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WASHINGTON, D.C. — Washington, D.C.-based Federal Capital Partners (FCP) has acquired St. Charles, Md.-based REIT American Community Properties Trust (ACPT) for approximately $320 million. The transaction, which closed at the end of 2009, caps a busy year for FCP, which purchased more than $525 million of Washington-area residential and commercial real estate during the time. As part of the deal, FCP will take control of ACPT's portfolio, which comprises 3,200 apartments, 230,000 square feet of commercial space and 4,000 acres of land. The REIT also is the master developer of St. Charles, a 9,100-acre community located in Maryland. The project is more than halfway developed. It currently contains 12,000 single-family and apartment homes; 5 million square feet of commercial space, including a 1.1 million-square-foot Simon mall; eight schools; and seven neighborhood retail centers. In early December, ACPT announced a plan to dedicate the remaining space at St. Charles to green development as well as complete green retrofits on the existing space within the community. “As FCP takes ownership, we intend to raise the profile of St. Charles and the many benefits and amenities of this outstanding planned community among potential homebuyers and apartment residents in the metro Washington market,” said …

NEW YORK CITY — Africa Israel USA has completed the refinancing of Manhattan's Times Square Building. The approximately $267 million loan carries a 5-year term. The restructuring involved several steps. First, Africa Israel settled the property's $237 million mezzanine debt with a group of lenders made up of BlackRock, CIT Lending Services Group, Five Mile Capital and Column Financial. In addition, it secured a 5-year extension of its senior debt. Finally, more than $70 million in guarantees were eliminated, which took the entire project off-balance sheet. Jonathan Geanakos of Houlihan Lokey advised Africa Israel in the transaction. As part of the deal, Five Mile Capital Partners will convert its existing debt on the property into a 50 percent equity stake. The restructuring also stands to provide a $370-million equity write-back to Africa Israel. The company also procured a revolving line of credit with Banco Inbursa SA that will allow it to complete its longstanding plan to reposition the former headquarters of the New York Times. When the company first purchased the property, located at 229 W. 43rd St., in 2007, it planned to convert it into 622,000 square feet of office space and 128,000 square feet of retail space. With …

LAS VEGAS — After 5 years of construction, the $8.5 billion CityCenter project has opened. The project comprises 18 million square feet of retail, entertainment, hotel and residential space located on 67 acres of prime real estate on the Las Vegas Strip. The official opening caps off a December filled with completions. Earlier this month, the 57-story, 1,495-suite Vdara Hotel & Spa, and the 500,000-square-foot Crystals retail and entertainment district opened. Other components of CityCenter include ARIA Resort & Casino, a 61-story, 4,004-room hotel that also contains a 150,000-square-foot casino, a 300,000-square-foot convention center and a 1,800-square-foot theater. In addition to Vdara and ARIA, CityCenter also contains the 400-room Harmon hotel and Mandarin Oriental, a 47-story structure that comprises 392 hotel rooms and 225 private residences. Veer Towers adds to CityCenter's residential offerings with approximately 670 units split between two 37-story towers. A half-mile long, dual-lane people mover system carries visitors from the nearby Bellagio and Monte Carlo through CityCenter. Finally, an 8.5-megawatt cogeneration provides electricity to the entire project. CityCenter is also making efforts toward sustainability. Six of the project's buildings have already achieved LEED-Gold certification, and it is estimated that the amount of energy saved by CityCenter's design …

NEW YORK CITY — Wells Fargo and Freddie Mac have secured $531.48 million for the refinancing of Starrett City, a 5,881-unit affordable housing community located in Brooklyn, New York City, that also goes by the name Spring Creek Towers. The property consists of 46 building situated on 140 acres. In addition to providing low-income housing to more than 12,000 residents, Starrett City also contains several schools, community centers, parks, parking garages, the Brooklyn Sports Club and an on-site power plant. Wells Fargo originated the loan on behalf of the borrower and owner of Starrett City, Starrett City Associates. Freddie Mac has committed to purchasing the loan. The transaction will help maintain the property, originally developed in the 1970s as a Mitchell-Lama affordable rental community, as an affordable housing option for the next 30 years. More than $40 million of the loan proceeds have been set aside for capital improvements. “We would not have reached this important milestone in Starrett City's three-decade history without the help of state and federal government officials, both elected and appointed, who share an unerring dedication to serving the best interests of the citizens of New York,” said Robert Poll, president of Starrett City Associates, in …

ARLINGTON, VA. — Hotel Acquisition Company LLC has signed a definitive agreement to acquire Arlington-based Interstate Hotels & Resorts, the nation's largest independent hotel management company. Under the agreement, which is valued at approximately $307 million, Hotel Acquisition Company would purchase all of Interstate Hotels' outstanding common stock and operating partnership units for $2.25 per share in an all-cash transaction. Interstate Hotels' board of directors has unanimously approved the agreement and has recommended approval by the company's shareholders. A special meeting to take the vote will be announced at a later date, but the transaction is expected to close in the first quarter of 2010. “Our priority, as always, is to maximize shareholder value,” said Thomas Hewitt, Interstate Hotels' chairman and CEO, in a statement. “This is a very compelling offer at a significant premium. The hotel industry remains in deep recession, and we believe this transaction offers the highest and best value to our shareholders.” Hotel Acquisition Company is a 50/50 joint venture between two notable hospitality companies. The first party is a subsidiary of Annapolis, Md.-based Thayer Hotel Investors V-A LP, which is an equity fund sponsored by Thayer Lodging Group. The other party is Shanghai Jin Jiang …

TOPEKA, KAN. — American Realty Capital Trust (ARCT), a New York-based non-traded REIT, has acquired a 465,600-square-foot distribution center located in Topeka from an affiliate of USAA Real Estate Co. The distribution center was completed this past October, and Home Depot subsequently signed a long-term lease for the building. It is situated within the 500-acre Central Crossing Commerce Park and features direct access to Interstate 70 and Highway 75. Robert Rizzi, the managing director of New York City-based Broad Street Advisors, represented ARCT in the deal. Broad Street also helped arrange the acquisition financing, which was provided by the seller. “This is the second Home Depot distribution facility that we have closed in as many months,” Rizzi said in a statement. “After negotiation of the first transaction, USAA offered a second facility that was nearly identical. Given ARCT's strong desire for freestanding, single-tenant assets that are net-leased on a long-term basis to investment-grade tenants, the second transaction was a natural fit. ARCT and its affiliate executed exceptionally on the deals — in each case, closing early — and has quickly become one of the more active purchasers of credit-tenant assets.” — Coleman Wood

OKLAHOMA CITY — Last week, voters in Oklahoma City approved a measure to extend the city's highly successful Metropolitan Area Projects (MAPS) initiative for a second time. MAPS 3 will extend the city's existing 1-cent sales tax over a 7-year, 9-month period and use the proceeds to fund several new downtown improvement projects. The tax is expected to raise $777 million, which will be distributed among the following projects: • $280 million for a new convention center on the south edge of downtown. • $130 million for the 70-acre Downtown Central Park between downtown and the Oklahoma River. The park will feature a cafe, a lake, water features, streetscapes and other amenities. • $130 million for 5 to 6 miles of downtown streetcar lines and a downtown transit hub. • $60 million for upgrades to State Fair Park. • $60 million for improvements along the Oklahoma River, including the addition of grandstands, lighting, parking, a floating stage and other work along its rowing course. A whitewater kayaking venue will also be constructed. • $50 million for the construction of several health and wellness aquatic centers for senior citizens across the city. • $50 million for the construction of 57 miles …

CHICAGO — The Bankruptcy Court of the Southern District of New York has confirmed a plan that will reorganize approximately $10.25 million in debt from General Growth Properties (GGP). The plan will allow for the restructuring of 87 secured mortgage loans. As part of the agreement, all undisputed claims from the creditors of these loans will be paid in full. The maturity dates of the loans will also be extended, which results in an average loan duration of approximately 6.4 years from January 1, 2010, with no loan maturing before January 2014. The interest rate for these loans will continue at the current non-default rate, with a weighted average contract interest rate of 5.31 percent and an all-in interest rate after amortization of fees paid in connection with the loans of 5.51 percent. Confirmation of the reorganization plans for 10 properties associated with an additional $1.7 billion in secured mortgage debt has been adjourned pending the court's satisfaction of several conditions, most notably, the approval of the Class B or mezzanine holders of this debt. Discussions with these parties are ongoing. In April, GGP filed for Chapter 11 bankruptcy protection on behalf of approximately 166 of its shopping centers and …

HOUSTON — Los Angeles-based Pacific Retail Capital Partners has acquired Houston's West Oaks Mall. The distressed retail property was purchased in an all-cash transaction for $15 million from Miami Beach, Fla.-based LNR Partners, which became the special servicer for the property following its 2008 foreclosure. The sale price marks a significant discount from what the mall traded for just 4 years prior. This sale caps off a tumultuous recent history of the mall. The principals of Pacific Retail Capital Partners purchased the 1.08 million-square-foot mall for the first time in 2003 when they were with investment group Somera Capital. The property was renovated and sold to Investment Properties of America in 2005 for $102 million. Following Investment Properties' collapse in 2008, the property was placed in holding with LNR Partners and put up for sale. With the ownership uncertain and a continuing recession, occupancy has suffered at the mall, which is situated on 100 acres at the corner of Westheimer Road and State Highway 6. Of its five anchor spaces, only three are occupied by Dillards, Macy's and Sears. The two vacant anchors were previously leased to JCPenney and Mervyn's before the department stores left the property. The remainder of …