Affordable Nashville Community Lands Refi

Pathway Lending originated the nearly $5 million financing package, which pays down a prior HUD loan from Greystone.
The Villas at Metro Center

First Cumberland Properties has taken a $4.7 million mortgage from Pathway Lending to refinance The Villas at Metro Center, a 90-unit affordable multifamily asset in Nashville, Tenn. The loan retires a previous, $3.6 million HUD loan provided by Greystone in 2010, according to Yardi Matrix data.

Located at 469 Ponder Place some 3 miles north of downtown Nashville, the asset is within a mile of Interstate 65. Built in 2002, the community features six two- and three-story buildings with a mix of two- and three-bedroom units. Floorplans range from 863 to 1,220 square feet. Several retailers, a library and a community center are in the nearby area. A public bus stop is on the edge of the property’s 3.2-acre site, served by buses connecting the neighborhood to the city center.

Yardi Matrix shows that seven affordable communities in the metro have secured loans totaling $48.4 million in 2019 from a mix of lenders including HUD and Fannie Mae. In September, Walker & Dunlop structured a nearly $12 million mortgage for an asset south of Nashville.