$80M Financing Awarded to Metro Nashville Property
- May 03, 2019
Lifestyle Communities has received a $79.9 million loan to refinance its existing debt on LC Murfreesboro, a Class A, 580-unit apartment community located in Murfreesboro, Tenn., roughly 35 miles from Nashville.
KeyBank’s Commercial Mortgage Group originated the fixed-rate financing. The company’s Jon Reible, SVP, regional sales manager, arranged an 11-year term, five-year interest-only period and 30-year amortization schedule.
Originally built between 2015 and 2018, the complex encompasses 19, three-story apartment buildings, all featuring one- and two-bedroom units. Located at 1206 Robert Rose Drive, LC Murfreesboro is situated on 31.81 acres of land, directly across from the popular The Avenue shopping center.
In April, KeyBank originated $65.9 million in Freddie Mac financing for two senior housing properties in Western New York with a total of 258 units, including assisting living and memory care units.
Murfreesboro Gaining in Popularity
The Bureau of Labor Statistics reported a 3 percent increase in job growth in the Nashville—Davidson—Murfreesboro—Franklin area in February, which was an uptick of about 29,800 jobs year-over-year.
Colliers’ Research & Forecast Multifamily Report for Nashville for the first quarter of 2019 revealed that permits for 6,059 multifamily units were issued in the 12 months ending in February, an increase of 454 units from the previous year.
The city of Murfreesboro is one of the fastest-growing cities in Tennessee, and one of the top-ranked places to live in the U.S. It is home to Middle Tennessee State University, the state’s largest undergraduate university, and has fun outdoor experiences at Old Stone Fort Archaeological Park and Batey Farms.