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SHERMAN OAKS, CALIF. — Jim Fisher and Mike Smith, principals of Lee & Associates-LA North/Ventura, have arranged the $481.3 million sale of a Southern California multifamily portfolio consisting of 14 buildings and 2,666 units. Fisher and Smith represented the seller, JH Real Estate Partners Inc., a Newport Beach-based private investor, in the transaction. Los Angeles-based TruAmerica Multifamily was the buyer. The portfolio includes five properties in Los Angeles County, six buildings in San Bernardino and Riverside counties and three assets in San Diego County. “Portfolios of this size and geographic scope rarely come on the market. Correspondingly, there are only a few buyers able to accommodate them,” says Fisher. “As a result, our marketing efforts had to be sharply targeted to just a dozen or so institutional and private investors. We chose TruAmerica because we were confident they could get to the finish line.” TruAmerica has been active in the multifamily market since its founding in 2013, acquiring 4,444 apartment units in the western United States. The company, in partnership with Capri Capital Partners LLC, most recently purchased the 464-unit Vermont, consisting of two high-rise towers in the Koreatown section of Los Angeles, for $283 million. The properties in the …

HONOLULU — Walker & Dunlop has structured a $145 million first trust mortgage for Moanalua Hillside Apartments in Honolulu. Allan Edelson, managing director, led Walker & Dunlop’s team, who arranged the financing using a Fannie Mae, adjustable-rate mortgage. After repaying the existing first mortgage, the financing provided net proceeds of approximately $30 million, which the borrower intends to use for interior renovations and construction of 496 additional apartments. “The borrower was interested in favorable prepayment options. With our team’s expertise in multifamily financing, we were able to offer a unique prepayment feature of a one-year lockout period, followed by 1 percent for 12 months, 0.5 percent for the following six months, then open at par,” says Edelson. Originally built in 1968, Moanalua Hillside Apartments includes 700 units. Renovated in 2004, the garden-style apartment complex features one- and two-bedroom apartments. Moanalua Hillside Apartments consists of 25 buildings spread throughout a nearly 28-acre site. Amenities include gated access, kitchens with breakfast bars, sundecks, ocean views, two swimming pools, volleyball courts and a brand new fitness center. Pearl Harbor, Tripler Army Medical Center and downtown Honolulu are located only a few miles away from the complex. With a regulatory agreement in place from …

BOSTON — Multi-Employer Property Trust (MEPT) and its real estate advisor, Bentall Kennedy (U.S.) Limited Partnership (Bentall Kennedy), have acquired $250 million of property in Boston’s South End and Seaport District submarkets. MEPT is a $7 billion real estate equity fund that invests in a portfolio of institutional-quality real estate assets in 25 metropolitan markets across the United States. In three separate transactions, the Washington-based fund acquired nine buildings totaling more than 650,000 square feet. One portfolio purchased by the fund is adjacent to the Boston Medical Center and is comprised of two fully leased medical office buildings, three properties intended for redevelopment, and two acres of land for potential multifamily development. The buildings are located at 660 and 720 Harrison Ave., 575 Albany St., 100 East Canton St., and 123 East Dedham St. This portfolio was acquired as part of a joint venture with Boston-based Leggat McCall Properties. A second portfolio contains three operating office buildings (313 Congress St., 330 Congress St. and 300 A St.) totaling 220,993 square feet in Boston’s Fort Point Channel submarket of the Seaport District. Additionally, in the Fort Point Channel submarket, MEPT acquired the Necco Street Garage, a six-level, 588-space parking garage. Bentall …

IRVINE, CALIF. — Griffin-American Healthcare REIT III Inc. has completed the acquisition of 19 healthcare properties for approximately $340 million. The acquisitions were comprised of 17 medical office buildings, an acute care hospital and a seniors housing facility. “These latest acquisitions represent high-quality assets leased by very strong tenants and operators with whom we look forward to sharing mutually rewarding business partnerships,” says Danny Prosky, president, chief operating officer and one of the largest stockholders of Griffin-American Healthcare REIT III. “They also add tremendous diversification to our rapidly growing portfolio.” Griffin-American Healthcare REIT III’s most recent acquisitions include: • Southlake Hospital in Southlake, Texas: Built in 2013, Southlake Hospital is a 70-bed acute care hospital spanning 142,000 square feet and 10.6 acres. The site includes a three-story, 400-space parking garage. The hospital is leased through April 2033 to Forest Park Medical Center, a physician-owned hospital system that currently operates four medical facilities comprising a total of 280 beds in the Texas cities of Dallas, Frisco, San Antonio and Southlake, with campuses in Fort Worth and Austin currently under development. Forest Park will operate Southlake Hospital under an absolute net lease with annual rent escalations tied to the U.S. Consumer Price …

NEW YORK — One of the most recognizable buildings on Manhattan’s skyline was purchased today. Montreal’s Ivanhoé Cambridge and its partner, Callahan Capital Properties, purchased three Bryant Park from Blackstone Group LP for $2.2 billion. The 1.2-million-square-foot office building, located at 1095 Avenue of the Americas between 41st and 42nd streets, has a trademark green façade and currently features MetLife and Verizon as major tenants. “The opportunity to acquire a truly iconic property like Three Bryant Park is extremely rare,” says Arthur Lloyd, executive vice president of global investments for Ivanhoé Cambridge. Three Bryant Park is now the second largest sale of an office building in U.S. history, according to The Wall Street Journal, trailing only a 2008 sale of Manhattan’s General Motors building for $2.8 billion. The Ivanhoé/Callahan partnership continues to grow its Manhattan portfolio, which already featured 1411 Broadway and 1211 Avenue of the Americas, according to The Wall Street Journal. Tenants at those two buildings include The Wall Street Journal and News Corp. “When we considered the quality and unique characteristics of this property, along with the continued enhancements in the immediate area around Three Bryant Park, it was clear this is a compelling long-term investment opportunity,” says …

NEW YORK — Brookfield Property Partners (NYSE: BPY; TSX: BPY.UN) has begun construction on a 62-story residential tower at Manhattan West that will contain 844 units with 20 percent of the studio, one- and two-bedroom units priced at affordable rates. Brookfield has closed on $479 million in Housing Finance Agency (HFA) credit enhanced bonds through the Bank of China with a seven-year term to fund the construction. Credit enhancement provides security for the holders of HFA bonds and insures an investment-grade rating for the bonds. Designed by SLCE, the Manhattan West residential tower is an $800 million structure slated to welcome its first residents in the first quarter of 2017, with substantial completion in 2018. Located at 435 W. 31st St. between Ninth and Dyer avenues, it will feature an array of amenities including a regulation-sized basketball court, a climbing wall, kitchens and dining rooms available for private entertaining, and a roof deck with grills. Hunter Roberts is the construction manager of the residential project. When completed, the $4.5 billion Manhattan West development will include two new Class A office towers, retail, a five-star hotel, rooftop gardens, restaurants and cafes in addition to the residential building. A two-acre public park …

NEW YORK — Meridian Capital Group has arranged $180 million in financing for the Club Row Building office property located in Midtown Manhattan on behalf of APF Properties. A global investment bank provided the CMBS loan, which features interest-only payments for the entire 10-year term and a fixed rate in the mid-4 percent range. “We are pleased to have worked with APF Properties, a leading institutional sponsor, to facilitate the financing used to assume full control of this historic asset and continue its dominance of the best-in-class-B+ office niche in the Grand Central area,” says Tal Bar-Or, managing director in Meridian’s New York City headquarters who negotiated the transaction. The 22-story Club Row Building is located at 28 W. 44th St., between Fifth Avenue and Avenue of the Americas. The property totals 372,000 square feet and features 14,600 square feet of retail on West 44th and West 43rd streets. This section of West 44th Street is known as Club Row, and is one block north of Bryant Park. Club Row is one of the most prestigious streets in the heart of Midtown Manhattan, according to Meridian. The building recently underwent more than $9 million in capital improvements, including a new …