Nashville Multifamily Wrap-Up – April 2020

Wood Partners grabs $32 million construction loan. Suburban senior living asset refinances. Check out our April selection of Nashville must-knows.
Nashville skyline. Image via Pixabay

As Nashville’s multifamily investment slowed in April, property owners looked to refinance assets given historically low interest rates. A wide range of properties benefited from increasingly advantageous loan terms, from a recently delivered senior housing community to a ground-up development in the city’s western reaches. Read our April selection of Nashville must-knows:

1. FINANCING – Wood Partners gets $31.9 million construction loan for West Nashville project.

Pinnacle Bank provided the five-year mortgage for the 283-unit Alta Union development, according to public records. The site for the project is at 5800 Centennial Blvd., 5 miles west of downtown Nashville. Set for completion in 2021, the four-story building will include amenities such as a rooftop terrace, swimming pool and dog park.

2. FINANCING – Newly built senior community receives $28.2 million loan.

Vitality Living took the five-year mortgage for Traditions of Mill Creek, a 130-unit property in Brentwood. The loan from Synovus Bank replaces a $21.4 million construction note originated by Trustmark National Bank in 2018. A partnership between Southern Building Group and Winterpast Capital Partners delivered the community in February. Located at 7110 Southpoint Parkway, Traditions of Mill Creek provides 24 memory care, 47 assisted living and 59 independent living units, according to Environments for Aging.

3. FINANCING – Zimmerman Properties lands refi for affordable property.

Truist Bank provided the $5.5 million loan for Overlook, a 96-unit fully affordable property in Gallatin, according to Yardi Matrix data. The Freddie Mac loan matures in 2035. Located on 7 acres at 311 Hancock St., the community opened its doors in 2018. Overlook has one- to three-bedroom floorplans and features a range of amenities including a gym, business center, community room and playground.

4. DEVELOPMENT – Flank Inc. to build 380-unit downtown community.

The company plans to develop the 21-story project on the site of a former Gibson Guitar building, according to the Nashville Business Journal. Somera Road Inc. sold the 1.5-acre parcel, located at 1117 Church St., for $28 million. Ladder Capital Corp. provided the developer with $19.8 million in financing, public records show. Earl Swenson Associates designed the high-rise, and Hawkins Partners and Ragan-Smith Associates are also involved in the project.