Affordable Suburban Nashville Community Gets $11M Refi
- Aug 24, 2020
GVA Real Estate Group has taken a $10.5 million refinancing package for 18Thirty, an 88-unit, fully affordable community northeast of Nashville, Tenn. CBRE Capital Markets provided the 10-year Freddie Mac loan, according to Davidson County records.
The borrower acquired the asset from Murphy Development for $5.9 million in 2017, Yardi Matrix shows. The new origination retires a $4.5 million CMBS acquisition loan from Truist Bank.
Located on 9 acres at 1830 Spring Branch Drive, the property’s 9 buildings opened in 2001. The unit mix has 58 two-bedroom, 989-square-foot apartments and 30 three-bedroom, 1,158-square-foot units. Amenities include a swimming pool and playground.
The community is a short distance from the Gallatin Pike North retail corridor, home to Hendon Properties’ 1.2 million-square-foot RiverGate Mall. Additionally, the site is approximately 13 miles from downtown Nashville.
Last year, GVA Real Estate Group paid $54.5 million for Cobalt Springs, a 548-unit community in Greenville, S.C. Bridge Investment Group provided a three-year, $48.3 million acquisition loan for the company.