Nashville Community Gets $39M Refi
- Mar 07, 2019
Preferred Apartment Communities (PAC) has secured a $39.3 million refinancing package for Lenox Village Town Center, a 273-unit luxury asset in Nashville, Tenn., according to public records. PGIM Real Estate Finance originated the 10-year Freddie Mac loan. The new mortgage retires prior CMBS debt totaling $33.6 million, taken in 2015. Back then, PAC purchased the property from Regent Homes in a $46 million deal, per Yardi Matrix data.
Located at 6900 Lenox Village Drive in the metro’s Southeast/Brentwood submarket, the community is 12 miles south of downtown Nashville and 5 miles east of the heart of the Brentwood office submarket. A public bus route operates alongside the northern edge of the building, providing direct access to much of the metro.
Lenox Village Town Center opened in 2009 and contains a mix of studio, one-, two- and three-bedroom apartments, with floorplans ranging from 588 to 2,103 square feet. The four-story building’s units are complemented by 37,500 square feet of retail space on the ground floor. Community amenities include a business center, a fitness center, a media room, on-site storage space, covered parking and a clubroom. In January, the asset was 96.7 percent occupied, according to Yardi Matrix.
In February, the owner of a newly opened 251-unit luxury asset 15 miles northwest of Lenox Village secured a $40 million refinancing package from SunTrust Bank. The loan paid down $28 million in prior construction financing.
Image courtesy of Yardi Matrix