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SHELBURNE AND MIDDLEBURY, VT. — Cushman & Wakefield’s Senior Housing Capital Markets Group has arranged $82.4 million of acquisition financing and joint venture equity capital for LCB Senior Living LLC for the acquisition of a two-property portfolio. The properties are located in Shelburne and Middlebury, Vt., and are comprised of 322 units. Virtus Real Estate Capital, a real estate private equity firm based in Austin, Texas, provided $25.4 million in joint venture equity, while PNC Bank provided $57 million in first mortgage acquisition financing. The Cushman & Wakefield team that directed the capital placement efforts for the transaction included Richard Swartz, executive managing director; Jay Wagner, managing director; Aaron Rosenzweig, director; and Stuart Kim, associate. “These two properties are among the finest acquisitions that LCB has made,” says Michael Stoller, CEO of LCB Senior Living. “They are high-performing assets that have tremendous upside, and we’re very fortunate to have attained them.” The Lodge at Shelburne Bay consists of 191 independent living, assisted living and memory care units situated on Lake Champlain in Shelburne, four miles south of Burlington. The property was built in 1999 and expanded in 2011 to include an additional residential building. LCB will rebrand the community as …

GOODLETTSVILLE, TENN. AND MATTHEWS, N.C. — Dollar General (NYSE: DG) has made a proposal to acquire Family Dollar Stores Inc. (NYSE: FDO) for $78.50 per share in cash, in a transaction valued at $9.7 billion. The combination would make Dollar General the largest small-box discount retailer in the United States with nearly 20,000 stores in 46 states and sales of more than $28 billion. Dollar General's all-cash proposal would provide Family Dollar shareholders with a superior valuation to the $74.50 per share cash/stock offer announced by Dollar Tree Inc. (NASDAQ: DLTR) on July 28, 2014. “For Family Dollar shareholders, our proposal is financially superior to the current transaction agreement with Dollar Tree and would provide Family Dollar shareholders with a substantial premium and immediate liquidity for their shares,” says Rick Dreiling, Dollar General's chairman and CEO. “For Dollar General shareholders, the proposed combination of Dollar General and Family Dollar would be a significant strategic opportunity to create immediate and lasting shareholder value. For both Dollar General and Family Dollar customers, we would be able to provide better value and greater selection.” Dreiling continues, “We have the utmost respect for Family Dollar, its leadership and its employees. We look forward to …

NEW YORK CITY — American Realty Capital New York City REIT (NYCR) has acquired three commercial condominium units at the Laurel in Manhattan for $76 million. The property is located at 400 E. 67th St. on Manhattan’s Upper East Side. The Laurel is a 31-story, mixed-use tower that contains 129 residential condos, as well as office, retail and parking garage components. NYCR’s acquisition includes a 3,000-square-foot retail space that is leased to TD Bank; a 29,000-square-foot, four-story office space that is leased to Cornell University; and a 142-space parking garage that is leased to Quik Park. The commercial condo units total 58,750 square feet. The capital transactions group at Savills Studley represented the seller. NYCR also recently agreed to purchase the 284-space Trump Place Parking Garage in Manhattan for $9 million. Trump Place is a residential condominium property located at 200 Riverside Blvd. on the Upper West Side. The 61,475-square-foot parking garage features three sub-grade levels. It is fully leased to Hudson River Garage LLC. “We are pleased to announce these two acquisitions as they are both consistent with our strategy of purchasing high-quality New York City properties that will generate durable income and appreciation potential for our shareholders,” says …

SURFSIDE, FLA. — HFF has arranged a $290 million construction loan for the development of The Surf Club Four Seasons private residences and Four Seasons Hotel in in Surfside, Fla, just north of Miami Beach. When completed, the development will include 151 condominiums, 77 hotel rooms, luxury retail and restaurant space. HFF worked on behalf of the borrower, SC Property Acquisitions LLC, an entity controlled by Fort Capital Management, to secure the construction loan. The loan was secured through The Blackstone Group’s debt strategies fund. The Surf Club is located at 9011 Collins Ave. with more than 900 linear feet of Atlantic Ocean frontage and is within walking distance of the Bal Harbour Shops. Situated on three parcels of land totaling 8.7 acres, the resort will be centered around the Mediterranean building, which has housed The Surf Club since its inception in 1930, playing as home to celebrities and politicians ranging from actress Elizabeth Taylor to Prime Minister Winston Churchill. Complementing the clubhouse will be three 12-story glass towers designed by Pritzker Prize-winning architect Richard Meier. The project will be completed in 2016. Hotel amenities will include a restaurant, 15,000-square-fot spa, a swimming pool, fitness centers and lounge areas. The …

TOLEDO, OHIO — Health Care REIT Inc. (NYSE: HCN) has agreed to acquire HealthLease Properties REIT (HLP), a publicly traded Canadian company, in a transaction valued at $950 million. HCN has also entered into a partnership with Mainstreet Property Group, the external management company of HealthLease, to acquire 17 of its Next Generation properties currently under construction. In addition, HCN will also enter into a development partnership with Mainstreet with respect to 45 future properties, for a combined value of approximately $1.4 billion. In total, the transaction represents a potential $2.3 billion investment. The geographic footprint of this transaction reaches as far north as Canada, as far west as Arizona and Utah and as far east as New Jersey and Pennsylvania. The closing of HCN’s purchase of HLP remains subject to the approval of the REIT’s unit holders as well as other customary closing conditions. That transaction, as well as the closing of HCN’s partnership with Mainstreet, is expected to occur in the fourth quarter of this year. “Throughout HCN’s history, our strategy has been to fuel its growth by forming mutually beneficial partnerships with leading seniors housing and post-acute operators,” says Tom DeRosa, CEO of HCN. “We’re excited to …

DALLAS — HFF has arranged a $111.5 million refinancing for a seven-property portfolio across five states that totals approximately 1.4 million square feet. The properties include multifamily, industrial and mixed-use assets. HFF worked exclusively on behalf of the borrower, Madison Core Property Fund, a real estate fund managed by New York Life Real Estate Investors, to secure the fixed-rate loan that an HFF-correspondent life insurance company split into a five- and seven-year tranche. HFF is also servicing the loan. Senior Managing Director Trey Morsbach and Associate Director De’On Collins led the HFF team representing the borrower. The portfolio is 96 percent leased. The properties in the portfolio include two in California, the 156,880-square-foot office/retail property Centerstone Plaza, in Irvine, which was built in 1988; and the 136-unit multifamily property Pointe at Warner Center in Woodland Hills, built in 2004. Other assets in the portfolio include the industrial properties Bolingbrook in Bolingbrook, Ill., built in 2001 and 283,630 square feet; Auburn Park in Auburn, Wash., built in 2008 and 141,970 square feet; and Sumner North in Sumner, Wash., built in 2007 and 132,935 square feet. Multifamily properties are the remaining assets in the portfolio, including the 137-unit Wellington Place in Medford, …

OAK BROOK, ILL. — Inland American Real Estate Trust Inc. has announced its plan to spin off a significant portion of its lodging portfolio into a standalone, publicly traded company to be called Xenia Hotels & Resorts Inc. The new real estate investment trust (REIT) intends to list its shares of common stock on the New York Stock Exchange (NYSE) under the symbol “XHR.” Xenia Hotels & Resorts was formerly known as Inland American Lodging Group Inc. Upon completion of the proposed spin-off, Xenia will be headquartered in Orlando, Fla., and focus solely on the lodging sector. It is expected to own 46 hotels, comprising 12,636 rooms, across 19 states and the District of Columbia, and a majority interest in two hotels under development. Xenia will own and continue to invest primarily in premium full-service, lifestyle and urban upscale hotels in the top 25 U.S. lodging markets throughout the United States, focusing on urban and densely populated suburban markets with multiple demand generators and high barriers to entry. The company’s portfolio will include premium brands such as Marriott, Hilton, Hyatt, Starwood, Kimpton, Aston, Fairmont and Loews. “We are pleased to announce our intent to spin off Xenia Hotels & Resorts …

GLOUCESTER TOWNSHIP, N.J. — The popularity of outlet malls shows no signs of abating. Retail real estate giant Simon Property Group (NYSE: SPG) broke ground Thursday on Gloucester Premium Outlets in Gloucester Township. Slated to open in the summer of 2015, the multi-million dollar project will offer a diverse mix of more than 80 retailers “delivering great brands at extraordinary savings,” according to the company. Leaders from Simon and several political dignitaries commemorated the project with an official groundbreaking ceremony on Thursday morning for the 375,000-square-foot property. The dignitaries included Gloucester Township Mayor David Mayer and New Jersey State Senators Donald Norcross and Fred Madden. Gloucester Premium Outlets is a joint venture between Simon and PREIT-Rubin Inc., and will be developed and managed by Simon. The outlets will be located at the intersection of Robert Kelly Drive and Cooper Road in Blackwood, an unincorporated community within Gloucester Township. When completed, the outlet center will complement the other Simon Premium Outlets located in Limerick, Pa., sharing the greater Philadelphia market. The outlet center will feature designer and name brands at savings of 25 percent to 65 percent. With the center's proximity to both the Atlantic City Expressway and the Black Horse …

NEW YORK — A wholly owned subsidiary of Hyatt Hotels Corp. (NYSE:H) has acquired 100 percent of the 210-room Park Hyatt New York for $390 million. Park Hyatt New York is expected to open later this month. Located between 6th and 7th Avenues on West 57th Street in Manhattan, the hotel is within walking distance of Central Park and Carnegie Hall. “With its prominent location in one of the world’s most important markets and its elegant aesthetic, Park Hyatt New York will have a meaningful impact on the visibility and reputation of the Park Hyatt brand,” says Steve Haggerty, global head of capital strategy, franchising and select service for Hyatt Hotels Corp. “Park Hyatt New York is an excellent example of Hyatt using the strength of its balance sheet to enter markets like New York that have high barriers to entry. Acquiring whole ownership of the hotel gives us the flexibility to recycle the asset at the appropriate time,” adds Haggerty. Located within the 90-story glass tower that also houses One57, a luxury condominium residential development, the hotel was designed by Pritzker Prize-winning architect Christian de Portzamparc and developed by Extell Development Co. Yabu Pushelberg provided interior design for the …

SAN FRANCISCO­ ­— HFF (NYSE: HF) has arranged $480 million in construction financing for the development of a Class A office and luxury condominium in downtown San Francisco. HFF secured the loan for Jay Paul Co., a West Coast-based real estate development firm, through Starwood Property Trust. The LEED Platinum-certified, fully entitled property is located at 181 Fremont St. in the South Financial District. HFF brokered the sale of the asset in 2013 for an undisclosed amount. Jay Paul began construction on the tower shortly thereafter. The site is situated on approximately one-third of an acre and is connected to the new business district known as Transit Center District. Upon completion, the 55-story, mixed-use property will rise 802 feet and will be the tallest office and residential tower on the West Coast. The project features a state-of-the-art exoskeleton design with efficient column-free floor plates, panoramic city and bay views, and a direct connection via sky-bridge to the Transbay Transit Center’s 5.4-acre rooftop city park. Peter Smyslowski, Chris Gandy, Walter Chui and Brandon Roth of HFF led the debt placement team. “It was a privilege to play a small part in the development of what will be one of the most …