Nashville Multifamily Wrap-Up – June 2020

TriBridge lands $42 million refi. ECI Group opens Spring Hill community. Catch up with our June selection of Nashville must-reads.
The Columns on Main. Image courtesy of ECI Group

Although the pandemic has caused serious pain for Nashville’s tourism industry, the metro’s multifamily sector remains afloat. Tennessee’s statewide eviction moratorium expired at the beginning of June, though Davidson County Sheriff’s March decision to cease serving eviction papers remained in effect. While the city had begun reopening, Nashville Mayor Cooper hit the brakes mid-month following an uptick in new coronavirus cases, extending the current phase through early July. Even with significant restrictions in place, however, multifamily operations continued—the metro’s development scene remained active, and property owners jumped on advantageous refinancing terms to consolidate debt. Read our June list of Nashville must-knows:

1. FINANCING – TriBridge Residential takes $42 million refi.

JLL provided the $41.8 million Fannie Mae loan for The Griff, a 255-unit property at 1390 Adams St. The new financing retired a $30 million construction mortgage from Cadence Bank in 2017. The community’s studio, one- and two-bedroom units range from 589 to 1,251 square feet, and resident amenities include a media room, coworking space and a dog park. The Germantown multifamily asset is less than 2 miles from downtown Nashville.

2. DEAL – Suburban community trades for $28 million.

Greystar acquired Avana Bellevue, a 180-unit Class B property, from Eaton Vance Investment Managers. The asset last traded in 2006, when The Michelson Organization sold it for $11.1 million. Built in 1994, the community has one-, two and three-bedroom units. Located on 16 acres at 2100 Waterford Circle, Avana is 2 miles from Interstate 40.

3. FINANCING – Archway Holdings scores $30.4 million two-community refi.

CBRE Capital Markets originated two Freddie Mac loans for Mosaic and Axis, two assets totaling 363 units. Located on 14 acres at 1019 Patricia Drive, the first property encompasses 22 buildings, with two-bedroom units ranging from 927 to 1,007 square feet. Axis, at 307 Glengarry Drive, has one- and two-bedroom apartments and an amenity mix including a tennis court, clubhouse and swimming pool.

4. DEVELOPMENT – ECI Group opens 310-unit Spring Hill community.

The owner’s construction subsidiary completed work on The Columns on Main, less than two years after breaking ground. Marble Capital LP provided equity, with construction financing from KeyBank. The asset has one-, two- and three-bedroom apartments, with washer/dryer units, walk-in closets and stainless steel appliances. The property is located at 215 Columns Way, within 4 miles of Interstate 65.

5. FINANCING – Joint venture lands $35.7 million construction loan.

Elmington Capital Group partnered with Aerial Development and Imagine1 Co. to secure the loan for the 287-unit North Lights project. The developers worked with a local authority and Bank of America for the financing. The development, located on 6 acres at 2300 Old Matthews Road, will have 197 apartments and 90 townhome units in addition to 16 single-family homes.

6. DEAL – FMBC Investments sells 83-unit development.

A private investor paid $11.2 million for 83 Freight, a project utilizing 173 shipping containers to develop apartments. In 2018, FMBC secured a $9 million construction loan from Wilson Bank & Trust. Completion is scheduled for this summer. Located at 431 Wingrove St. and 2150 Byrum Ave., the project is within 3 miles of downtown Nashville.