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LAKE BUENA VISTA, FLA. — Walt Disney World Resort has announced plans to transform Downtown Disney into Disney Springs. Scheduled for completion in 2016, Disney Springs will include approximately twice as many shopping, dining and entertainment options. The development will feature a mix of Disney brands, as well as boutique shops and anchor stores. This will be the largest expansion for Downtown Disney in its history, according to the Orlando Business Chronicle. “Disney Springs will be a timeless, vibrant place where Walt Disney World guests and local residents can relax, shop, dine and be entertained in an imaginative setting where they’ll instantly feel at home,” says Tom Staggs, chairman of Walt Disney Parks and Resorts. “Featuring distinctive brands, world-class restaurants and unforgettable entertainment, Disney Springs will be brought to life with the same focus on storytelling and attention to detail that goes into our theme parks, resorts and cruise ships, resulting in a welcoming space that only Disney could create.” The project will include four outdoor neighborhoods, all of which will be connected by a flowing spring and lakefront environment. The Marketplace and West Side that are currently at Downtown Disney will remain, but will undergo renovations. The Marketplace will …

NEW YORK CITY — Meridian Capital Group LLC, a national commercial real estate finance and advisory firm, has arranged $128 million in acquisition financing for a vacant lot located at 616 First Ave. in the Murray Hill neighborhood of New York City. Meridian arranged the loan on behalf of JDS Development Group. The loan was provided by UBS Real Estate Securities Inc. and was originated by Meridian Managing Director Moshe Majeski. The loan terms were negotiated by Meridian Managing Directors Ronnie Levine and Aaron Appel, who along with Majeski, are based in Meridian’s New York headquarters. JDS Development Group purchased the 730,426-square-foot development site, located at 616 First Ave., from American real estate mogul Sheldon Solow and intends to construct two multifamily towers at the site. The development plan includes a 37-story building and a 47-story building totaling 830 units. The property encompasses the entire block along First Avenue between East 35th Street and East 36th Street overlooking the East River. The parcel is zoned for residential use and is the smaller of two plots totaling nine acres that were originally purchased in 2005 from Con Edison. “Meridian arranged the financing with UBS Real Estate Securities Inc. in 17 days, …

BETHESDA, MD. — Walker & Dunlop has arranged financing for five properties in Florida, Texas and North Carolina, totaling $110 million, through its joint venture with brokerage firm ARA. The joint venture, known as ARA Finance LLC, arranged a total of $615 million in financing and sales activity last year. In 2012, ARA brokered the sale of $9.5 billion in multifamily properties, and Bethesda-based Walker & Dunlop originated $8 billion in multifamily financing. “These deals show the strength of ARA Finance, where two of the largest companies in their respective sector of the multifamily market come together to provide clients with the best execution available,” says Tom MacManus, ARA finance president and chief operating officer. David Gahagan, senior vice president of Walker & Dunlop, led the team in arranging acquisition financing for Park Colony Apartments, under Freddie Mac's Capital Markets Execution program (CME). ARA has since brokered the sale of the 316-unit property, which is located in Hollywood, Fla., close to I-95. The property features a clubhouse, two swimming pools and tennis courts. Financing for Polo Glen Apartments in Rockledge, Fla., was also structured under Freddie Mac's CME program. ARA's Orlando office brokered the sale of the 252-unit property, which …

AUSTIN, TEXAS — Summit Hotel Properties Inc. (NYSE: INN), a hotel investment REIT based in Austin, has purchased a portfolio of five unencumbered hotels in Louisiana for $135 million. An affiliate of Marriott International Inc. will operate the hotels, which total 823 rooms, under their current franchise flags. “These hotels are very well-positioned throughout the diverse areas of the New Orleans metropolitan market,” says Dan Hansen, president and CEO of Summit Hotel Properties. The five hotels include: the 153-room Courtyard by Marriott in Metairie the 120-room Residence Inn by Marriott in Metairie the 202-room Courtyard by Marriott in New Orleans near the Ernest N. Morial Convention Center the 208 SpringHill Suites by Marriott in New Orleans near the convention center the 140-room Courtyard by Marriott in downtown New Orleans near the French Quarter “From the suburban community of Metairie to the bustling convention center to the heart of the French Quarter, these hotels will allow us to take advantage of the substantial business and leisure demand in this market,” says Hansen. Summit Hotel Properties funded the acquisition with available cash and borrowings from its senior secured revolving credit facility. As of today, Summit’s portfolio includes 91 hotels totaling 10,309 rooms …

LOS ANGELES — An affiliate of Oaktree Capital Management LP (NYSE: OAK), in partnership with National Financial Realty Inc. (NFR), has acquired a portfolio of 40 office buildings for $240 million. The acquisition of the 3.4 million-square-foot office portfolio, which is 90 percent leased to Wells Fargo Bank, establishes NFR as the largest privately held investment firm focused on acquiring and operating properties leased to regulated financial institutions. The seller is First States Investors B LP, an affiliate of Newport Beach, Calif.-based KBS REIT I, a nontraded REIT. KBS said a year ago that it was selling assets to pay down debt and return money to investors, according to Bloomberg. “The acquisition is another example of Oaktree’s commitment to relationship-based transactions with well-positioned strategic operating partners like NFR, in addition to lenders and borrowers in need of capital solutions,” says John Brady, managing director and head of global real estate for Oaktree. Properties in the portfolio are leased on a long-term basis to Wells Fargo and include mission critical operations facilities as well as branch offices in eight Eastern and Southeastern states: North Carolina, South Carolina, Virginia, Florida, New Jersey, Pennsylvania, Maryland and Georgia. North Carolina is home to the …

LOS ANGELES — In a blockbuster deal, Singapore-based Overseas Union Enterprise Ltd. (OUE) has agreed to acquire the U.S. Bank Tower as well as Maguire Gardens and a parking facility in downtown Los Angeles for $367 million. The sale is expected to close June 28. OUE, through its wholly owned U.S. subsidiary Beringia Central LLC, acquired the properties from Library Square Associates LLC, a subsidiary of MPG Office Trust Inc. (NYSE: MPG). OUE has made a non-refundable deposit in the amount of $7.5 million. U.S. Bank Tower is a Class A office property located at the foot of Bunker Hill, a neighborhood that separates downtown Los Angeles from the rest of the city. The 72-story, 1.4 million-square-foot office tower, includes six levels of underground parking, and was 56.3 percent leased at the time of sale. The building was completed in 1989. Net proceeds from the sale are estimated to be $103 million and will be used for general corporate purposes, including potential loan rebalancing for the refinancing of the MPG Office Trust’s upcoming 2013 debt maturities. The purchase is part of OUE’s efforts to strengthen its portfolio of commercial properties and enhance long-term shareholder value, says OUE Executive Chairman Dr. …

PHOENIX — Cole Credit Property Trust III Inc. (CCPT III) has executed a definitive merger agreement to acquire Cole Holdings Corp., a Phoenix-based real estate investment management firm that manages more than $12 billion in assets. CCPT III is a real estate investment trust focused on net-leased properties. The company’s portfolio includes approximately 1,000 retail, office and industrial properties throughout the U.S. CCPT III will change its name to Cole Real Estate Investments Inc. upon completion of the transaction. The company will also seek a listing on the New York Stock Exchange (NYSE). Following a listing, Cole Real Estate Investments will be the second largest publicly traded REIT in the net-lease sector. The transaction is expected to close in the second quarter of 2013. “Through this compelling combination, we have the opportunity to realize the vision of creating a world-class real estate platform and provide investors the benefits of owning high-quality, income-producing real estate leased long term to credit-worthy corporations,” says Christopher Cole, founder and executive chairman of Cole Holdings. The acquisition of Cole Holdings provides CCPT III with more than 350 employees, as well as a real estate investment management platform of more than 2,000 properties with over 76 …

SAN DIEGO — Seniors housing defies the old axiom that real estate is all about location, location, location. Just ask Curt Schaller, co-founder and principal of Chicago-based Focus Healthcare Partners LLC, a private investment and asset management firm. To achieve a healthy return for its investors, Focus Healthcare must partner with the right operator or suffer the consequences. “The scariest thing about seniors housing, for me, is when you go into a market and see the beautiful building on Main and Main that is four years old, 80 percent occupied and struggling. And then behind a shopping center is a 20-year-old building that you have to use a one-lane street to get to, and it’s kicking the newer building’s butt [in terms of performance],” said Schaller. “It gets right down to operations, and very often it gets right down to the executive director in that building.” Schaller’s comments came Wednesday during a panel discussion titled “Tapping Into Private Equity” as part of the 2013 NIC Regional Conference at the Hilton San Diego Bayfront hotel. Approximately1,150 industry professionals have registered for the two-day conference, which has attracted owners, operators, debt and equity providers and intermediaries, appraisers, legal experts and others with …

HOUSTON — Hines, a Houston-based international real estate firm, has sold the 64-story Williams Tower in Houston through Hines Real Estate Investment Trust (Hines REIT) to Invesco Real Estate for $412 million. Invesco, also based in Houston, is a real estate investment firm with more than $49.9 billion in its portfolio. Williams Tower is a 1.4 million-square-foot, Class A office building. The tower was the tallest skyscraper in the world outside of a Central Business District when it was constructed in 1983. The office building is more than 95 percent leased to tenants such as Williams Corp., Hines, NextiraOne, Rowan Cos., Quanta Services and Cadence Bancorp. “Williams Tower is a world-class building that has been one of Hines REIT's most significant investments,” says Charles Hazen, president and CEO of Hines REIT. “It is also a very important property to Hines as a firm and to the city of Houston. This has been a great investment that delivered strong cash flows and a positive return to Hines REIT.” Hines has managed the property for three decades and will continue to manage it once it trades hands. Hines REIT acquired the property in 2008. Additionally, the office tower serves as Hines’ corporate …

FORT RILEY, KAN. — Picerne Military Housing, a division of the Corvias Group, has completed construction on a 328-acre master-planned community at Fort Riley. The Forsyth Neighborhood is part of $550 million master-planned community.The newspaper also reported the neighborhood’s 1,389 new homes sit on land that used to be filled with World War II barracks and includes ball fields, a new elementary school, a fitness center, a dog park and community gardens. A master-planned community is defined as a development that is designed for self-sufficiency, providing housing, educational, commercial and recreational amenities that are not typically included in a normal housing subdivision. “We were able to turn a raw piece of land into its own small town with amenities within walking distance for our residents,” says Brian Beauregard, program director for Picerne Military Housing. “Families should not have to trade comfort and amenities when they choose to live on post. This community provides it all for our military families — the comfort, quality and convenience.” Through its partnership with the U.S. Army, Picerne began construction of Forsyth in March 2007 as part of its development plan for Fort Riley’s family housing areas. Picerne managed the entire construction process from land …