NEW YORK CITY-Continuing with its plan to exit the US real estate market, Lend Lease has completed the first stage of the sale of several of its debt businesses to GMAC Commercial Mortgage Corp.

NEW YORK CITY-A joint venture purchases the 722-room Metropolitan Hotel, located in the heart of Midtown, from Loews Hotels for $100M. The partners plan to put the hotel through a "dramatic aesthetic transformation.

GARDEN CITY, NY-Holliday Fenoglio Fowler has secured a $23 million loan for a 200,000-sf office and retail property in a highly-trafficked area of this New York City suburb.

VIRGINIA BEACH, VA-A $37 million sale-leaseback transaction by W.P. Carey for a distribution center for Lillian Vernon Corp. helped facilitate Ripplewood Holding's purchase of the national catalog and online retailer.

NEW YORK CITY-Cosmetics giant Revlon is subleasing 151,484 sf of space in the 21-story 237 Park Ave. The company signed an 11-year lease, and plans to move to its new headquarters space by mid-summer.

ELMHURST, QUEENS-A Queens church will be demolished and turned into a mixed-use 32,000-sf property with medical offices and condominium units. The church will remain on the property, housed in the basement and sub-basement areas.

NEW YORK CITY-In its first mezzanine loan investment, Shorenstein Co. purchases a $20 million junior loan from CDC Mortgage Capital.

NEW YORK CITY-Carlton Advisory Services has arranged a $150 million credit facility for the formation of a B-note investment fund sponsored by a major New York-based real estate investment company.