Taubman secures $1B loan; NexPoint forms single-family REIT

TOP NEWS IN REAL ESTATE

* Taubman Centers Inc. secured a $1 billion loan issued by Wells Fargo and JPMorgan Chase and collateralized by the 1.4 million-square-foot Dolphin Mall in Sweetwater, Fla., Commercial Observer reported. The mall owner will use the proceeds from the two-year loan to pay existing debt and cover closing costs, the report said.

* NexPoint Advisors LP formed a real estate investment trust and partnered with HomeSource Operations LLC to buy, build and operate single-family rental homes. The REIT will focus on existing and build-to-rent homes in high-growth markets.

➤ Land & Buildings adds Rexford Industrial Realty to its portfolio in Q1

Other new additions to the activist investor's portfolio included office real estate investment trust Alexandria Real Estate and hotel REIT Ryman Hospitality.

➤ Fate of Fla. property insurance market at stake as special session looms

Reinsurance programs and excessive litigation are among the issues to be addressed when lawmakers get together to tackle the Sunshine State's property insurance crisis.

READ MORE about the market reaction and industry impact of the evolving situation in Russia and Ukraine in our new Issue in Focus.

OFFICE

* Highwoods Properties Inc. sold the 138,000-square-foot field office of the Federal Bureau of Investigation in Tampa, Fla., for $70.4 million. Easterly Government Properties Inc. bought the four-story property.

RETAIL

* Dacar Management LLC secured $81 million in construction financing for its mixed-use project in Hialeah, Fla., Commercial Observer reported. The project mainly comprises a 190,000-square-foot shopping center anchored by Publix and a residential community that will feature 244 apartments across four- and five-story buildings.

RESIDENTIAL

* Conti Capital acquired an apartment complex in South Tampa, Fla., from Raia Properties Corp. for $115 million, the Tampa Bay Business Journal reported, citing Hillsborough County property records. The Bleeker Hyde Park mid-rise property comprises 259 units.

* A Blackstone Inc. affiliate bought an affordable apartment complex west of Boynton Beach, Fla., from RSG Boynton Apartments for about $40.3 million, the South Florida Business Journal reported. Green Cay Village has 160 apartments.

INDUSTRIAL

* Stream Realty Partners LP sold the nearly 175,000-square-foot Alder Commerce Center warehouse in Bloomington, Calif., to BentallGreenOak on behalf of an institutional investor. The asset sold for $83.4 million, L.A. Business First reported, citing Reonomy data.

HOTELS

* Alpine Acquisition Corp., a special purpose acquisition company that is set to merge with Two Bit Circus Inc., agreed with affiliates of Atrium Hospitality LP to buy two full-service conference hotels for $65 million. The hotels in Denver and Stanford, Conn., have 739 rooms and 135,000 square feet of conference facilities.

SPECIALTY

* Weyerhaeuser Co. completed the roughly $265 million purchase of 80,800 acres of timberland in North Carolina and South Carolina from a Campbell Global LLC-managed fund. The transaction was announced in April.

* GI Partners bought a data center in Sterling, Va., for an undisclosed amount. The 22262 Cloud Plaza spans 238,000 square feet and offers over 46 megawatts of critical power.

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