Center for Housing
Jack Kemp Excellence
in Affordable and
Workforce Housing in
In nearby Newark,
DE, Brookfield and
Prime Property Fund
took out $550 million
to refinance the
famed Christiana Mall
in a deal that valued
the 779,000-sf retail
property at $1 billion.
The loan, consisting
of senior and B notes,
is being securitized by
a consortium of firms
Barclays and Wells
Fargo. The debt carries a 4.28% interest
fixed over 10 years.
Another huge regional mall was refinanced in 2018 when
Turnberry Associates and Simon Properties closed on a $1.75 billion loan for the Aventura Mall. JPMorgan Chase Bank, Wells Fargo
Bank, Deutsche Bank and Morgan Stanley Bank provided the
funds for the nearly three-million-sf shopping center in Aventura,
FL. The law firm of Buchanan Ingersoll & Rooney represented the
ownership, which reportedly used the funds to pay down existing
In one of the largest single asset permanent loans ever
obtained for a multifamily community in South Florida, Aztec
Group’s Peter Mekras arranged $142 million for Square Station,
a transit-oriented multifamily development in Miami’s Arts and
Entertainment District. The 10-year fixed-rate loan was awarded
to Freddie Mac via Berkadia’s Miami office as its seller servicer.
The borrower is Melo Group, developer of the 710-unit rental
property, which also includes 20,000 sf of retail.
Also in Florida, SVN|Angelic structured and placed a new
bridge loan for a defaulted and challenged senior living project
in Downtown Ft. Myers. A former Sheraton, the $104-million
Campo Felice is a 24-story highrise with 323 independent living
But the team has to run through a gauntlet to make it to closing after the due diligence process uncovered a host of challenges. Among them: multiple internal partner lawsuits; an
existing loan that was over $5 million in default; significant
construction/com-pletion delays and
lease-up underper-formance and zoning violations.
Further adding to
the complexity was
some $25 million
in EB- 5 investment, with more to
and a team that
Harms acted as legal counsel for the seller.
Another deal of note, was Silverstein Properties
purchase of ABC’s Upper West Side campus for
more than $1 billion. The office properties span
more than one million sf.
Apartment Investment and Management Co.’s
$590 million sale of its interests in 51 low-income
housing tax credit apartment communities to
Related Cos., was one of the largest affordable
housing deals of the year. The 8,000 units are
located across multiple locations including Chicago,
Los Angeles, San Francisco and Beacon, NY.
Skadden’s Meryl Chae and Sarah Ralph repre-
sented AIMCO in this transaction, which com-
pleted the REIT’s planned exit from its
affordable housing line of business.
HCP Inc.’s $605-million joint venture on a medical office portfolio with
Morgan Stanley Real Estate Investing
spans 3. 2 million sf of leasable space
across 33 properties. Skadden’s
Meryl Chae and Joseph Coco advised
HCP Inc. The deal built upon a prior
venture (in which Skadden also represented HCP) of a portfolio of medical office buildings acquired in 2015
for $225 million.
Healthcare Trust of America sold a 16-asset,
856,179 sf portfolio of medical office buildings in
Greenville, SC to a joint venture between HCP and
Morgan Stanley. The primary tenant was Greenville
Health System. Healthcare Real Estate Capital
acted as a financial advisor. Cushman & Wakefield’s
Richard Swartz, Jay Wagner, James Dooley and
Sam Dylag acted as senior advisor to HCP.
In a separate deal, HCP also sold a portfolio of
22 Brookdale-managed senior housing communi-
ties to an investment fund managed by affiliates
of Apollo Global Management for $428 million.
The Walt Disney Co. struck a deal to acquire 4
Hudson Square, a full-block development site,
from Trinity Church for $650 million. Fried Frank’s
Joshua Mermelstein, Zachary Bernstein, Robert
Cassanos, Avi Feinberg, Simon Elkharrat, Nicholas
Mayer, Philip Fitzpatrick, Nicholas Williams and
Daniel Jacobson handled the transaction on behalf
of Trinity Church. The Walt Disney Co. plans to
redevelop the site as its New York headquarters
Midwest Multifamily Portfolio
Grand Wailea Resort & Spa