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NEW YORK CITY — AIG (NYSE: AIG) and Apollo Global Management (NYSE: APO) have provided a $725 million loan to developers JDS Development and Property Markets Group for the construction of a 90-story residential tower at the former site of the Steinway & Sons piano showroom. The 1,438-foot-tall tower at 111 W. 57th St., which will be one of the tallest residential buildings in the Western hemisphere, is scheduled for completion in 2018. The tower will be just 60 feet wide, and will include 60 condos ranging from two to five bedrooms. According to Crain’s New York Business, the entire property will cost $1 billion to construct. AIG is the senior lender, and Apollo is providing a mezzanine loan. Construction began on the site last year as a foundation was poured and an existing building was renovated. AIG’s debt on the project is approximately $400 million, while Apollo’s loan is $325 million, according to media sources. Kasowitz Benson Torres’s transactional real estate practice group represented JDS Development and Property Markets Group in closing the loan. “Opportunities like this are why we choose to become real estate lawyers — a skyline-altering project that the Kasowitz team worked on at every stage of …

BRENTWOOD, TENN. AND IRVINE, CALIF. — Brookdale Senior Living (NYSE: BKD) and HCP Inc. (NYSE: HCP) have arranged the closing of their previously announced portfolio acquisition of 35 private pay seniors housing communities, representing 5,025 units, for $847 million from Chartwell Retirement Residences. Brookdale has operated the portfolio since 2011 after its acquisition of Horizon Bay and will continue to manage the communities under a RIDEA joint venture structure with HCP and Brookdale owning 90 percent and 10 percent, respectively. The portfolio is currently 89 percent occupied with an average monthly rate of $3,425. It was acquired unencumbered by third party debt and is projected to generate a first-year cash yield of approximately 6.6 percent. Located in eight states including Florida, Texas and Colorado, the portfolio consists of 5,025 units and is comprised of 33 seniors housing properties representing 4,792 units, with a mix of 46 percent assisted living, 45 percent independent living, 5 percent memory care and 4 percent skilled nursing. The portfolio also includes leasehold interests in two communities, which are wholly owned by HCP, representing 233 units with purchase-option rights exercisable in 2017. “This portfolio acquisition provides attractive risk-adjusted returns for our shareholders, and also creates value for …

NEW YORK — CPA:17 – Global, a non-traded managed REIT of New York-based W.P. Carey Inc. (NYSE: WPC), has purchased a portfolio of six Midwestern net lease properties leased to an affiliate of The Bon-Ton Stores Inc. (Bon-Ton) for approximately $88 million. Three of the department store properties are located in Milwaukee, Wis., and the remaining three are located in Green Bay, Wis.; Fargo, N.D.; and Joliet, Ill. Each of the facilities is leased to Bon-Ton for 20 years. “Bon-Ton has built a strong track record of tenancy with W. P. Carey since our first transaction 18 years ago,” says W.P. Carey Managing Director Gino Sabatini. “Given the criticality of these retail stores to Bon-Ton’s ongoing operations, an attractive yield on the investment and the inclusion of annual consumer price index adjustments, we believe the investment is a valuable addition to the CPA:17 – Global portfolio.” Bon-Ton operates department stores offering apparel and accessories for women, men and children, as well as cosmetics, home furnishings, footwear and other goods. The company operates 270 stores, including nine furniture galleries and four clearance centers in 26 states in the Northeast, Midwest and upper Great Plains. Each store in the transaction anchors a …

DALLAS — Ashford Hospitality Trust  (NYSE: AHT) has announced its intent to list a portfolio of 23 select-service hotels for sale, as the company shifts its investment strategy toward predominantly upper upscale, full-service hotels. The 23-hotel portfolio for sale totals 4,308 rooms. The hotels are encumbered by approximately $190 million of long-term, fixed-rate debt and $187 million of maturing or floating-rate debt for total debt of approximately $377 million. The current trailing 12-month NOI for the portfolio is $44 million, and the trailing 12-month RevPAR for the portfolio is approximately $88. The company plans to use the proceeds from this sale toward acquiring hospitality properties more in line with its new focus on upscale hotels. “Beginning in November 2013, the Ashford Trust strategy has been evolving,” says Monty J. Bennett, chairman and CEO of Ashford Trust. “We feel that these changes are another step towards our goal with the Ashford group of companies of having very well-defined, distinct strategies within our investment platforms.” Ashford Hospitality Trust is a real estate investment trust focused on the hospitality sector. According to the company, its portfolio currently consists of 116 properties with over 25,000 rooms. The majority of its existing portfolio operates under …

NEW YORK — New Senior Investment Group Inc. (NYSE: SNR) has entered into an agreement to acquire a 28-property portfolio of private-pay, independent living senior housing properties from affiliates of Holiday Retirement for approximately $640 million. New Senior expects to invest approximately $190 million of equity and incur approximately $450 million of debt to purchase the portfolio. New Senior anticipates the closing of the acquisition by the third quarter. “We are excited to add 28 independent living properties to our portfolio through this accretive acquisition,” says New Senior CEO Susan Givens. “This transaction further increases our private-pay seniors housing NOI (net operating income) exposure to 91 percent of our portfolio.” The portfolio is 100 percent private pay and contains 3,298 independent living units located across 21 states, which as of May had an average occupancy rate of 88 percent. The portfolio is currently operated by Holiday, and New Senior expects Holiday will continue to operate the portfolio following the closing of the acquisition under new property management agreements. New Senior also expects the portfolio to generate an initial cash NOI of approximately 6.4 percent after property management fees. The transaction is the second large sale of properties Lake Oswego, Ore.-based …

GREENVILLE, N.C. — For much of the last 15 years, Mayfaire Town Center in Wilmington, North Carolina, was the focal point of Greenville-based BrodyCo and for its president, H.J. Brody. Brody, along with the Zimmer family, developed Mayfaire on the site of a former farmstead outside Wilmington and lured many national retailers to the market for the first time. Built over three phases, Mayfaire Town Center ultimately became 610,000 square feet; Brody also developed a neighboring grocery-anchored center that was over 200,000 square feet. On June 18, it was announced that CBL & Associates — the Chattanooga, Tennessee-based REIT and a dominant owner of regional centers in North Carolina — had purchased Mayfaire Towne Center for $192 million. “For where we were and what we could do with our resources for the project, the timing made sense for us to sell,” said H.J. Brody in an interview with Shopping Center Business. “CBL was a strategic buyer for the property because of its presence in the market.” Brody saw CBL as a strong choice because of the company’s position in the Southeast and Carolinas, and for what the company had done with Friendly Center in Greensboro, North Carolina. At 1.2 million …