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UNIONDALE, N.Y. — Arbor Commercial Funding LLC, a subsidiary of Arbor Commercial Mortgage and a national, direct commercial real estate lender, has announced the funding of 16 loans totaling $86.9 million across the western U.S. The loans were made under the Fannie Mae Delegated Underwriting & Servicing Loan, Fannie Mae DUS-Small Loan, Fannie Mae DUS Affordable Housing, Fannie Mae DUS Supplemental and Fannie Mae DUS-ARM 7/6 product lines. The loans stretch from Texas to California and were originated by Jay Porterfield of Arbor’s Plano, Texas office. “As a national direct lender, Arbor has comprehensive market expertise throughout the country, including in such multifamily hotbed markets as Colorado, California and Texas,” says Porterfield. The loans stretch from Texas to California and were originated by Jay Porterfield of Arbor’s Plano, Texas office. Here’s a look at each loan in detail: · Stonebridge Apartments, Modesto, Calif. – This 286-unit multifamily property received $16.75 million funded under the Fannie Mae DUSLoan product line. The 10-year refinance loan amortizes on a 30-year schedule. The property provides residents with a swimming pool, spa, clubhouse, playground and laundry room. · Hahn Triplexes, Modesto, Calif. – This 33-unit multifamily property received $3 million funded under the Fannie Mae DUSSmall …

CHICAGO — Georgetown Co. has purchased K2 Apartments in Chicago for $214.2 million. Locally based Fifield Cos. and its joint venture partner, Houston-based Wood Partners, sold the 496-unit, Class A luxury apartment development. Located at 365 N. Halsted St., K2 is 95 percent leased. Residences include a mix of studio, one-, two- and three-bedroom apartments, all with access to a full suite of amenities, including a state-of-the-art fitness center, 70-foot lap pool, theater room, bike storage for 200 bikes and a half-acre dog park. “K2 has been a smashing success since it debuted in early 2013,” says Steven Fifield, president of Fifield Cos. “Renters responded enthusiastically to our grandest design yet, and in less than two years we are near full occupancy. That is a testament to K2 and the strength of the luxury rental market. This lifestyle has shown no signs of slowing down and this investment by Georgetown will deliver for years to come.” Pete Evans of Moran & Co. represented Fifield Cos. and Wood Partners in the sale. The $214.2 million sale price marks the highest amount to be paid for a Chicago downtown apartment tower since December 2012, which marked the sale of another Fifield project, …

NEW YORK — Blackstone (NYSE: BX) has announced that funds affiliated with Blackstone Real Estate Partners VI & VII have agreed to sell their wholly owned U.S. industrial platform, IndCor Properties, to affiliates of GIC, Singapore’s sovereign wealth fund, for $8.1 billion. As a result of this transaction, Chicago-based IndCor will no longer be pursuing an initial public offering (IPO). IndCor owns and operates a portfolio of 117 million square feet of industrial properties throughout the United States. IndCor’s assets are principally located in desirable infill industrial markets such as Seattle, Portland, Los Angeles, San Diego, Dallas, Houston, Denver Minneapolis, Chicago, Atlanta, Charlotte, Miami, Baltimore and Washington, D.C. “We built IndCor through 18 acquisitions to be one of the largest industrial real estate companies in the United States,” says Tim Beaudin, CEO of IndCor Properties. “We are excited about the company’s future prospects under new long-term ownership with GIC.” The transaction is expected to close in the first quarter of 2015. Eastdil Secured, a wholly-owned subsidiary of Wells Fargo & Co., advised Blackstone in the transaction, along with Citigroup, Barclays and RBC Capital Markets. Blackstone’s real estate business was founded in 1991 and has more than $80 billion in investor …

MIAMI — Canyon Capital Realty Advisors has provided a $157 million senior construction loan to a joint venture between the Related Group of Florida and SBE Hotel Group to finance the development of the SLS Brickell Hotel & Residences. The 54-story, luxury mixed-use tower consists of a 124-room SLS-branded hotel and 453 SLS-branded residential condominiums located above the hotel. The hotel will include ground-floor restaurants from renowned chefs, including Michael’s by Michael Schwartz and The Bazaar by Jose Andres. The prices of the condominiums range from $400 to $500 per square foot, according to the sales office’s website. “Our hospitality expertise played a critical role in the borrower’s decision to work with us,” says Ronald Muzii Jr., the South Florida-based senior director of Canyon Capital Realty. “Related knew we were an experienced condominium construction lender, but SBE knew that Canyon had extensive nationwide hotel experience as well, which would be crucial in getting this deal done.” The mixed-use tower, which will open in fall 2016, features amenities such as property-wide Wi-Fi in all common areas and residences; multilingual staff; 24-hour valet parking and security service; as well as in-room dining services. The residences are currently sold out with a waitlist. …

NEW YORK — Massey Knakal has arranged the sale of The East Side Elevator Portfolio, consisting of five trophy assets on the east side of Manhattan, for $126 million. Stonestreet Properties sold the portfolio, which features one property in the East Village on 3rd Street and four properties on the Upper East Side and includes a total of 267 units. The properties were sold in two separate transactions. Trevi Retail purchased the four Upper East Side properties and buyers Nader and Lisa Shalom purchased the 3rd Street property. “The multifamily sector has always been the most active in the city, and today is no different. The interest in these properties was from every corner of the globe and from a widespread array of buyer types,” says Bob Knakal, chairman of Massey Knakal. Thomas Gammino Jr., Guthrie Garvin, Michael DeCheser and Knakal exclusively handled the transactions. The portfolio consists of 264 residential units, two commercial units, and one professional unit totaling approximately 144,043 square feet. Of the 264 units, 196 are fair market while 68 are rent stabilized. The unit mix consists of 59 studios, 152 one-bedrooms, 28 two-bedrooms, 19 three-bedrooms, and six four-bedrooms. The properties represent some of the most …

NEW YORK — Paramount Group Inc. (NYSE: PGRE), which specializes in owning and managing office properties in major markets, has completed its initial public offering of nearly 150.6 million shares of its common stock at a public offering price of $17.50 per share. The IPO has resulted in gross proceeds of $2.6 billion. The offering is the largest IPO ever for a U.S. real estate investment trust, according to Bloomberg, exceeding Douglas Emmett Inc.’s IPO in 2006, which raised $1.6 billion. According to Bloomberg, the shares climbed 3.9 percent to $18.18 on their first day of trading (Nov. 19) after the company sold them for $17.50 each. The IPO includes the full exercise of the underwriters’ option to purchase an additional 19.6 million shares of common stock. New York-based Paramount intends to use the net proceeds from the offering of $2.6 billion, after deducting underwriting discounts, commissions and offering expenses, to repay outstanding indebtedness and any applicable prepayment costs, exit fees, defeasance costs and settlement of interest rate swap liabilities associated with such repayment, as well as pay cash consideration in connection with its formation transactions. The company expects to use any remaining net proceeds for general corporate purposes, capital …

MILWAUKEE — Physicians Realty Trust (NYSE: DOC), a self-managed healthcare REIT based in Milwaukee, has entered into four separate purchase agreements in Georgia, Alabama, Washington, New York and Illinois totaling $123.2 million. In the Southeast, the REIT has partially closed on the purchase of a 309,865-square-foot portfolio of 13 medical office buildings for $34.5 million. Known as the Columbus Regional Medical Office Portfolio, 12 of the properties are located in Columbus, Ga., and one is located in Phenix City, Ala. The portfolio is 88 percent occupied, and 11 of the 13 properties are located adjacent to the 413-bed Columbus Regional Medical Center (CRMC) and the 219-bed Doctors Hospital, two of Columbus Regional Healthcare System’s (CRHS) short-term acute care hospitals. The portfolio features a mix of healthcare providers anchored by physician practice groups that are affiliated with CRHS and the Columbus Clinic. As part of the transaction, the CRHS-related leases totaling 45 percent of the overall portfolio’s base rental revenue have been renegotiated and extended to 10-year lease terms. Physicians Realty Trust has closed on 12 of the 13 buildings, with the final building expected to close by the end of 2014. “We are pleased to have the opportunity to work …

LOS ANGELES — Pebblebrook Hotel Trust (NYSE: PEB) has acquired the 264-room Hotel Palomar Los Angeles – Westwood for $78.7 million. The full-service boutique hotel is located at 10740 Wilshire Blvd. in the Los Angeles submarket of Westwood. The seller was undisclosed. The hotel is situated near the University of California, Los Angeles (UCLA), the Wilshire Corridor, and Westwood Village’s many shopping, dining and entertainment options. “The hotel is ideally located at the corner of Wilshire Boulevard and Selby Avenue, with proximity to all of the major motion picture studios, prominent dining, retail and museums and the Wilshire Corridor, which contains some of the highest-quality residential and office space in Los Angeles,” says Jon Bortz, Pebblebrook’s chairman, president and CEO. “The healthy economic environment in the West Los Angeles market, which has benefitted from increased international inbound travel, provides excellent long-term operating fundamentals for the hotel.” Hotel amenities include a 40-foot outdoor pool and deck with poolside food and beverage service, a fitness center, a five-story, 435-space parking garage with valet parking, a 24-hour business center and in-room spa services. It also contains eight meeting rooms with more than 5,000 square feet of flexible meeting space. The property’s signature dining …

KANSAS CITY — Carey Watermark Investors Inc., a non-traded REIT, has acquired the Kansas City Marriott Country Club Plaza for $57 million. The hotel is located in the Country Club Plaza, a 55-acre, 15-block shopping district located four miles from downtown Kansas City and comprised of 150 retail establishments, restaurants and entertainment venues. The University of Missouri-Kansas City is also nearby. According to the Kansas City Star, the seller was an affiliate of Noble Investment Group. Country Club Plaza has experienced a cumulative average growth rate in revenue per available room (RevPAR) of 4.4 percent since 2009. Planned improvements to the property include updates to food and beverage outlets, meeting spaces and the hotel’s exterior. The hotel will also implement Marriott Hotels’ signature “Greatroom” lobby concept, which features modern lobby space for guests to use. Along with the $57 million purchase, CWI invested $15 million in other acquisition-related costs and planned capital expenditures, bringing the total price to $71.5 million. The acquisition was financed with $38.5 million in debt. The hotel will continue to be managed by Interstate Hotels & Resorts. The 19-story hotel includes 295 rooms, 16,000 square feet of meeting space, three food and beverage outlets, a fitness …

NEW YORK — TIAA-CREF has acquired 21 Penn Plaza, a prime midtown Manhattan office property, from a joint venture between Savanna and the Feil Organization. The purchase price was undisclosed, but Crain’s New York Business reported the asking price for the property was $250 million in July. Situated on the southeast corner of W. 31st St. and 9th Avenue, 21 Penn Plaza is adjacent to Manhattan’s newest neighborhood, the Hudson Yards District. The 16-story, 380,000-square-foot property is within the epicenter of the $27 billion of investment currently underway on Manhattan’s far west side. “We believe this property is well positioned to take advantage of the rapid changes and revitalization happening in Midtown West,” says Henry Dong, senior director of global real estate for TIAA-CREF. “Rents are on the upswing in the area and we see that trend continuing. The massive redevelopment of the neighborhood should make it a destination for employers, tourists, shoppers and new residents.” Following an investment of close to $5 million in building upgrades, including new lobbies, entrances and mechanical systems, Savanna and the Feil Organization successfully leased more than 225,000 square feet of space to restabilize the property at 98 percent occupancy prior to marketing the …