Nashville Luxury Project Gets $93M Refi
- Jan 15, 2019
Lifestyle Communities has taken a $92.5 million refinancing package for LC Germantown, the firm’s 411-unit luxury development in Nashville, Tenn., according to public records. The 11-year Freddie Mac loan, originated by KeyBank, retires $70 million in construction financing taken from the same lender in late 2015.
Located at 1220 Second Ave. N. in central Nashville’s Germantown neighborhood, the community’s two buildings are situated on 4.7 acres near the Cumberland River, 1 mile north of the Capitol. Numerous shopping and dining options are in the area, and both interstates 24 and 65 are less than 1 mile away. Two bus routes operate adjacent to the development, providing access to the wider metro area.
Lifestyle Communities broke ground on the property in 2016, and the property is expected to open early this year. According to Yardi Matrix, the asset was 85 percent pre-leased as of December.
The community’s plans call for studio, one- and two-bedroom apartments, along with one- to three-bedroom townhouse units. Floorplans range from 473 to 2,198 square feet. The development’s amenities will include a fitness center, a swimming pool and an on-site restaurant.
On the southern end of downtown Nashville, a 313-unit luxury high-rise community recently landed a $90 million refinancing package from Square Mile Capital Management.