Nashville Luxury Tower Gets $90M Loan
- Jan 03, 2019
A 313-unit apartment community in Nashville, Tenn. has secured a $90 million mortgage loan originated by Square Mile Capital Management. The SoBro, a 32-story luxury tower located in the South of Broadway neighborhood, was developed in 2016 by a partnership of Magellan Development Group, Wanxiang America Real Estate Group and Giarratana Development and is now fully leased.
The financing was used to repay the existing debt and fund future leasing costs. The property—a mix of studio, one- and two-bedroom units—is centrally located at 205 Demonbreun St. in downtown Nashville, and has numerous dining and entertainment options within walking distance.
“Nashville has been undergoing a significant transformation, with a massive influx of new jobs and a growing population,” said Square Mile Principal Eric Cohen, in prepared remarks. “The SoBro, a very well-located and amenitized residential property, represented an ideal opportunity to expand our portfolio in an attractive target market.”
Amenities at the community include a 24/7 doorman, rooftop lounge, music room, gaming lounge, fitness center, conference rooms, and an on-site café and gastropub. In March of 2017, the community secured $88 million in refinancing for the property from Mesa West Capital.
Image courtesy of Square Mile Capital