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NEW YORK CITY — RFR Realty and Kushner Cos. have agreed to acquire a six-property portfolio in Brooklyn from the Watchtower Bible and Tract Society of New York Inc. for $375 million. RFR and Kushner, both headquartered in New York City, say they plan to partner with LIVWRK Holdings to reposition the properties as “tech-friendly” office spaces. “We are delighted to partner with Kushner Co. and team with LIVWRK to become the new stewards for these exceptional properties in this burgeoning neighborhood,” says Jason Brown, head of acquisitions at RFR. The 1.2-million-square-foot portfolio of commercial properties includes 117 Adams Street, 175 Pearl Street, 55 Prospect Street, 81 Prospect Street, 77 Sands Street and 90 Sands Street. Most of the sale is expected to close in September, but the 30-story hotel at 90 Sands St. will close separately in 2017, according to the New York Post. “These properties feature large, creative office space right in the heart of the growing Brooklyn tech triangle,” says Jared Kushner, CEO of Kushner Cos. “We look forward to playing a key role in the continued improvement of the neighborhood and advancement of the market.” Asher Abehsera of LIVWRK Holdings describes the portfolio acquisition as a …

ALPHARETTA, GA. — Formation Capital has acquired 36 seniors housing communities in 13 states for an aggregate purchase price of $400 million. The portfolio contains more than 2,600 units, including about 65 percent assisted living, 18 percent independent living and 16 percent memory care facilities. Senior Lifestyles Corp., Frontier Management, Prestige Senior Living and other senior living operators will manage the communities. “This transaction demonstrates Formation Capital’s continued focus on expanding its real estate footprint in private pay seniors housing,” says Brian Beckwith, CEO of Formation Capital. “We believe this portfolio presented a rare opportunity to acquire high-quality real estate managed by best-in-class operating partners. We are excited to begin new strategic relationships with Senior Lifestyles Corp. and Prestige Senior Living, and continue our strong relationship with Frontier Management.” Alpharetta-based Formation Capital is a private investment management firm focused on equity and debt healthcare investment opportunities. Since 1999, the company has invested more than $5.5 billion of capital in seniors housing and care, post-acute services and healthcare real estate. — Brittany Biddy

NEW YORK CITY — A subsidiary of the Hines U.S. Core Office Fund LP has closed on the previously announced sale of 499 Park Avenue and 425 Lexington Avenue in New York City for more than $1 billion combined. The sales generated a sizeable return on investment for Hines and its investors, according to Sherri Schugart, senior managing director, president and CEO of Hines’ Core Fund. The fund sold 499 Park Avenue, a 28-story, 300,000-square-foot boutique office building located at 59th Street and Park Avenue, to an institutional fund managed by American Realty Advisors. The property, designed by I.M. Pei & Partners, was completed in 1980. The fund sold 425 Lexington Avenue, a 31-story, 750,000-square-foot office building, to institutional investors advised by J.P. Morgan Asset Management. The property has been fully occupied since it’s opening in 1987. The original anchor tenants, Simpson Thacher & Bartlett LLP and CIBC, are still occupants of 425 Lexington. Murphy/Jahn designed the property. Eastdil Secured LLC and CBRE jointly represented the fund in both transactions. “We are pleased to expand our relationship with American Realty Advisors, and to continue our long-standing global relationship with J.P. Morgan,” says Tommy Craig, senior managing director of Hines’ New …

ATLANTA — San Diego-based developer OliverMcMillan has secured a $167 million loan to finance the construction of Buckhead Atlanta, a mixed-use project located in Atlanta’s upscale Buckhead neighborhood. The loan will cover the full construction of the six-block, eight-acre complex, which includes luxury retail, residential and office space. Five lenders are involved, including PNC Bank N.A., CIT Finance LLC, Compass Bank, Regions Bank and SunTrust Banks. At approximately 1.5 million square feet, the completed project will include 300,000 square feet of upscale retail stores, restaurants and cafes, more than 100,000 square feet of office space and 370 luxury high-rise residences. While construction began in August 2012, pace on the project is now increasing, with shops expected to open in mid-2014. “We are so pleased to continue to move forward with great momentum,” says Morgan Dene Oliver, CEO of OliverMcMillan. “We’re extremely thankful to all of the talented individuals who have helped us to get to this point in realizing our vision for this world-class mixed-use project.” Located at the intersection of Peachtree and West Paces Ferry roads, Buckhead Atlanta will feature lush landscaping, pedestrian-friendly streets and varied storefronts to create a unique shopping district. Retailers will include a mix of …

LOS ANGELES — Capri Capital Partners LLC, on behalf of an institutional investor, and Kennedy Wilson (NYSE: KW) have acquired all of the leasehold interest in Esprit, a multifamily mixed-use project in Los Angeles, for $225 million. The 18-acre property includes 437 units and a 227-slip anchorage facility in Marina del Ray. The five-building apartment complex offers a range of studio to four-bedroom units that all feature views of the water, in-unit washer and dryers, 9-foot vaulted ceilings and private patios. The community also includes a pedestrian promenade that runs alongside the waterfront directly in front of the apartment complex. “Esprit is considered the finest multifamily mixed-use property in Marina del Rey, and an off-market transaction to acquire a property of this size and quality is very rare,” says Kurt Zech, president of Kennedy Wilson multifamily management group. “The property was stabilized at 94 percent occupancy in late 2012 after a lengthy three-year lease-up period and still has plenty of upside for rental growth in a steadily improving economy.” Beginning immediately, the companies will begin a series of renovations at Esprit to enhance the marketability of the asset. Capri and Kennedy Wilson will invest approximately $5.3 million in additional capital …

SANTA BARBARA, CALIF.— Chesapeake Lodging Trust (NYSE: CHSP) has acquired the fee simple interest in the Hyatt Santa Barbara and two adjoining properties, totaling 200 rooms for $61 million, or $305,000 per key. Chesapeake entered into a management agreement with HEI Hotels and Resorts to operate the hotel under a franchise agreement with a Hyatt affiliate. The property includes the 171-room Hyatt Santa Barbara, the 24-room Parkside Inn and a five-villa apartment building that is currently used for long-term, monthly lease stays. The hotel is located near the Pacific Ocean and is within walking distance to the shops and restaurants in downtown Santa Barbara. “We are very excited to acquire the recently renovated Hyatt Santa Barbara while we continue to grow our relationship with Hyatt,” says James Francis, president and CEO of Chesapeake. “The city is an extremely popular travel destination with its Mediterranean climate, miles of coastline and beaches, wineries, upscale shopping and restaurants.” Hyatt Hotels Corp. recently completed a $12 million renovation of the property, including all guestrooms, corridors, meeting spaces and the registration lobby. Chesapeake will reposition the restaurant and bar with a new design and service concept, drawing inspiration from the picturesque ocean front beach views. …

BOSTON — Northwestern Mutual has provided $191 million in construction financing for The Van Ness, a 762,000-square-foot, mixed-use project located in Boston’s Fenway Triangle neighborhood. HFF worked on behalf of the borrower, a joint venture between Samuels & Associates and institutional investors advised by J.P. Morgan Asset Management, to secure the long-term, fixed-rate financing. The Van Ness project includes 172 residential units situated above a three-story, 169,000-square-foot Target department store. The property will also include 31,000 square feet of ground-floor retail, an 11-story, 233,000-square-foot, Class A office tower and 506 parking spaces. The development is located at 1325 Boylston St. and is within walking distance of the Longwood Medical area near Kenmore Square and Boston’s Back Bay neigborhood. “With The Van Ness, Samuels will continue his vision for the Fenway neighborhood to be a premier live/work/play destination in Boston,” says Greg LaBine, who led the HFF team representing the borrower. “The combination of high-quality residences, first-class office space and superior shopping anchored by Target make this a welcome addition to Fenway.” Boston-based Samuels & Associates is a commercial real estate firm focused on retail and mixed-use projects. During the past 10 years, Samuels has developed 776 new Class A multifamily …

QUINCY, MASS. — Street-Works Development LLC, a mixed-use developer, has teamed up with general contractor Suffolk Construction to build Merchants Row, a 287-unit loft-style multifamily community in Quincy, located eight miles south of Boston. Merchants Row is the first block of mixed-use space for the $1.6 billion Quincy Center master development project. Merchants Row will comprise two buildings, the Kilroy and the Granite Trust lofts. The community will feature more than 35,000 square feet of retail space on the ground levels and 24,000 square feet of office space in the Granite Trust building. The project is a public-private partnership between Street-Works and the City of Quincy. “Eight years ago, we came to Quincy because of its potential to lead the rebirth of the great American downtown,” says Ken Narva, managing partner of Street-Works Development. “Ever since Mayor Tom Koch and our public sector partners put their faith and trust in us, we have made nothing but progress.” Mayor Koch hosted a groundbreaking ceremony for the new development on Monday. Government officials and private partners of the development joined Koch at the ceremony. Merchants Row is slated for a 2014 opening. “I’d like to thank everyone who had faith in our …

BOSTON — Arbor Commercial Mortgage LLC has funded 14 loans totaling $107.2 million for residential properties throughout the United States. The properties include 12 multifamily and two student housing buildings in North Carolina, Illinois, South Carolina, Connecticut, Massachusetts, Mississippi and Virginia. The loans include: · A $27 million loan for the refinancing of a 288-unit student housing property in Greenville, N.C. The bridge loan carries a term of two years, and the property serves East Carolina University students. · A $17.5 million loan for the refinancing of Compass Landing, a 192-unit multifamily property in Newport, N.C. The 15-year, Fannie Mae DUS includes a 30-year amortization schedule. The property is located less than three miles from entertainment, shopping, schools and places of employment. · A $12.5 million loan for the refinancing of Windsor Upon Stonecrest, a 220-unit multifamily property in Burlington, N.C. The 15-year, Fannie Mae DUS loan includes a 30-year amortization schedule. Amenities include a swimming pool with a waterfall, a hot tub, a playground, detached garages, storage units, a car wash, a barbeque area, a tanning salon and open surface parking spaces. · A $9.5 million CMBS loan was secured by a 105-unit multifamily property in Fayetteville, N.C. · …