purchased the portfolio from subsidiaries of Irving-based W2007 Grace Acquisition I Inc. and WNT Holdings LLC, which are affiliates of the Whitehall Real Estate Funds sponsored by Goldman Sachs. The total purchase price was $1.8 billion, which is the largest purchase by a non-traded REIT, according to Jonathan Mehlman, president and CEO of ARC Hospitality. “The Equity Inns purchase marks the largest acquisition in the history of the non-traded REIT industry, and propels ARC Hospitality into a leadership position among select-service lodging REITs in North America,” says Mehlman. The portfolio consists of 116 hotels totaling 13,744 rooms across 31 states, all franchised by Hilton Hotels & Resorts, Marriott International, Hyatt Hotels or InterContinental Hotels Group. The hotels include brands such as Hampton Inn, Hilton Garden Inn, Homewood Suites, Embassy Suites, Courtyard, Residence Inn, Hyatt Place and Holiday Inn. “In our opinion, Equity Inns offers compelling value among recently marketed and comparable select-service portfolios from the standpoint of both price per …

HOUSTON — The 2.4 million-square-foot Houston Galleria shopping center will undergo a $250 million renovation, according to mall owner Simon Property Group (NYSE: SPG). The Galleria is located at 5085 Westheimer Road. The comprehensive renovation is scheduled to begin this spring, though components of it have already begun. The renovation will include a new 200,000-square-foot flagship store for Saks Fifth Avenue. The new store will be located adjacent to Saks’ former location. The mall opened in 1970. The last time the Houston Galleria underwent a renovation/expansion was in 2006. Simon plans to turn the old space into a new multi-level mall extension that will feature 110,000 square feet of space to house 35 new retailers and restaurants. The extension will be anchored by Saks Fifth Avenue on one end and Neiman Marcus on the other. “This project will provide the unprecedented luxury shopping experience that the Houston market craves, with high-profile brands, unique restaurant choices and premiere amenities,” says David Simon, CEO of Simon Property Group. “The new flagship Saks Fifth Avenue will be the cornerstone of this high-end retail opportunity and will continue to anchor the Galleria in an even more impactful way.” Houston Galleria’s luxury wing will also …

PHOENIX — CBRE has negotiated the sale of the Apollo corporate headquarters campus. The complex spans 599,664 square feet and is a Class A, three-building, single-tenant office campus located at 4025, 4035, and 4045 S. Riverpoint Pkwy. The sale price was $183 million. In addition to negotiating the sale, CBRE arranged acquisition financing of behalf of the buyer. Barry Gabel, Chris Marchildon, Kevin Shannon, Ken White and Michael Moore of CBRE represented the seller, American Realty Capital Properties Inc. (ARCP), in the transaction. Crown Properties Inc. represented the buyer, Eric Apollo LLC. CBRE’s debt and structured finance team, including Bruce Francis, Dana Summers, Bob Ybarra and Shaun Moothart, worked on behalf of the buyer and the lender, Goldman Sachs. “The metropolitan Phoenix investment market continues to post significant benchmarks towards full recovery,” says Gabel. “This property last traded at $283 per square foot in 2011, and this most recent sale marks a 7.6 percent increase at $305 per square foot. Investors recognize momentum in the market and we expect this is just the beginning of an active and healthy 2015.” The Apollo Group headquarters campus is 100 percent leased to Apollo Group Inc., a provider of higher education programs for working …