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The acquisition was partially financed with tax credits from CREA, an Indianapolis-based full-service tax syndicator that specializes in affordable housing, and loan assumptions from the city of Chicago and the Illinois Housing Development Authority.
The new agreement extends United's existing lease to 2033. Blackstone is investing more than $500 million to transform the building from the inside out.
Southwest Hospitality Management believes in the Permian Basin hotel market and is targeting sustainable brand assets such as Marriott in energy-related markets that have a low barrier to entry.
Rancho Mirage, a 310-unit multifamily property located in the Las Colinas master-planned community, recently underwent $2 million in property improvements to overhaul units and amenities for that renter group.
Construction on the nearly 500,000-square-foot expansion of the gaming facilities is expected to be completed in 2020. The first portion of the of the expansion is expected to open sometime this summer.