Cominar completes delisting; Xenia to pay $329M for Nashville, Tenn., hotel

TOP NEWS IN REAL ESTATE

* Cominar Real Estate Investment Trust completed its C$5.7 billion go-private deal, and its units are expected to be delisted from the Toronto Stock Exchange at market close no later than March 4. Cominar's entire issued and outstanding units were purchased for C$11.75 apiece in cash by a consortium led by a Canderel Management Inc. affiliate.

* Xenia Hotels & Resorts Inc. will buy the 346-room W Nashville hotel in Tennessee for $328.7 million. The hotel real estate investment trust said the 14-story hotel, which opened in October 2021, will be its 14th Marriott-affiliated hotel across the hotelier's six luxury and upper upscale brands.

➤ 5 largest US bank multifamily lenders post YOY, quarterly growth

Wells Fargo, the third-largest bank multifamily lender for the quarter, posted 43.3% year-over-year growth in the category.

➤ Home construction lending surged in 2021, but largest banks held back

Total home construction loans at U.S. banks grew at the fastest pace in five years in 2021.

OFFICE

* Commercial real estate and management firm CP Group acquired the Bank of America Plaza tower in midtown Atlanta from Shorenstein Properties LLC for an undisclosed amount, the Atlanta Business Chronicle reported. The 55-story skyscraper was last traded in 2016 for an estimated price of about $220 million, according to the report.

RESIDENTIAL

* CIM Group LP and Tides Equities LLC purchased an apartment community in Phoenix for $255 million in an off-market transaction. The Del Mar Terrace garden-style property spans 1,012 units across 48 two-story buildings.

* Invesco Real Estate Income Trust Inc.'s indirect subsidiary Roseland Residences Investors LLC agreed to buy a 360-unit apartment property in Roseland, N.J., from Roseland Owner LLC for a gross purchase price of $160.5 million, excluding closing costs. The property has 384,480 square feet of net rentable area across 30 two-story buildings.

* Praedium Group LLC acquired The Sound at Pennington Bend community in Nashville, Tenn., from Lincoln Property Co. for $95.7 million, Multi-Housing News reported. Metropolitan Life Insurance Co. provided a $57.4 million financing for the acquisition of the 296-unit community, according to the report, citing Yardi Matrix data.

INDUSTRIAL

* KABR Group and FCA-Orbita Group acquired a 620,000-square-foot industrial property in Queens, N.Y., for $73.5 million, The Real Deal reported. The asset at 184-10 and 184-60 Jamaica Ave. comprises a six-story building interconnected with a five-story building.

* Seefried Industrial Properties Inc. and capital partner Clarion Partners LLC broke ground on their logistics center development in Henderson, Nev. The South 95 Logistics Center project will span approximately 406,070 square feet across four buildings and is slated for completion in the third quarter of 2023.

HOTELS

* Marriott International Inc. opened Marriott Bethesda Downtown at Marriott HQ, a 12-story hotel in Bethesda, Md. The 245-room hotel is adjacent to the future new global headquarters of the company.

The Daily Dose is updated as of 8 a.m. ET. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.