Key Real Estate Lands $105M Refi for Nashville Tower
Nuveen provided the financing.
Key Real Estate Co. has obtained $105 million in refinancing for 805 Lea, a 356-unit multifamily property in Nashville, Tenn. Nuveen provided the note with a three-year term and two optional 12-month extensions.
Walker & Dunlop arranged the loan proceeds. Previous financing includes a $100 million loan originated in 2023 by Prime Finance Partners, according to Yardi Matrix information.
Key Real Estate Co. completed the Class A community in 2021 using funds from a $106 million construction note from Goldman Sachs, the same source shows.
The high-rise at 805 Lea Ave. is within the city’s downtown area, between the Gulch and SoBro neighborhoods and less than 8 miles from Nashville International Airport.
The 29-story tower encompasses studio, one- and two-bedroom floorplans, ranging between 424 and 1,184 square feet, as well as about 10,200 square feet of ground-floor retail space. Select layouts also feature private balconies or patios.
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Common-area amenities include a 29th-floor sky lounge, a saltwater swimming pool, a fitness center and two outdoor fire pits. Additionally, the community has a gaming space, private screening room, private work hub, resident lounge and pet spa, along with a grilling area.
Walker & Dunlop’s Real Estate Finance Senior Managing Director Stephen Farnsworth and his team arranged the loan on behalf of the borrower.
Multifamily originations continue to drop
Year-over-year, loan originations for multifamily assets decreased 35 percent, according to a Mortgage Bankers Association quarterly report. There was also a 41 percent decline in note completions quarter-over-quarter.
In May, Braxton Development landed $76 million in construction-permanent financing for the development of Icon Apartment Homes at Lovell Road, a 307-unit project in Knoxville, Tenn. The long-term note was secured through HUD.
