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ORLANDO, FLA. — The Mortgage Bankers Association (MBA) projects that originations of commercial and multifamily mortgages will grow to $300 billion in 2014, up from $280 billion in 2013, a 7 percent increase. The combination of relatively low interest rates (the 10-year Treasury yield stood at 2.72 percent at the close of business on Mon., Feb. 10), improving property fundamentals, a rebound in property prices and higher loan maturity volumes is expected to drive the increase in loan originations this year, says Jamie Woodwell, vice president of commercial real estate research for the Washington, D.C.-based MBA. The forecast was unveiled Monday afternoon at a press conference during the MBA’s Commercial Real Estate Finance/Multifamily Housing Conference & Expo. Joining Woodwell for the presentation was Michael Fratantoni, chief economist for the MBA, who offered a “cautious outlook” for the U.S. economy during the next year. More than 2,800 industry professionals are attending the conference, the most since 2007 and about 250 more than a year ago, according to MBA. The annual convention, which provides a networking opportunity for lenders, financial intermediaries and borrowers, also features panel discussions on timely topics such as trends in healthcare lending, the rejuvenated CMBS market and the …

LOS ANGELES — Kilroy Realty Corp. (NYSE: KRC), a publicly traded REIT, has acquired an approximate four-acre parcel near the intersection of Sunset Boulevard and Vine Street in Hollywood for $46 million. Kilroy purchased the site from The Academy of Motion Pictures Arts and Sciences (AMPAS). Encompassing a full city block, the Academy site is one of the few remaining mixed-use development sites that exist in Hollywood. Shimoda Design Group has been tapped to design the project under the direction of executive architect House Robertson. The parcel was once intended for the Academy Museum of Motion Pictures. The site is located two blocks from the Red Line Metro stop, the subway line that runs between downtown Los Angeles and Hollywood. Kilroy plans to seek approval and obtain entitlements to develop a creative media mixed-use campus that will include approximately 475,000 square feet of low- and mid-rise office space, apartments, stores and restaurants with a total investment between $250 million and $300 million. “Hollywood will always be the entertainment capital of the world, yet for it to continue to attract and retain production, digital media and technology companies, we need to create environments that the modern work force wants and needs,” …

TAMPA, FLA. — Mall owner and developer Taubman Centers Inc. (NYSE: TCO) has sold a 49.9 percent interest in International Plaza in Tampa to a joint venture that includes TIAA-CREF and APG for $499 million. International Plaza is located adjacent to the Tampa International Airport at the center of the Tampa metroplex. The 1.2 million-square-foot upscale retail center, which opened in September 2001, includes anchors Dillard's, Neiman Marcus and Nordstrom. The mall contains approximately 200 specialty stores and several restaurants.Taubman will continue to lease and manage the center and maintain an ownership interest. In December 2012, Taubman bought out CSAT LP’s stake in the shopping center for $437 million, according to the Tampa Bay Business Journal, making Taubman the sole owner of International Plaza. The $499 million purchase price for the 49.9 percent interest in the center consists of $337 million of cash and approximately $162 million of beneficial interest in debt. Proceeds will be used to pay off Taubman’s loan on Stony Point Fashion Park in Richmond, Va., and for general corporate purposes. “We’re delighted to align ourselves with two great institutional partners,” says Robert Taubman, chairman, president and CEO of Bloomfield Hills, Mich.-based Taubman Centers. “This transaction strengthens …

NEW YORK — Financial services and private investment group Greystone has arranged a $54.5 million bridge loan for the acquisition of The Hamptons Center for Rehabilitation and Nursing, a 280-bed skilled nursing facility in Southampton, N.Y. SentosaCare LLC, a skilled nursing care owner and operator with 17 facilities in New York City, purchased the asset. The bridge loan, provided by Greystone, includes interest-only payments and has a term of less than one year, at the end of which it will be converted into permanent FHA financing. Greystone has secured multiple loans on behalf of SentosaCare in the last decade. “We’re an organization that places high importance on relationships. After 10 years of working together, we believe Greystone shares the same values,” says Ben Philipson, principal of SentosaCare. “As a trusted partner, Greystone is well-versed in navigating the challenges of securing financing for skilled nursing facilities and senior housing, especially in regions where property values are quite high.” The Hamptons Center, which provides rehabilitation, medical, housekeeping, lab work and physical therapy services for residents, was 96.8 percent occupied at the time of the sale. The facility also offers specialized care in the areas including Alzheimer’s and dementia, amputation, multiple sclerosis and …

NEW YORK — Financial services and private investment group Greystone has arranged a $54.5 million bridge loan for the acquisition of The Hamptons Center for Rehabilitation and Nursing, a 280-bed skilled nursing facility in Southampton, N.Y. SentosaCare LLC, a skilled nursing care owner and operator with 17 facilities in New York City, purchased the asset. The bridge loan, provided by Greystone, includes interest-only payments and has a term of less than one year, at the end of which it will be converted into permanent FHA financing. Greystone has secured multiple loans on behalf of SentosaCare in the last decade. “We’re an organization that places high importance on relationships, and after 10 years of working together, we believe Greystone shares the same values,” says Ben Philipson, principal of SentosaCare. “As a trusted partner, Greystone is well-versed in navigating the challenges of securing financing for skilled nursing facilities and senior housing, especially in regions where property values are quite high.” The Hamptons Center, which provides rehabilitation, medical, housekeeping, lab work and physical therapy services for residents, was 96.8 percent occupied at the time of the sale. The facility also offers specialized care in the areas including Alzheimer’s and dementia, amputation, multiple sclerosis …

ATLANTA — An affiliate of Ram Realty Partners III LP, a fund of privately held multifamily investor Ram, has acquired Aventine at Vinings and Aventine at Ashford, two metro Atlanta apartment communities, for a combined $70.4 million. Ram’s management company has assumed the day-to-day property management services for the communities and is rebranding the properties as Rock Creek at Vinings and Rock Creek at Ashford, respectively. “These properties represent a classic value-add opportunity for Ram’s investors, where improving the lifestyle experience for residents will, in turn, result in stronger property operating performance,” says Casey Cummings, CEO of Ram. Ram is an affiliated group of companies and partnerships that acquire, develop, manage and finance retail and residential properties in the Southeast. Rock Creek at Vinings is a 403-unit garden-style apartment community, located in the Smyrna/Vinings submarket of Atlanta. The property was built in 1991. Rock Creek at Ashford, built in 1987, is a 222-unit garden-style apartment community located in Atlanta's Brookhaven submarket. Rock Creek at Ashford is within one mile of three major hospitals collectively known as Pill Hill. Ram will soon update interior finishes and community amenities at both properties. “While we have invested in Atlanta since 2007, these new …

CHARLESTON, S.C., AND MOUNTAIN BROOK, ALA. — Inland American Lodging Group Inc. has formed two new joint ventures with The Kessler Enterprises Inc. to develop two luxury boutique hotels, totaling 150 rooms, in Charleston, S.C., and Mountain Brook, Ala. Both hotels, which are slated for an early 2015 completion, will be affiliated with Marriott’s Autograph Collection. The joint ventures represent a combined investment of $68.5 million. “We are delighted to grow our relationship with Richard Kessler as we expand our investment in upper-upscale and luxury hotels through this mutually beneficial joint venture partnership,” says Marcel Verbaas, president and CEO of Inland American Lodging Advisor Inc. “The development of these assets further exemplifies our strategy of adding hotels to our portfolio that are well positioned to experience strong growth and capture outsized market share in high barrier-to-entry locations.” The Grand Bohemian Hotel Charleston will mark The Kessler Collection’s first property in South Carolina. The 50-room hotel, which will be located in Charleston’s Historic District, will include more than 3,000 square feet of meeting and event space. The property will also feature a wine tasting room, fitness center, specialty coffee shop, along with a rooftop restaurant and terrace. Located in Mountain Brook’s …

NEEDHAM, MASS. — Mortgage banking firm HFF has arranged an $85 million construction loan for TripAdvisor Inc.'s corporate headquarters in Needham, a southwest suburb of Boston. HFF secured the floating-rate loan on behalf of the borrower, a joint venture that includes investment manager Normandy Real Estate Partners and private investment capital firm Greenfield Partners. “Normandy and Greenfield had the vision and persistence to transform an underutilized group of 1950s-era R&D buildings into an amenity-rich corporate office location,” says Riaz Cassum, senior managing director at HFF. Cassum, along with Porter Terry and Brett Paulsrud of HFF, represented the borrower in the transaction. The money will fund the construction of a six-story, 280,000-square-foot corporate headquarters for TripAdvisor. It will be a LEED-certified building, and will include an employee cafeteria, a fitness center and a 1,100-space parking garage. The new corporate headquarters for the travel website operator will be completed in 2015. The property is about eight miles west of downtown Boston and is situated on 4.7 acres. Morristown, N.J.-based Normandy and South Norwalk, Conn.-based Greenfield announced in June 2013 their plans to secure a corporate headquarters for TripAdvisor. “Today's leading technology companies are seeking high-performance workplaces designed to support their culture, their …

NEW YORK — The shareholders of both American Realty Capital Properties Inc. (NASDAQ: ARCP) and Cole Real Estate Investments Inc. (NYSE: COLE) have approved the $11.2 billion merger announced in October. The deal, subject to customary closing conditions, will merge Cole with, and into, a wholly owned subsidiary of ARCP. Together the trusts will create the world’s largest net lease REIT with a value of $21.5 billion. A press release issued by Cole stated that the transaction was expected to close “promptly.” At ARCP’s stockholder meeting, approximately 98.2 percent of voting shares approved the transaction, representing 58.8 percent of all shares eligible to vote. At Cole’s stockholder meeting, approximately 94.9 percent of voting shares approved the transaction, representing 65.2 percent of all shares eligible to vote. “We are thrilled that stockholders from both companies have voted overwhelmingly to approve the proposals related to the ARCP-Cole merger,” says Nicholas Schorsch, chairman and CEO of ARCP. “[Due to] the two companies’ shared disciplined investment philosophy and systematic investment evaluation process that looks closely at credit as well as real estate, we are positioned to provide durable income to our stockholders through growth in property rents and asset appreciation.” Approximately 2 percent of …

MIAMI — Starwood Hotels & Resorts Worldwide Inc. (NYSE: HOT) has sold the 207-room St. Regis Bal Harbour Resort in Miami for $213 million. The buyer, Al Rayyan Tourism Investment Co. (ARTIC), is the international hospitality subsidiary of Al Faisal Holding Co., a private diversified industry group based in Qatar. The 27-story hotel, located at 9703 Collins Ave., features three dining outlets, including Jean-Georges Vongerichten’s J & G Grill; a 14,000-square-foot spa; two ocean-view pools; and 11,200 square feet of indoor function space, as well as several outdoor venues. The property also includes the St. Regis Bal Harbour Residences, which are branded private residences and condo-hotel units. “We are proud to add this iconic resort to our growing property portfolio,” says Sheikh Faisal Bin Qassim Al Thani, chairman of ARTIC. “The St. Regis brand represents a symbol of uncompromising elegance and bespoke service. This acquisition complements our investment focus on world-class assets in prime locations as we continue to expand our presence around the globe.” Starwood Hotels will continue to manage the property, which will remain under the St. Regis brand. “The sale of this trophy asset marks another step forward in Starwood’s pursuit of an asset-light strategy as we …