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HONOLULU — The Howard Hughes Corp. (NYSE: HHC) has secured a $600 million non-recourse construction loan from Blackstone Real Estate Debt Strategies for the development of Waiea and Anaha, the first two condominium towers at Ward Village, a 60-acre urban master-planned community in Honolulu. Randy Fleisher of the Dallas Capital Markets group of JLL arranged the financing. “Our vision for Ward Village is to create the premier master-planned community in Hawaii offering an unrivaled vibrant urban lifestyle in the heart of Honolulu,” says Grant Herlitz, president of The Howard Hughes Corp. based in Dallas. “The closing of this loan marks another important milestone as we create the quintessential 21st century neighborhood.” Ward Village will include more than 4,000 high-rise residences and more than 1 million square feet of retail space surrounded by outdoor public gathering places and pedestrian-friendly streets. A four-acre public park will anchor the neighborhood. James K.M. Cheng, an internationally recognized architect based in Vancouver, in collaboration with Honolulu-based firm WCIT Architecture, designed Waiea. The tower will include 171 residences and approximately 8,000 square feet of new retail space. Construction began in June with completion projected in late 2016. Solomon Cordwell Buenz, a global architecture and design firm, …

AUSTIN, TEXAS — An affiliate of Hyatt Hotels Corp. (NYSE:H) has acquired its partners’ 92 percent interest in the 491-room Hyatt Regency Lost Pines Resort and Spa in Austin for approximately $143 million. Hyatt also assumed approximately $65 million of property level debt. The total price, inclusive of debt, implies a valuation of approximately $450,000 per key. The resort has operated as Hyatt Regency Lost Pines Resort and Spa since it opened in 2006. Dallas-based Woodbine Development Corp. developed the resort and has served as the asset manager and managing general partner of Bastrop Resort Partners LP, the partnership entity that has owned the resort since its opening. Hyatt was one of the original co-owners and has managed the resort since its debut. “Hyatt Regency Lost Pines is a sought-after destination by both leisure and group guests and has strengthened Hyatt’s presence in the Austin area, where Hyatt has a broad spectrum of lodging experiences,” says Steve Haggerty, global head of capital strategy, franchising and select service for Hyatt Hotels. “This transaction is consistent with our strategy to focus our investing in key areas such as resorts and group-oriented hotels. The resort’s financial and operating success of this property has …

CHICAGO — Aviv REIT has agreed to purchase 29 properties from Diamond Senior Living for $305 million. All of the properties are currently triple-net leased to new Aviv operator Laurel Health Care for a remaining term of 15 years. The acquisition includes 23 skilled nursing facilities (SNFs), four assisted- iving facilities, one independent living facility and one office building. The properties are spread throughout five states, including 11 facilities in Michigan, eight facilities in Ohio, seven facilities in North Carolina, one facility in Virginia and another in Indiana. It also includes Laurel’s corporate office building in Ohio. Two of the properties are leasehold interests, which have terms expiring in 2025 and 2020. Both of those properties will be subleased to Laurel until the end of their respective terms. Aviv will fund about 40 percent of the purchase price, or $125 million, with cash and its available credit line. The remaining 60 percent, or $180 million, will be financed through a secured loan that should be made by GE via its business unit, GE Capital, Healthcare Financial Services. “This is a strategic investment for us at a seminal moment having just announced our merger with Omega Healthcare Investors,” says Craig Bernfield, …

NEW YORK CITY — Vornado Realty Trust (NYSE: VNO) has agreed to sell 1740 Broadway, a 601,000-square-foot office building in Manhattan. The price is $605 million, or just over $1,000 per square foot. The financial statement gain will be approximately $443 million, while the tax gain will be $483 million, deferred as part of a like-kind exchange for the acquisition of the St. Regis Fifth Avenue retail. The sale of 1740 Broadway is subject to closing conditions and is expected to be completed by the end of the year. The company has also completed the purchase of the retail condominium of the St. Regis Hotel and the adjacent retail town house for $700 million. Vornado owns approximately 75 percent of the joint venture which owns the property. Vornado also owns 689 Fifth Ave. on the same block. In total, the company owns 19.8 million square feet of Manhattan office space in 31 properties, four Manhattan residential properties totaling 1,655 units and 2.4 million square feet of Manhattan street retail space. Vornado is a real estate investment trust (REIT) with a portfolio of more than 100 million square feet, primarily located in the New York and Washington, D.C. areas. Vornado’s stock price …

PHOENIX — Berkadia has arranged the sale of a major portion of the MSI National Apartment Portfolio for a total projected sales value of more than $335 million. The apartment communities are located throughout Texas, Ohio, Louisiana, Kansas, Oklahoma and Tennessee. To date, Berkadia has closed $239 million in sales from the portfolio, involving 18 assets across six states. In addition to the already closed transactions, the remainder of the portfolio, consisting of eight properties and 1,230 units, is scheduled to close before the end of the fourth quarter of 2014. The remaining properties are expected to close at a combined price of just under $100 million. “The MSI National Portfolio is certainly one of the largest listed and sold transactions across such a diverse array of markets. Berkadia was well situated with national resources to execute a large, multi- channel marketing campaign on a listing of this magnitude, which resulted in a high level of interest on a local, regional and national basis; maximizing the proceeds for the stakeholders of these assets,” says Brent Long, president of Berkadia investment sales. In 2011, the U.S. District Court placed the portfolio of 5,380 units into receivership due to distressed ownership following …

NASHVILLE — Spectrum | Emery and OliverMcMillan have partnered to transform the 1.9 million-square-foot Nashville Convention Center site at 500 Broadway in downtown Nashville into a mixed-use development featuring retail, residential, office, dining and entertainment. The planned redevelopment, which will reportedly cost $400 million, still has several municipal approvals to clear before construction can begin. The developers are expected to break ground in summer 2015 on the project, which could take two and a half years to complete. The proposed development calls for the demolition of the existing convention center structure, which originally opened in 1987. The transformation will include 215,000 square feet of retail, entertainment and dining space; 350 apartments; an 18-story office tower spanning approximately 300,000 square feet; a 140,000-square-foot conference center; an additional 60,000 square feet of offices above the retail space; and the previously announced 40,000-square-foot National Museum of African American Music. “This partnership will not only enhance this project, but also raise the bar for what downtown Nashville can offer both residents and visitors, further igniting it as the heart for commerce, creativity and convenience,” says Pat Emery, president of Spectrum | Emery. Gresham Smith & Partners and Gensler are the project’s architects. The general …

HUNT VALLEY, MD. AND CHICAGO — Omega Healthcare Investors (NYSE: OHI) and Aviv REIT (NYSE: AVIV) have agreed to merge in a blockbuster deal. Omega will acquire all of the outstanding shares of Aviv. The transaction values Aviv at $3 billion. Omega company officials say that the transaction creates the “premier publicly traded pure-play skilled nursing facility REIT.” The deal is expected to close in the first quarter of 2015. The combined company will have a diversified portfolio that includes 83 operator relationships in 41 states. Aviv shareholders will receive a fixed exchange ratio of 0.90 Omega shares for each share of Aviv common stock they own, per the agreement. This consideration would be equivalent to $34.97 of Omega stock for each Aviv share, representing a premium to Aviv shareholders of about 16.2 percent over Aviv’s stock price. Omega shareholders are expected to own about 70 percent and Aviv shareholders, together with the limited partners of Aviv Healthcare Properties Limited Partnership, will own 30 percent of the combined company. The stock-for-stock transaction is intended to be tax-free to shareholders. Following the merger, Taylor Pickett, Omega’s CEO, will continue to serve as CEO of the combined company, while Craig Bernfield, current …

TAMPA — Crescent Communities has sold Crescent Bayshore, an apartment complex in Tampa, for $111.5 million. This is the first closing of a portfolio of nine multifamily properties developed by Crescent. Crescent has finalized the sales with a fund advised by UBS Global Asset Management and an unnamed private institutional buyer. The portfolio includes a total of 2,667 units. Crescent Bayshore contains 367 units located in downtown Tampa, and the sale represents a price in excess of $300,000 per unit. The entire transaction will allow Crescent to recapitalize the portfolio at a gross purchase price approaching $700 million. CBRE advised Crescent on the transaction. “For over 50 years, Crescent Communities has been unwavering in its commitment to bettering people’s lives by building sustainable communities that deliver long-term value to both investors and residents,” says Todd Mansfield, president and CEO of Crescent Communities. “Our ability to transact this multifamily portfolio at these values, even prior to the completion of leasing, speaks to the strength of our strategy and the long term value the market sees in our communities, and it will help fund our further expansion.” Crescent has committed approximately $725 million of debt and equity capital into building a portfolio …

DETROIT — Fifth Third Bank Eastern Michigan plans to relocate its headquarters from its current location in Southfield to downtown Detroit. The relocation includes an investment of $85 million in the city’s resurgence. With more than 150 full-time employees, Fifth Third Bank’s new offices will occupy four floors encompassing 62,000 square feet with options for future growth at One Woodward Avenue, one of more than 60 properties owned and operated by Bedrock Real Estate Services. The skyscraper will be renamed Fifth Third Bank at One Woodward. “Fifth Third Bank has long been a citizen of Detroit’s neighborhoods having built numerous branches within city limits during the past decade,” says David Girodat, president and CEO of Fifth Third Bank Eastern Michigan. “Now that we’ve established a footprint in the city, we wanted to move our headquarters to be part of the downtown movement and contribute to the remarkable resurgence Detroit is experiencing.” Built in 1962, the 29-story landmark office tower was the first skyscraper designed by architect Minoru Yamasaki, best known as the architect of the World Trade Center. Yamasaki used elements of the 361,100 square foot building’s design for the Twin Towers in New York City. The bank’s move is …