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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 …

NEW YORK — The boards of directors of NorthStar Realty Finance Corp. (NYSE: NRF) and Griffin-American Healthcare REIT II Inc. have unanimously approved a definitive merger agreement under which NorthStar Realty will acquire all of the outstanding shares of Griffin-American in a stock and cash transaction valued at $4 billion, including approximately $600 million of debt. “We set out to build a premium portfolio of diversified healthcare real estate in order to provide investors with an opportunity to realize a compelling return on their investment,” says Jeff Hanson, chairman and CEO of Griffin-American. “With this transaction, we have executed on our strategy, validating our investment thesis and delivering a strong result for stockholders.” Griffin-American’s portfolio is comprised of predominantly medical office buildings (43 percent) and seniors housing facilities (30 percent) in the United States and the United Kingdom, and is being acquired at an approximate 6.4 percent capitalization rate. Subject to the terms and conditions of the merger agreement, Griffin-American stockholders will receive $11.50 per Griffin-American share, comprised of $7.75 per share in cash and $3.75 per share in NorthStar Realty common stock. The stock portion will be subject to a collar so that Griffin-American shareholders will receive 0.1859 NorthStar …

FAIRFAX, VA. — Grosvenor Americas, a privately owned commercial property investor and developer, has purchased Avalon Fair Oaks, a 491-unit apartment community in Fairfax, for $108.2 million. The asset is located on 13.5 acres at the corner of West Ox Road and Monument Drive in the Washington, D.C., suburb. “This acquisition expands our residential investment portfolio across the U.S. It fits well with our strategic objective to acquire value-add apartments in strong markets within the Washington, D.C., region, where we continue to seek additional opportunities,” says Scott Brody, senior vice president and general manager of Grosvenor Americas. After renaming the community Wheelhouse of Fair Oaks, the new ownership plans to undertake significant renovations that include upgrades to interior home finishings, the fitness club, leasing office and other public spaces. Grosvenor Americas has tapped Thrive Communities Inc. to oversee renovations, leasing, property management and rebranding for the apartment community. Built in 1987, Avalon Fair Oaks features a swimming pool and sundeck, clubhouse with free Wi-Fi, picnic area, 24-hour fitness center, tennis court, racquetball court and structured parking. In addition to the new multifamily community, Grosvenor’s portfolio includes office, retail and hotel space in the Washington, D.C., metropolitan area. The company is …

HENDERSON, NEV. — A joint venture between the Bascom Group and funds managed by Oaktree Capital Management has acquired The Edge at Traverse Point, a 296-unit apartment community in Henderson for $250 million. The Class A community is located at 1131 Wigwam Parkway in the Las Vegas suburb. The property was built in 2013. It contains a mix of one-, two- and three-bedroom units, though more than half the units come with two bedrooms. Community amenities include a clubhouse, resort-style pool with cabanas, café, business center, and 24-hour fitness center with towel and water service. “The Edge is a high-quality community located in one the best submarkets in Las Vegas,” says Tim Whiting, Bascom’s senior vice president of operations. “We plan to make upgrades to the common areas and interiors to make it best-in-class in its submarket.” Major employers in the area include Zappos, St. Rose Dominican Hospital, Ocean Spray and WinCo Foods, not to mention the casinos, hotels and services located on the Las Vegas Strip, about 15 minutes from The Edge. This is the second multifamily acquisition the JV has closed in the past month. It also acquired The Springs Apartments, a 320-unit, garden-style community in Corona, Calif., …