Nashville Asset Lands $31M HUD Loan

LSA Capital will begin extensive renovations to Haynes Garden Apartments, a 208-unit affordable housing property with 17 buildings.

Haynes Garden Apartments in Nashville, Tenn.
Haynes Garden Apartments in Nashville, Tenn.

Dwight Capital has closed $31.4 million in HUD financing for LSA Capital’s Haynes Garden Apartments, a 208-unit fully affordable community in Nashville, Tenn. The loan is set to mature in October 2059, following a 40-year amortization schedule, according to Yardi Matrix. LSA acquired the property in late 2016 for $10 million from the South Central Conference of Seventh-Day Adventists. The owner is planning to begin major renovation work valued at $6.5 million, according to The Tennessean.

Located at 2715 Whites Creek Pike, the community’s 17 two-story buildings sit a couple of miles west of Interstate 24, enabling easy access to downtown Nashville. The city’s public transportation system operates an adjacent bus stop connecting the area with the city center. On-site community amenities include a clubhouse, laundry facilities and 250 parking spaces for residents.

“Dwight executed flawlessly on a complex application in record time closing the complex transaction within just six months of being engaged. They met all the necessary deadlines, and broke new ground on a structured LIHTC transaction,” said David Izkowitz of Los Angeles-based LSA, in a prepared statement.

Image courtesy of Yardi Matrix