Freeman Webb JV Refinances TN Apartments

Newmark Knight Frank Multifamily Capital Markets originated $29 million in financing through Fannie Mae for a property in Nashville. The mortgage retires a prior loan of $21.7 million.
Nob Hill Apartment Homes
Nob Hill Apartment Homes

Freeman Webb and Massry Realty Partners have taken a $29 million refinancing package for Nob Hill Apartment Homes, a 472-unit Class B community in Nashville, Tenn., according to public records. The Fannie Mae loan, originated by Newmark Knight Frank Multifamily Capital Markets, pays down $21.7 million in prior debt from the same lender.

Located at 180 Wallace Road, 5 miles southwest of Nashville International Airport, the garden-style community’s 20 buildings are within 1 mile of Interstate 24. A variety of retailers, hotels and other commercial properties are nearby—per Yardi Matrix, more than 800,000 square feet of office space falls within 1 mile of the asset.

Constructed in phases between 1970 and 1972, Nob Hill contains a mix of one- and two-bedroom units, with 690- and 950-square-foot floorplans. Community amenities include eight laundry facilities, two swimming pools, a fitness center, two dog parks and a playground. The property was 81.6 percent occupied in January, compared to the submarket’s average occupancy of 92.4 percent, according to the same data provider.

Around the time of the transaction, the owner of another community—a 273-unit luxury asset located 5 miles south of Nob Hill—secured a $39 million refinancing package. PGIM Real Estate Finance originated the 10-year Freddie Mac loan.

Image courtesy of Yardi Matrix