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NEW YORK — Financial services and private investment group Greystone has arranged a $54.5 million bridge loan for the acquisition of The Hamptons Center for Rehabilitation and Nursing, a 280-bed skilled nursing facility in Southampton, N.Y. SentosaCare LLC, a skilled nursing care owner and operator with 17 facilities in New York City, purchased the asset. The bridge loan, provided by Greystone, includes interest-only payments and has a term of less than one year, at the end of which it will be converted into permanent FHA financing. Greystone has secured multiple loans on behalf of SentosaCare in the last decade. “We’re an organization that places high importance on relationships. After 10 years of working together, we believe Greystone shares the same values,” says Ben Philipson, principal of SentosaCare. “As a trusted partner, Greystone is well-versed in navigating the challenges of securing financing for skilled nursing facilities and senior housing, especially in regions where property values are quite high.” The Hamptons Center, which provides rehabilitation, medical, housekeeping, lab work and physical therapy services for residents, was 96.8 percent occupied at the time of the sale. The facility also offers specialized care in the areas including Alzheimer’s and dementia, amputation, multiple sclerosis and …

NEW YORK — Financial services and private investment group Greystone has arranged a $54.5 million bridge loan for the acquisition of The Hamptons Center for Rehabilitation and Nursing, a 280-bed skilled nursing facility in Southampton, N.Y. SentosaCare LLC, a skilled nursing care owner and operator with 17 facilities in New York City, purchased the asset. The bridge loan, provided by Greystone, includes interest-only payments and has a term of less than one year, at the end of which it will be converted into permanent FHA financing. Greystone has secured multiple loans on behalf of SentosaCare in the last decade. “We’re an organization that places high importance on relationships, and after 10 years of working together, we believe Greystone shares the same values,” says Ben Philipson, principal of SentosaCare. “As a trusted partner, Greystone is well-versed in navigating the challenges of securing financing for skilled nursing facilities and senior housing, especially in regions where property values are quite high.” The Hamptons Center, which provides rehabilitation, medical, housekeeping, lab work and physical therapy services for residents, was 96.8 percent occupied at the time of the sale. The facility also offers specialized care in the areas including Alzheimer’s and dementia, amputation, multiple sclerosis …

ATLANTA — An affiliate of Ram Realty Partners III LP, a fund of privately held multifamily investor Ram, has acquired Aventine at Vinings and Aventine at Ashford, two metro Atlanta apartment communities, for a combined $70.4 million. Ram’s management company has assumed the day-to-day property management services for the communities and is rebranding the properties as Rock Creek at Vinings and Rock Creek at Ashford, respectively. “These properties represent a classic value-add opportunity for Ram’s investors, where improving the lifestyle experience for residents will, in turn, result in stronger property operating performance,” says Casey Cummings, CEO of Ram. Ram is an affiliated group of companies and partnerships that acquire, develop, manage and finance retail and residential properties in the Southeast. Rock Creek at Vinings is a 403-unit garden-style apartment community, located in the Smyrna/Vinings submarket of Atlanta. The property was built in 1991. Rock Creek at Ashford, built in 1987, is a 222-unit garden-style apartment community located in Atlanta's Brookhaven submarket. Rock Creek at Ashford is within one mile of three major hospitals collectively known as Pill Hill. Ram will soon update interior finishes and community amenities at both properties. “While we have invested in Atlanta since 2007, these new …

CHARLESTON, S.C., AND MOUNTAIN BROOK, ALA. — Inland American Lodging Group Inc. has formed two new joint ventures with The Kessler Enterprises Inc. to develop two luxury boutique hotels, totaling 150 rooms, in Charleston, S.C., and Mountain Brook, Ala. Both hotels, which are slated for an early 2015 completion, will be affiliated with Marriott’s Autograph Collection. The joint ventures represent a combined investment of $68.5 million. “We are delighted to grow our relationship with Richard Kessler as we expand our investment in upper-upscale and luxury hotels through this mutually beneficial joint venture partnership,” says Marcel Verbaas, president and CEO of Inland American Lodging Advisor Inc. “The development of these assets further exemplifies our strategy of adding hotels to our portfolio that are well positioned to experience strong growth and capture outsized market share in high barrier-to-entry locations.” The Grand Bohemian Hotel Charleston will mark The Kessler Collection’s first property in South Carolina. The 50-room hotel, which will be located in Charleston’s Historic District, will include more than 3,000 square feet of meeting and event space. The property will also feature a wine tasting room, fitness center, specialty coffee shop, along with a rooftop restaurant and terrace. Located in Mountain Brook’s …

NEEDHAM, MASS. — Mortgage banking firm HFF has arranged an $85 million construction loan for TripAdvisor Inc.'s corporate headquarters in Needham, a southwest suburb of Boston. HFF secured the floating-rate loan on behalf of the borrower, a joint venture that includes investment manager Normandy Real Estate Partners and private investment capital firm Greenfield Partners. “Normandy and Greenfield had the vision and persistence to transform an underutilized group of 1950s-era R&D buildings into an amenity-rich corporate office location,” says Riaz Cassum, senior managing director at HFF. Cassum, along with Porter Terry and Brett Paulsrud of HFF, represented the borrower in the transaction. The money will fund the construction of a six-story, 280,000-square-foot corporate headquarters for TripAdvisor. It will be a LEED-certified building, and will include an employee cafeteria, a fitness center and a 1,100-space parking garage. The new corporate headquarters for the travel website operator will be completed in 2015. The property is about eight miles west of downtown Boston and is situated on 4.7 acres. Morristown, N.J.-based Normandy and South Norwalk, Conn.-based Greenfield announced in June 2013 their plans to secure a corporate headquarters for TripAdvisor. “Today's leading technology companies are seeking high-performance workplaces designed to support their culture, their …

NEW YORK — The shareholders of both American Realty Capital Properties Inc. (NASDAQ: ARCP) and Cole Real Estate Investments Inc. (NYSE: COLE) have approved the $11.2 billion merger announced in October. The deal, subject to customary closing conditions, will merge Cole with, and into, a wholly owned subsidiary of ARCP. Together the trusts will create the world’s largest net lease REIT with a value of $21.5 billion. A press release issued by Cole stated that the transaction was expected to close “promptly.” At ARCP’s stockholder meeting, approximately 98.2 percent of voting shares approved the transaction, representing 58.8 percent of all shares eligible to vote. At Cole’s stockholder meeting, approximately 94.9 percent of voting shares approved the transaction, representing 65.2 percent of all shares eligible to vote. “We are thrilled that stockholders from both companies have voted overwhelmingly to approve the proposals related to the ARCP-Cole merger,” says Nicholas Schorsch, chairman and CEO of ARCP. “[Due to] the two companies’ shared disciplined investment philosophy and systematic investment evaluation process that looks closely at credit as well as real estate, we are positioned to provide durable income to our stockholders through growth in property rents and asset appreciation.” Approximately 2 percent of …

MIAMI — Starwood Hotels & Resorts Worldwide Inc. (NYSE: HOT) has sold the 207-room St. Regis Bal Harbour Resort in Miami for $213 million. The buyer, Al Rayyan Tourism Investment Co. (ARTIC), is the international hospitality subsidiary of Al Faisal Holding Co., a private diversified industry group based in Qatar. The 27-story hotel, located at 9703 Collins Ave., features three dining outlets, including Jean-Georges Vongerichten’s J & G Grill; a 14,000-square-foot spa; two ocean-view pools; and 11,200 square feet of indoor function space, as well as several outdoor venues. The property also includes the St. Regis Bal Harbour Residences, which are branded private residences and condo-hotel units. “We are proud to add this iconic resort to our growing property portfolio,” says Sheikh Faisal Bin Qassim Al Thani, chairman of ARTIC. “The St. Regis brand represents a symbol of uncompromising elegance and bespoke service. This acquisition complements our investment focus on world-class assets in prime locations as we continue to expand our presence around the globe.” Starwood Hotels will continue to manage the property, which will remain under the St. Regis brand. “The sale of this trophy asset marks another step forward in Starwood’s pursuit of an asset-light strategy as we …

MIAMI — Wood Partners LLC, a privately held multifamily developer based in Atlanta, has broken ground on Alta Dadeland, a $128 million mixed-use development featuring 431 apartment units and 2,000 square feet of retail space in Miami. The community is located within two miles of South Florida’s largest employers, the University of Miami and Baptist Health South Florida. “There are two Metrorail stations in close proximity as well,” says David Thompson, Florida development director for Wood Partners. The two-acre community, located on Southwest 72nd Avenue in Miami, will include 477,117 square feet of residential space, retail space and 663 parking spaces. EDI International designed the mixed-use development, which will include two towers connected by a pedestrian bridge. Building One will be a nine- to 12-story courtyard building with 312 residential units. Building Two will be a nine-story, 119-unit building. The development will include a six-story parking structure that will be hidden behind the tower residences and will feature a resort-style pool deck above it. Coastal Construction is the general contractor, and construction is expected to be complete in the fourth quarter of 2015. Apartment units are expected to be available for lease in the second quarter of 2015. Invesco Real …

CINCINNATI — Federal regulators have granted Cincinnati-based Kroger (NYSE: KR) clearance to close on its $2.5 billion acquisition of North Carolina-based grocer Harris Teeter. The Federal Trade Commission (FTC) granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 — a federal law that requires parties of certain transactions (such as mergers and acquisitions) to file with FTC and wait a specified time period. Harris Teeter differentiates itself from traditional grocery stores by occupying a niche at the higher end of the market, near Whole Foods Market and privately owned Trader Joe's, say analysts. Under the deal, Harris Teeter shareholders will receive $49.38 in cash for each share of Harris Teeter common stock they own. Already the nation’s largest supermarket chain with 2,400 stores and $96 billion in annual sales, the deal extends Kroger’s reach into the Southeast and Mid-Atlantic states. The 212 stores added to Kroger’s brand are located primarily in high-growth markets, vacation destinations and university communities in North Carolina, Virginia, South Carolina, Maryland, Tennessee, Delaware, Florida, Georgia and the District of Columbia. Kroger officials say they expect the deal will close by the end January. The deal was first announced July 9, …

AURORA, COLO. — Cole Real Estate Investments (NYSE: COLE) has acquired 430,000 square feet of Cornerstar, a 750,000-square-foot power center in Aurora, for $116.5 million. A joint venture between PCCP LLC and Alberta Development Partners sold the property, which is located at the intersection of East Arapahoe and Parker roads. The acquired portion includes anchors 24 Hour Fitness, Sprouts Farmers Market and Dicks Sporting Goods. Target is also an anchor at the center, which is 97 percent leased, but was not included in the transaction. The PCCP/Alberta joint venture purchased 158 acres for the development of Cornerstar in March 2006. The companies sold a nearly 10-acre site to Target in December 2007, and 18 acres to a multifamily developer in August 2008. The center opened in November 2008. “Although this project made its debut in the midst of the economic downturn, the quality of the development, its prime location, and Alberta Development Partners’ local market knowledge and tenant relationships, were key factors in making Cornerstar a success,” says Philip Russick, principal with PCCP. “With a lack of stabilized, Class A retail real estate in the region, we felt it was a strategic time for this disposition.” Ron Urgitus, Brad Lyons …