Luxury Multifamily Community Receives $40M Loan

KeyBank Real Estate Capital has originated a Fannie Mae for Peyton Stakes in Nashville, Tenn. The 249-unit property was built in 2017.
Peyton Stakes, Nashville
Peyton Stakes, Nashville

Peyton Stakes, a luxury apartment community in Nashville, Tenn., has received a $39.9 million Fannie Mae first-mortgage loan. KeyBank Real Estate Capital’s Robert Prouty arranged the 10-year, fixed-rate, interest-only loan on behalf of the undisclosed borrower. The financing was used to facilitate the acquisition of the property.

According to Yardi Matrix data, the 2017-built, 249-unit community owned by Proffitt Dixon Partners was 90 percent occupied at the time of the financing. Peyton Stakes encompasses a five-story residential building and a parking garage. The unit mix is made up of 18 studio, 183 one-bedroom, 44 two-bedroom and 4 three-bedroom units ranging in size from 555 to 1,404 square feet. The list of amenities at the community includes:

  • controlled access
  • fitness and business center
  • clubhouse
  • swimming pool and spa
  • creative art studio
  • rooftop terrace
  • covered parking
  • floor-to-ceiling windows

Located at 1401 3rd Avenue North, the property is situated on 2.34 acres of land in the Germantown neighborhood, near downtown. Dining, retail and entertainment facilities are within walking distance, as is Morgan Park.

KeyBank has recently facilitated a record $127 million FHA loan for a 499-bed rehabilitation and nursing center in Manhattan.

Image courtesy of KeyBank Real Estate Capital