ATLANTA — The Harbor Companies has sold a three-property multifamily portfolio, located in Atlanta. The value-add portfolio is 60 percent occupied on average. The properties include the 203-unit Sandlewood Apartments, the 180-unit Wyntrace Apartments and the 138-unit Wynview Apartments. John Stone, Ron Cameron and Robert Selton of Colliers International represented the seller in the transaction. Tyler Averitt of Southeast Apartment Partners represented Sage Equities, the buyer.
NASHVILLE, TENN. — White Lodging has started construction on the 255-room Hyatt Place hotel, located at 301 3rd Ave. S. in Nashville. Host Hotels & Resorts will own the hotel with White Lodging. PFVS Architects designed the 13-story hotel, which includes 3,600 square feet of meeting space and a 175-space parking garage. Completion is slated for late 2013.
VIRGINIA — Arbor Commercial Funding has arranged $62.7 million in 13 loans across Virginia, North Carolina and Georgia through Fannie Mae and Arbor Bridge Loan product lines. The properties that received funding include the 236-unit Woodland Trail Apartments in Georgia. In North Carolina, the properties include the 192-unit Ashbury Square Apartments, a 112,880-square-foot retail property, the 132-unit Chase on Commonwealth Apartments, the 125-unit The Landing on Farmhurst, the 88-unit The Oaks Apartments and the 75-unit Sharonridge Apartments. The Virginia properties include the 32-unit 930 Providence Road, the 28-unit 710-722 East 29th Street, the 24-unit 1507 O'Keefe Street, the 24-unit 2011 Chesapeake Drive and the 24-unit 811-819 East 29th Street. Brian Scharf of Arbor's Uniondale, N.Y., office originated the loans.
MIAMI — Love Funding has secured a $26.8 million construction loan for the construction of the 240-unit Alta Mira Apartments, a market-rate apartment complex located in Miami. Construction is slated to begin in July, with the first units scheduled for completion in February 2013. Carolyn Whatley of Love Funding's Palm Beach, Fla., office secured the 40-year permanent loan through HUD.
CICERO, ILL. — Cabot Properties has purchased Building II of the Cicero Business Center, a 291,814-square-foot industrial building in Cicero. The property is fully leased to Cloverhill Pastry-Vend LLC. Steve Disse and Jeff Devine of Colliers International represented the seller, Opus Development Corp., in the transaction.
MINN. — Nash Finch Co. plans to open two new Family Fresh Market stores in River Falls, Wis., and Farmington, Minn. The River Falls store is located at 303 S. Main St. and includes 41,300 square feet. The Farmington store is at 115 Elm St. and contains 22,700 square feet. The stores mark the third and fourth locations for the fresh-focused banner. The others are in Hudson and New Richmond, Wis.
BELVIDERE, ILL. — National Foundation for Affordable Housing Solutions Inc. (NFAHS) has acquired Shadley Apartments, a 119-unit property in Belvidere, for $7.6 million. Orput Companies Inc. and Shadley Apartment Associated were the sellers. Orput developed the apartment property in 1978 and has been retained by NFAHSI as the property's managing agent.
CHICAGO — Mortenson Construction has upgraded the Great Hall at Chicago's historic Union Station as part of a $25 million infrastructure improvement project. Mortenson replaced or upgraded the mechanical, electrical and plumbing systems in the 87-year-old building, and also installed fire safety equipment. Amtrak, the owner of Union Station, provided the funding while Jones Lang LaSalle managed the project.
ELMWOOD PARK, N.J. — A joint venture between Prism Capital Partners and The Davis Cos. has acquired 41 Slater Drive a 180,000-square-foot industrial building in Elmwood Park. The seller was an affiliate of paper products manufacturer Marcal. Constructed in 1972, the property is situated on 11 acres at the intersection of I-80 and River Road. The property consists of 145,000 square feet of warehouse space that is leased to Marcal Paper and 35,000 square feet of office space that is leased by Bio-Reference Laboratories.
BOSTON — Dana-Farber Cancer Institute has signed a 154,100-square-foot lease at Longwood Center in Boston. The leasing agreement places Dana-Farber as the anchor tenant of the 11-story building, which will be located at 360 Longwood Ave. Construction of the building has begun and Dana-Farber anticipates a 2014 move-in date. The new locations will be designed to allow Dana-Farber to expand its translational research initiatives, which are focused in part on accelerating the pace of laboratory discoveries that are converted into clinical uses. Robert Richards and Chris McCauley of Richards Barry Joyce & Partners represented the tenant in the lease. The building developers were represented in-hous