Paris-based ANF Immobilier (ANF), a merchant builder and the largest landlord in Lyon, France, has placed some of its properties on the market and received a total $1 billion (816.6 million euros) in separate offers to date. Even one of the richest men in Great Britain, the Duke of Westminster through his Grosvenor Group Ltd., is bidding about 313.1 million euros for a large share of ANF's residential and commercial properties.
ANF says in a prepared statement Fonciere des Murs SCA and La Francaise REM have jointly bid about 503.5 million euros for 160 B&B brand hotels. All of the deals will be done by November, ANF states. The developer says it will use the proceeds to build new projects in Marseille, Lyon and Bordeaux where it began operations last year. One euro equals $1.258 US.
Fifth Avenue Retail Condominium Deals Valued at $618 Million
New York City-based SL Green Realty Corp. (NYSE: SLG) and partner Jeff Sutton have announced the restructuring and recapitalization of their joint retail condominium venture at 717 Fifth Ave. SL Green sold 50% of its interest to Sutton and retains a 10.92% stake in the venture's property at a price that values the asset at $618 million or $5,015 per square foot. The valuation reflects a 4.9% capitalization rate on in-place net opening income, according to SL Green's press release.
The JV also received $590 million of new financing in the form of a $300 million fixed-rate mortgage loan and a $290 million mezzanine loan. Originated by New York Life and TIAA, the mortgage loan has a 10-year term. The mezzanine loan, originated by RREEF, has a 12-year term.
SL Green received $85 million in net cash proceeds from the transaction. SL Green President Andrew Mathias called the joint venture investment with Jeff Sutton "a resounding success."
Prudential Provides $200 Million Refinancing on New Jersey Office Tower
Talk about low commercial loan rates. Holliday Fenoglio Fowler (HFF) has arranged a $200 million refinancing for the 36-story, 1.1-million-square-foot Newport Tower in Jersey City, NJ. Prudential Mortgage Capital Co. provided the seven-year, 3.5% fixed-rate loan for the 90%-leased, 22-year-old structure at 525 Washington Blvd.
The building's owner is MEPT Newport Tower LLC, a subsidiary of Multi-Employer Property Trust based in Washington, DC. Bentall Kennedy USA of New York City advised MEPT on the transaction. HFF brokers who put the deal together were managing director Cary Abod and senior managing directors Whit Wilcox, Mike Tepedino and Tom Didio.
California Health REIT Acquires $103 Million Senior Care Portfolio
Newport Beach, CA-based American Healthcare Investors and Griffin Capital Corp., the co-sponsors of Griffin-American Healthcare REIT II Inc., have acquired the 13-building Pacific Northwest Senior Care Portfolio and seven additional medical office buildings in Illinois, Texas, Tennessee and Georgia for an aggregate purchase price of about $103 million, the REIT announced.
"We seek to acquire properties that provide multiple levels of diversification to Griffin-American Healthcare REIT II Inc.," says Danny Prosky, a principal of American Healthcare Investors and president and chief operating officer of the REIT.
"These latest acquisitions are a good example of this - they add geographic, asset and payor mix diversification to an already substantial nationwide portfolio of healthcare-related properties."
California Power Retail Center Refinanced With $43 Million Loan
The Plaza at Encinitas Ranch, a 145,303-square-foot power retail center in Encinitas, CA has been refinanced with a $43 million loan. The lender's name was not disclosed. HFF's Los Angeles office arranged the loan for the privately-owned joint venture partners. They are Zelman Development Co. of Los Angeles and Caritas Co. of Carlsbad, CA.
The 10-year-old center is 100% leased and anchored by Wal-Mart. HFF senior managing director Paul Brindley headed the loan-arranging team.