Waterton Lands $110M Financing for Nashville-Area Property
Walker & Dunlop arranged the note.
Waterton has secured a $109.9 million floating-rate, interest-only loan from Wells Fargo to purchase Wyndchase Aspen Grove, a 560-unit multifamily community in Franklin, Tenn. Walker & Dunlop arranged the financing.
The firm acquired the property in August of this year in a $128.1 million deal with previous owner Berkshire Residential Investments. Berkshire had owned the asset since March 2014, when it acquired the Nashville-area asset from Crow Holdings for $83 million, Yardi Matrix reported. The Class A community was completed in 1997.
Walker & Dunlop’s Capital Markets Real Estate Finance business arranged the acquisition financing on behalf of Waterton. The team included Walker & Dunlop Senior Managing Directors Allan Edelson and Justin Nelson, Senior Director Jeremy Seid, Managing Director Joe Tarantino and Director PJ Feichtmeier.
What got refinanced
Located at 3100 Aspen Grove Drive, Wyndchase Aspen Grove has a mix of one-, two- and three-bedroom units, ranging from 708 to 1,423 square feet, with an average of 1,104 square feet, according to Yardi Matrix data. Rents range from $1,469 to $2,506, with an average of $1,911, the same source shows.
The garden-style community features one-, two- and three-story residential buildings, including townhouse options. Interiors feature 9-foot ceilings, in-unit washers and dryers as well as kitchens with islands and breakfast bars, walk-in closets and patios or balconies. In addition, select units have one- and two-car garages and fireplaces.
The property has more than 60 acres of green space. Amenities include two swimming pools with sundecks, a fitness center, a clubhouse with a game room, outdoor gathering areas, grilling stations, a cybercafe, a playground, a dog park and a pet wash station. There are roughly 1,000 parking spaces and covered parking.
Wyndchase Aspen Grove is situated in the Aspen Grove/Cool Springs corridor, with quick access to major employment centers, retail, dining, entertainment and healthcare options. The property is less than 10 minutes from Interstate 65, which connects residents to the broader Nashville metro.
Nashville fundamentals make progress in H2
Nashville’s fundamentals were a mixed bag in the second half of this year, with asking rents rising 0.3 percent on a trailing three-month basis through July. At the same time, local occupancy fell 80 basis points over the last 12 months to 93.6 percent. Deliveries totaled 5,128 units in the same time frame, with the metro having another 14,622 apartments in its pipeline.
Earlier this week, a joint venture between PGIM, Stiles and Hensler Development group secured a $310 million loan for Peabody Union, a 665,000-square-foot mixed-use community with 355 luxury units.
