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CHICAGO — General Growth announced that its syndicate of lenders has granted the REIT a loan extension for the $900 million Fashion Show and Palazzo mortgage loans. It entered into a Forbearance and Waiver agreement with the lenders that extends the term of the loans until February 12, 2009. General Growth also entered into a Forbearance and Waiver agreement with the syndicate of lenders for its 2006 Senior Credit Agreement. This new negotiation extends the agreement until January 30, 2009. As part of the extension, General Growth agreed to certain restrictions and covenants during the forbearance period.

HAMPTON, VA. — White Marsh, Md.-based CSG Partners has acquired the 135,000-square-foot Executive Tower and the 72,000-square-foot Pinewood Plaza from Asset Capital Corp. for $20.7 million. The properties are located near Pennsylvania Town Center in Hampton’s Coliseum Central Business District. CB Richard Ellis’ J. Scott Adams represented the seller. CSG Partners had previously focused on buying office, flex and industrial properties in the Mid-Atlantic region. The two office purchases represent the company’s first acquisitions in the Hampton Roads region. “We intend to remain active players in the Hampton marketplace,” Alan C. Grabush of CSG Partners says in a statement. “CSG is encouraged by the new energy we see occurring in the Coliseum Central portion of the city.” CSG purchased the eight-story Executive Tower for $13.3 million. The building is 81 percent leased and houses the tenants General Dynamics, Gibbs & Cox and ARINC. The property features a café, a conference room and retail space. Renovations to the main lobby and elevator lobbies, the bathrooms and other common areas are planned. Pinewood Plaza, which stands at four stories and is 91 percent leased, was sold for $7.4 million. Tenants, who benefit from an on-site fitness center, include GSH Real Estate, the …

CHARLOTTE, N.C. — Charlotte-based Grandbridge Real Estate Capital will buy Live Oak Capital, a commercial mortgage banking firm, later this month for an undisclosed price. Live Oak Capital is a mortgage loan correspondent for more than 20 institutional lenders and has closed more than $7 billion in commercial real estate capital transactions. Grandbridge has a servicing portfolio of $22.5 billion. “These [deals] usually take anywhere from 6 months to 8 months,” says Thomas S. Dennard, CEO of Grandbridge. Because of Dennard’s business relationship with two principals from Live Oak Capital, the deal, Dennard says, “was real simple.” With the addition of Live Oak Capital, which is based in Houston, Grandbridge will expand its reach in Texas. The company already has an office in Dallas. Suddenly able to compete for a share of the market in Houston, Dennard sees CB Richard Ellis, Holliday Fenoglio Fowler and Capmark Finance as Grandbridge’s newest competition. “We know we’re going up against some formidable competitors,” he says. But location wasn’t the deciding factor. When planning the acquisition, Dennard only looked at companies that could bring in fee income. “We’re very biased toward companies that can generate servicing revenues for us,” he says. While talks of …

MEMPHIS, TENN. — Portland, Ore.-based Daimler Trucks North America has leased 300,000 square feet at the Delp Distribution Center from ProLogis. Daimler, a company that manufactures and sells heavy-duty trucks and other commercial vehicles, will use the space as a distribution facility. Christian Ramsey of NAI Saig Co. in Memphis represented Daimler, and Ryan George served as ProLogis’ in-house broker. Andy Cates of Memphis-based Colliers Wilkinson Snowden provided further assistance to ProLogis. Details of the lease were not disclosed, but the lease is classified as a long-term commitment. Mo Sheahan of ProLogis says the deal is a boost to the area. In total, his company leases more than 9.2 million square feet of industrial distribution space in the Memphis metropolitan area. “The Memphis industrial market supports a variety of businesses looking for cost-effective options for distribution space. In addition, many third-party logistics companies are established in Memphis, giving companies many options to outsource their logistics needs,” Sheahan says. ProLogis has an extended business relationship with Daimler and has leased more than 800,000 square feet to the company in locations across the United States and Europe. ProLogis owns six buildings totaling 919,000 square feet in the park, which is located on …

BRIDGEWATER, N.J. — SL Green Realty Corp. and Gramercy Capital Corp. have agreed to sell their interests in a three-building office property in Bridgewater to Inland American Real Estate Trust for $230 million. The 670,000-square-foot property is situated on 150 acres at 55 Corporate Drive and is home to Sanolfi-aventis, a pharmaceutical company. “[The property’s] value has held up well, and the fact that our venture is able to sell it despite extremely difficult market conditions, demonstrates that fact,” says Marc Holliday of SL Green. The purchase price includes the assumption of an existing $190 million mortgage and the transaction is expected to finalize within two months. The transaction results in a capitalization rate of 6.9 percent to the seller. Andrew Merin and Gary Gabriel of Cushman & Wakefield, and the legal team of Greenberg Traurig represented the seller in the transaction. The buyer was represented in-house by Joseph Cosenza, Peter Harsy and Gary Pechter. SL Green is a REIT that acquires, owns, repositions and manages Manhattan office properties. As of September 2008, the company owned 30 New York City office properties making it New York’s largest office landlord.

WASHINGTON, D.C. — In a deal expected to close during the first quarter of next year, Capital One Financial Corp. will acquire Chevy Chase Bank for $445 million in cash and $75 million in Capital One shares. The acquisition is expected to generate an internal rate of return for Capital One totaling more than 13 percent, a $125 million reduction in the company’s non-interest expenses and $225 million in merger and integration costs. Capital One will also assume a net credit mark of $1.75 billion for potential losses in the bank’s portfolio. At the time of the deal, Chevy Chase held $11 billion in deposits. “This transaction will enhance our strong deposit base, providing us with greater scope in the Mid-Atlantic markets. At a time when core funding is key, we see our deposit strength as an important element of our continued success,” Richard D. Fairbank, chairman and CEO of Capital One, said in a statement. Capital One, based in McLean, Va., holds $98.9 billion in deposits and $147.3 billion in managed loans as of September 30, 2008. Chevy Chase Bank offers construction and mini-permanent loans for commercial real estate projects. In November, Chevy Chase and a consortium of lenders …

WATERBURY, SOUTHINGTON AND WOLCOTT, CONN. — The joint venture of Urban Strategy America Fund and Beacon Communities Fund I Limited Partnership have acquired a senior housing portfolio in Connecticut from the Errichetti family. The acquisition amount was not disclosed. The 18 building, 404-unit portfolio consists of Exchange Place Towers, Flanders West, Countryside I and Countryside II. The properties are 99 percent leased. “Beacon Communities and New Boston’s USA Fund have a deep commitment to preserving affordable housing for low-income seniors and a track record of managing properties that provide quality housing over the long term,” says Rebecca Regan, president of Boston Community Capital’s Loan Fund. Exchange Place Towers is a 150-unit, 11-story apartment building in Waterbury. Flanders West is a 145-unit, mid-rise apartment community in Southington. Countryside I and II are 55- and 54-units, respectively, and feature townhouse-style apartment communities. “This purchase helps ensure the stability of 404 homes for senior citizens living on fixed incomes,” added Regan. “We’re proud of the role we could play in making this deal happen.”