Nashville Community Gets $30M Refi

CBRE Capital Markets provided the loan, which retires an existing Fannie Mae mortgage on the 624-unit asset.
The Lakes of Bellevue

CBRE Capital Markets has provided a $30.4 million Fannie Mae refinancing package to Lindemann Multifamily Management for the investor’s Lakes of Bellevue community in Nashville, Tenn., according to public records. The mortgage pays down a $41.9 million Fannie Mae loan, also from CBRE, which financed the $57 million acquisition of the property from Harbor Group International in late 2013.

CBRE Capital Markets has originated $224.9 million in financing in Nashville this year, according to Yardi Matrix. In 2018, the firm was the market’s most active acquisition lender.

The 624-unit community is located at 100 Erin Lane and opened in 1986. The Lakes of Bellevue has a mix of one- to three-bedroom units, with floorplans ranging from 500 to 1,312 square feet. Amenities include a dog park, three swimming pools, a 24-hour fitness center and valet garbage collection service. In October, the property was 98.2 percent occupied, per Yardi Matrix data, notably higher than the submarket average of 96 percent.

Situated in the city’s Bellevue neighborhood, the garden-style asset’s 31 buildings are along Highway 70 South, less than 10 miles southwest of downtown Nashville. The property is half a mile from the Old Hickory Boulevard retail corridor and a bus route along the asset’s southern side provides access throughout the wider metro area.