Archway Holdings Secures $30M Nashville Refi
CBRE provided the Freddie Mac financing, which retires $28 million of prior debt on the 363-unit portfolio.
Archway Holdings has received a $30.4 million refinancing package for Mosaic and Axis, two communities totaling 363 units in Nashville, Tenn. CBRE Capital Markets provided two Freddie Mac loans which mature in 2030, according to public records.
In 2018, the borrower purchased the assets for $29 million from Belew Rentals, Yardi Matrix shows. The new mortgages retire the two acquisition loans totaling $28 million which Latitude Management Real Estate Investors had provided.
Located on 14 acres at 1019 Patricia Drive, the 233-unit Mosaic community encompasses 22 buildings completed in 1967 and 1981. The property has two-bedroom floorplans ranging from 927 to 1,007 square feet. Amenities include a playground, laundry facilities and 500 parking spaces.
The 130-unit Axis sits on 8 acres at 307 Glengarry Drive. The 16-building property opened its doors in 1969. The unit mix has one- and two-bedroom apartments ranging from 720 to 1,309 square feet. The amenity package includes a tennis court, a swimming pool, a clubhouse and laundry facilities.
Some 7 miles southeast of downtown, the two communities are close to the Murfreesboro Pike retail corridor, a short distance west of Nashville International Airport. The properties are within 2 miles of interstates 24 and 40.