IMT Capital Lands $53M Refi for Nashville Asset
- Oct 15, 2019
IMT Capital has secured a $53 million refinancing package for IMT 8 South, a 330-unit Class A multifamily asset in Nashville, Tenn., according to Yardi Matrix. CBRE originated the Freddie Mac mortgage, which matures in 2026. The loan pays down financing taken in 2018 when the owner acquired the asset from developer Alliance Residential Co. for $76.7 million, per Davidson County records.
IMT’s Nashville footprint includes more than 2,000 units. Late last year, the firm paid $53.1 million for a 214-unit property in Franklin, Tenn.
Located at 2405 Eighth Ave. S., IMT 8 South is in the metro’s Midtown/Music Row submarket, 2.5 miles south of downtown Nashville. The property is in a vibrant retail area a short distance from Interstate 65. The community opened its doors in March 2018, per data from Yardi Matrix, and is within 2 miles of nearly 1,100 units of ongoing multifamily construction activity.
The community’s unit mix includes a variety of one- and two-bedroom apartments, with floorplans from 573 to 1,218 square feet. The property has a wide range of amenities, from a golf simulator to a clubroom with a media center. Yardi Matrix shows the asset was 95.5 percent occupied in September.