Akara Lands $101M Refi for Nashville Community

Previous financing includes a $81.9 million loan from Deutsche Bank.

Kenect Nashville is a 420-unit community in Nashville, Tenn.

Kenect Nashville encompasses 420 units. Image courtesy of Yardi Matrix

Akara Partners has received a $101 million bridge loan from MF1 Capital for Kenect Nashville, a 420-unit community in Nashville, Tenn. JLL Capital Markets secured the transaction.

In 2018, the developer received $81.9 million in financing from Deutsche Bank, according to Yardi Matrix information. Construction of the community started later that year; in 2020, Kenect welcomed its first residents.

Partners on the project included James McHugh Construction as general contractor, Perkins + Will as design architect and Smith Gee Studio as architect of record. Landscape architect Hawkins Partners and civil engineer Barge Cauthen and Associates were also part of the development team.

The 20-story building comprises studio, one- and three-bedroom floorplans, ranging between 360 and 1,410 square feet, along with 24,000 square feet of ground-level retail and 16,000 square feet of coworking space. A total of 40 units are destined for co-living. Common-area amenities include a fitness center, rooftop patio, clubhouse and swimming pool.

Kenect Nashville is at 800 19th Ave. S., close to Vanderbilt University and Belmont University. The community is within walking distance of numerous dining and retail options, with downtown Nashville 2 miles away. The location is also less than 2 miles from a 226-unit community that recently traded for nearly $79 million.

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