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INDIANAPOLIS — Simon Property Group Inc. (NYSE: SPG), the largest mall owner in the United States, has proposed purchasing Santa Monica, California-based real estate investment trust The Macerich Company (NYSE: MAC) by acquiring all of Macerich’s outstanding stock for $91 per share in cash and Simon shares, in a bid valued at more than $22.4 billion. The proposed transaction includes the assumption of Macerich’s approximately $6.4 billion of debt outstanding. Macerich shareholders would receive consideration in the form of 50 percent cash and 50 percent Simon common stock, utilizing a fixed exchange ratio. Indianapolis-based Simon also has reached an agreement in principle to sell selected Macerich assets to General Growth Properties Inc. in connection with the closing of the acquisition. Neither transaction financing nor the sale of assets to General Growth will be a condition to closing the proposed transaction. “We believe Simon’s cash and stock offer would bring compelling value to shareholders of both companies,” said David Simon, Simon’s chairman and CEO. “Macerich shareholders would receive a significant current cash premium as well as the long-term upside potential of an investment in Simon, which is widely recognized for its high-quality portfolio and industry-leading operating performance. “Simon has consistently delivered …

NEW YORK AND DALLAS — MCR Development LLC, the seventh-largest hotel owner/operator in the United States, has acquired a portfolio of 18 Marriott and Hilton hotels for approximately $206 million. Collectively, the portfolio spans 1,787 rooms across 11 states in cities including Charlotte, N.C.; Savannah, Ga.; Cincinnati; Tulsa, Okla.; and San Antonio. The properties in the portfolio have an average age of less than 10 years and are unencumbered by management agreements. “This acquisition significantly enhances the size and scale of our premium branded select-service hotel portfolio in the United States. Adding this collection of high-quality assets further strengthens our relationship with Marriott and Hilton as our portfolio will now include 50 Marriott and 31 Hilton hotels,” says Tyler Morse, CEO and managing partner of MCR Development. “This investment meets our strict underwriting criteria of selectively acquiring high-yielding premium-branded hotels in high-growth business and leisure markets with multiple demand generators. Given the properties’ attractive locations and unencumbered management agreements, the hotels are well positioned to deliver strong returns.” MCR will own and manage the portfolio. The properties will continue to operate under their respective Marriott or Hilton brand affiliations, with long-term franchise agreements in place. The portfolio comprises multiple brands, …

ISSAQUAH, WASH. — Life Care Services (LCS) has commenced construction on Phase II of Timber Ridge at Talus in Issaquah. The 10-acre retirement community is located at 100 Timber Ridge Way N.W., at the base of Cougar Mountain. It is situated within the 630-acre, master-planned community of Talus. Phase I of the project contains a 184-residence retirement community. Existing units feature large windows that promote natural light, wrap-around terraces and large stone fireplaces. Timber Ridge also contains the Briarwood Health Center, which provides a continuum of care that includes routine wellness checks, short- and long-term skilled nursing, memory care and recuperative care services. Phase II of the project will add 145 independent living apartment homes to the community. The new supply will feature 15 different floor plans ranging in size from 700 square feet to 2,273 square feet in a variety of one-bedroom and two-bedroom units. All residences will also feature patios or balconies. Briarwood Health Center will also be expanded to include 26 assisted living/memory care apartments and nine private transitional care suites. The Medicare-certified center also offers physical and occupational therapies. The Type A LifeCare senior living community provides unlimited days of long-term healthcare services. The community will …

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 …