In a deal valued in excess of $1 billion, Beacon Capital brought
in Singapore’s GIC and others as joint venture investors in more
than 2.1 million sf of office assets in the Washington, DC metro
area. Skadden’s partners Nancy Olson, Catherine Danz and David
Polster led the team advising the sovereign wealth fund.
More Skadden experts advised on Amherst Holding’s $1-billion
sale of 3,500 single-family rental properties in 21 metro areas to
Altisource Residential Corp. Two transactions—one for 757 residences followed by another 2,750—comprised the deal, for which
Amherst provided $401.2 million in seller financing to Altisource.
The legal team included Evan Levy, David Levy, George Fatheree,
Nickolas Gianou, Sara Brazao Ferreira and Doruk Onvural.
Best of 2017
continued from page 39
Forest City Retail Portfolio
In another SFR deal worth $815 million, Colony Starwood
Homes acquired a portfolio of 3,106 properties from Waypoint/GI
Venture LLC. As part of the transaction Colony Starwood upsized
an underwritten public offering of its common stock using the
proceeds to fund the deal.
Stonemont Financial Group acquired a net lease portfolio from
Oak Street Real Estate Capital for $1.3 billion. Comprising 97 office,
retail and industrial properties spread across 20 states, the 6.8-mil-
lion-sf portfolio marked the first acquisition of Stonemont’s new
investment-grade core-plus investment fund, which is focused on
long-term, diversified assets. CBRE arranged the transaction on
behalf of Oak Street, and CBRE Capital Markets secured $1.1 billion
in financing at 83% LTV for Stonemont.
In one of the largest, if not the largest private transactions last
year, Harbor Group International affiliates acquired the Beacon
portfolio for $1.8 billion from affiliates of Lone Star Funds. The
9,677 units, spread throughout 25 assets spanning five major metropolitan areas, brought HGI’s investment portfolio to $7.1 billion
from $5.2 billion. Meridian Capital Group acted as investment advisor and mortgage broker for HGI, including the placement of
approximately $512 million of fixed-rate debt with New York
Community Bank. Berkadia Commercial Mortgage provided $930
million of fixed- and floating-rate debt through Freddie Mac.
The buyer plans to invest some $80 million to upgrade the
assets. The HGI team included chairman and CEO Jordan Slone;
president Richard Litton; Matt Jones, director of acquisitions; Matt
Grabler, lead acquisition officer; CFO Carla Stoner; Pete Petron,
head of asset management; and Robert Friedman, president of
Harbor Group Management Co.
Steadfast Income REIT entered into a JV with Blackstone Real
Estate Income Trust on 20 apartments in Steadfast’s portfolio.
Blackstone paid some $460.8 million in cash and debt assumption
for a 90% stake in the LANDS portfolio, called such for the five
metro areas represented in the transaction—Louisville, Austin,
Nashville, Dallas and San Antonio. Jones Lang LaSalle Securities
LLC served as financial advisor to Steadfast, while Morris, Manning
& Martin LLP served as its legal counsel.
Medical Properties Trust acquired 10 acute care hospitals and
one behavioral health facility from IASIS Healthcare in a deal valued at $1.4 billion. The sale was contingent upon the merger
between IASIS and Steward Health Care System. With its acquisition of IASIS, Boston-based Steward became the largest private
hospital operator in the US. Medical Properties Trust also acquired
$100 million in minority preferred interests of Steward.
MCR sold 18 Marriott and Hilton assets to American Hotel
Income Properties REIT LP for $407.4 million. Totaling 2,187 keys,
the properties are located in Maryland, New Jersey, New York,
Connecticut and Pennsylvania.
In a huge lodging deal, VICI Properties, the gaming REIT spun
off from Caesars Entertainment Operating Co., acquired the land
and real estate assets of Harrah’s Las Vegas Hotel & Casino from its
parent company for $1.14 billion. The REIT also closed on $2.6
billion in new credit facilities that helped fund the purchase. VICI
will lease back the real estate associated with the hotel and casino
to Caesars in a 15-year triple net deal. It also gained 18.4 acres of
undeveloped land behind Harrah’s for the $73.6 million.
The joint lead arrangers and joint bookrunners for the credit
facilities were Goldman Sachs Bank USA, Morgan Stanley Senior
Funding, Inc., BofA Merrill Lynch, Barclays Bank PLC, Citigroup
Global Markets Inc. and JPMorgan Chase Bank N.A. Co-arrangers
for the credit facilities were Citizens Bank, Credit Suisse Securities
(USA) LLC, Deutsche Bank Securities and UBS Securities LLC.
Goldman Sachs Bank USA serves as administrative agent. Kramer
Levin Naftalis & Frankel LLP acted as VICI’s legal advisor.
1 Yardi Systems Inc.
3 Rockefeller Group, The
5 Capital One
7 NAI Global
9 Regus Global
15 W. P. Carey Inc.
17 Prudential Financial
22 Sior Society Of Industrial
27 Avison Young
29 Marcus & Millichap
31 Village Green Holding
33 Bellwether Enterprise
38 Palo Alto Housing
38 Cushman & Wakefield
C2 PNC Financial Services Group
C3 AG Net Lease Acquisitions
C4 Northmarq Capital
This advertising index is provided as an additional service. While every attempt has been made to make this index as complete as possible,
the accuracy of all listings cannot be guaranteed.