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HNA refinances Chicago property; 61-story tower approved in San Francisco

Commercial real estate

* Chinese conglomerate HNA Group refinanced the 181 W. Madison St. office building in Chicago's Central Loop with a $240 million loan from JPMorgan Chase, The Real Deal reported, citing public records. The 50-story property was acquired for $359 million in March 2017.

The refinancing replaces a $233 million MetLife loan from 2017, according to the report.

* The San Francisco Planning Commission approved plans for a 61-story tower at 542-550 Howard St. in the city's downtown, the San Francisco Business Times reported. The tower will have 165 condominium units, 189 hotel rooms and 325,000 square feet of office space. The project is also planned to help fund 337 affordable apartments nearby.

Hines, Urban Pacific Development and Goldman Sachs affiliate Broad Street Principal Investments LLC acquired the parcel for $160 million in 2016.

* Oak Coast Properties paid $143 million for the 688-unit The Courtyards at Buckley multifamily property in Aurora, Colo., the Denver Business Journal reported. The asset was sold by JRK Property Holdings. The property previously changed hands for $49.5 million in 2012.

* Bloomberg News featured a report on Alphabet Inc. unit Google's steady expansion in New York City since its arrival 20 years ago. The company has mostly bought or leased older buildings and has managed to avoid much controversy.

The news outlet compared Google's strategy to Amazon.com Inc.'s flashy search for a second headquarters and subsequent withdrawal from Queens, N.Y.

* An affiliate of TPG Capital LP acquired two office towers in Jacksonville, Fla., from VanTrust Real Estate LLC for $107.1 million, the Jacksonville Business Journal reported.

The affiliate acquired Town Center One at 5555 Gate Parkway for $42.6 million and Town Center Two at 5335 Gate Parkway for $64.5 million.

After the bell

* A Marriott International Inc. unit sold the Sheraton Phoenix Downtown hotel for $268 million. The buyer was an affiliate of private equity giant The Blackstone Group Inc.

The day ahead

Early morning futures indicators pointed to a higher opening for the U.S. market.

In Asia, the Hang Seng increased 1.11% to 28,954.94.

In Europe, around midday, the FTSE 100 was up 0.23% to 7,605.06, and the Euronext 100 was down 0.04% to 1,156.90.

On the macro front

The Treasury budget is due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

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