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$473M medical project planned in Chicago; Boston hotel project lands $331M loan

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$473M medical project planned in Chicago; Boston hotel project lands $331M loan

Commercial real estate

* Rush University Medical Center plans to develop a $473 million project across from its existing campus in the Illinois Medical District in Chicago, The Real Deal reported. The project includes a new 11-story, 530,000-square-foot cancer and neurological care facility.

Subject to final approval from the Illinois Health Facilities and Services Review Board, the building is expected to open by 2022, funded with a combination of operating revenue and debt financing.

* Omni Hotels & Resorts and New Boston Hospitality received a $330.7 million construction financing loan for the 1,055-room Omni Hotel under construction in Boston's Seaport District, the Boston Business Journal reported. The loan, provided through a syndicate led by U.S. Bank, Santander amd M&T Bank, was closed by Jones Lang LaSalle Inc.

The project is expected to be the fourth-largest hotel in the state upon completion in 2021, according to the report.

* Blackstone Group LP acquired six apartment properties across the metro Phoenix area for $311 million from a fund managed by DRA Advisors and its joint venture partner The Milestone Group Inc., the Phoenix Business Journal reported. The properties total 1,751 units.

* H.J. Kalikow & Co. received a $365 million mortgage for the 101 Park Ave. office building in Midtown Manhattan, N.Y., The Real Deal reported, citing records filed with the city. The new mortgage for the 46-story tower replaces a $300 million Bank of America loan from 2012 and adds a $65 million gap mortgage, also provided by the same lender.

The 1.1 million-square-foot property was developed by Kalikow in 1982.

* Insurance company Aetna has leased more than 100,000 square feet at Stellar Management's One Soho Square in Manhattan's SoHo district, The Real Deal reported, citing unnamed sources. The lease is for the top four floors of 161 Sixth Ave.

Aetna will consolidate the space it leases at SL Green Realty Corp.'s 100 Park Ave. and Empire State Realty Trust Inc.'s 1333 Broadway, according to the report, which cited an Aetna spokesperson as saying that the company is combining multiple New York City locations into a single updated space.

* Bloomberg News featured a report on the good fortunes of prison real estate investment trusts such as CoreCivic Inc. and GEO Group Inc., thanks mostly to President Donald Trump's plan to spend roughly $2.8 billion in 2019 to expand immigrant detention capacity by 30% compared to 2017.

New tax rules have prompted the prison REITs to build and lease detention facilities rather than just manage them, and the REITs, which recently faced protests over their practices and dealings, are stepping up their prison ownership.

* Oak Coast Properties and BMC Investments paid $78 million for the St. Moritz Apartments in Lakewood, Colo., using a $55 million financing facilitated through HFF, the Denver Business Journal reported. The 1986-built property has 360 units and a number of amenities including a dog park. The seller is an affiliate of Lowe Enterprises Investors.

* Nelson Brothers Property Management Inc. purchased The Buckingham student housing tower in the Chicago Loop business district from a venture led by investors Patrick O'Leary and Gerry Curciarello for $73.5 million, The Real Deal reported. The 27-story, 129-unit complex sits at 59 East Van Buren St. and was marketed by HFF on behalf of the sellers.

After the bell

* Invitation Homes Inc. disclosed second-quarter core funds from operations of $156.4 million, or 29 cents per share, a 16.0% increase on a per-share basis from $77.2 million, or 25 cents per share, in the prior-year period.

* The market for skilled nursing properties has been quiet, but more facilities could come on the market as mom-and-pop owner-operators sell out of the business, Sabra Health Care REIT Inc. Chairman, President and CEO Rick Matros said.

Housing

* According to a study by Ramey Peru of Colliers International, more than $275 million of vacant land traded in July in the Phoenix area in deals of $1 million or more, with land planned for single-family homes accounting for roughly 1,177 acres of the total 2,694 acres sold in the month, the Phoenix Business Journal reported.

According to the report, notable acquisitions were made by Toll Brothers Inc., D.R. Horton Inc. and Lennar Corp..

The day ahead

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

In Asia, the Hang Seng was down 0.84% to 28,366.62, and the Nikkei 225 declined 1.33% to 22,298.08.

In Europe, around midday, the FTSE 100 was down 0.76% to 7,682.32, while the Euronext 100 was down 1.10% to 1,066.65.

On the macro front

The Treasury Budget report, the Baker-Hughes Rig Count report and the consumer price index are 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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