Central Nashville Apartments Get $43M Refi

Northwestern Mutual provided the five-year note to the developer of the 271-unit community, which opened its doors last year.
Solis North Gulch

A joint venture between Terwilliger Pappas and Clarion Partners has taken a $43 million loan from Northwestern Mutual to refinance Solis North Gulch, a 271-unit luxury multifamily asset in Nashville, Tenn., according to public records. The five-year mortgage pays down $43.4 million in construction financing from Citizens Financial Group, taken in May 2016. The property delivered in October 2018, per Yardi Matrix data.

Located at 600 11th Ave. N. in Nashville’s North Gulch neighborhood, the six-story Class A building is situated between Interstate 40 and Rosa Parks Blvd., half a mile from the State Capitol. Solis’ surroundings have been home to significant multifamily development in recent years—since 2015, nearly 4,500 units within a mile of the asset have come online, according to Yardi Matrix. Investment activity in the submarket has kept pace, with CBRE Global Investors paying more than $100 million for a 367-unit community in the area in June.

Solis at North Gulch contains a mix of studio, one-, two- and three-bedroom units, with floorplans ranging from 467 to 1,678 square feet. Community amenities include a half-acre dog park, a clubroom, meeting space, subterranean parking and a business center. In July, the asset was 90.4 percent occupied, Yardi Matrix shows.