Dinerstein Cos. JV Lands $103M for Luxury Nashville Asset
The transaction took place amid rising loan originations for the sector.
A joint venture between The Dinerstein Cos. and Merus has obtained a $102.9 million refinancing loan for Aspire Midtown, a 277-unit luxury community in Nashville, Tenn., Yardi Matrix data shows. Heitman provided the permanent financing.
Previous debt included a $61 million multifamily construction loan originated by JPMorgan Chase in March 2023, according to the same data provider. The partners completed the property last year.
The 14-story community is at 1801 Patterson St., close to interstates 40 and 65 and Ascension Saint Thomas Hospital Midtown. Downtown Nashville is less than 2 miles away, while Nashville International Airport is within 8 miles.
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Aspire Midtown comprises studio, one-, two- and three-bedroom floorplans ranging from 625 to 1,540 square feet. All apartments have energy-efficient appliances and fob entries, while select layouts also feature private balconies or patios.
Common-area amenities include a fitness center with yoga spaces, clubhouse, swimming pool, business center and sky lounge. The property also has barbecue grills, a spa and a resident lounge, as well as private and group coworking spaces.
Multifamily loan originations on the rise
Multifamily origination volume reached an estimated $360.6 billion at the end of last year, according to the Mortgage Bankers Association. In 2026, this volume is expected to reach $399.2 billion, marking a 21 percent increase.
In one of the more recent large deals, Lendlease and Aware Super obtained a $450 million refinancing loan for The Riverie, an 834-unit luxury development in Brooklyn. The note retired a $360 million construction loan from 2022.
And last month, Jamison Services secured $195 million for the conversion of a 33-story office building into 686 multifamily units in Los Angeles. Prime Finance Partners issued the funds.
