Nashville Multifamily Wrap-Up – October 2020

The Connor Group pays $40 million for Murfreesboro community. LDG Development gets $32 million in construction bonds. Check out our October list of Nashville must-reads.
Nashville skyline
Nashville skyline. Image by Paul Brennan via Pixabay.com

Nashville’s multifamily market was active during the month of October, with a number of financing deals making headlines. Local authorities, institutional lenders and government-sponsored enterprises all provided capital for a diverse mix of new projects and existing assets, including an affordable housing development. On the investment side, transactions are moving at a slow but steady pace: At least one company expanded its footprint in the metro with a stabilized asset acquisition. Catch up on our October selection of Nashville must-knows:

1. FINANCING – LDG Development lands bond financing for affordable development.

Nashville’s Health and Educational Facilities Board issued 40-year revenue bonds in three series totaling $32.1 million for the construction of 808 at Skyline Ridge Apartments, according to documents filed with Davidson County. The 178-unit property at 808 and 820 Skyline Ridge Drive will have 96 two-bedroom and 82 three-bedroom apartments. The affordability threshold is set at an average income of 60 percent of the area’s median income, with no resident earning more than 80 percent of AMI.

2. PEOPLE – Giarratana Management appoints new chief operating officer.

The company hired Chari Lewis to head up its operations across the company’s multifamily portfolio, Nashville Post reported. Before joining the company, Lewis worked as vice president of operations at Freeman Webb Co. Prior to that, she had served as director of real estate at Greystar, chief operating officer at Evergreen Real Estate and regional vice president at Lincoln Property Co.

3. FINANCING – SiLa Developments receives loan for Music Row project.

Broadmark Realty Capital originated the $29.7 million note for the construction of the seven-story building totaling 132 units. The borrower paid $5.9 million for the half-acre site at 50 Music Square W. in 2015 and 2016. In 2018, a partnership between Hotel Equities and the developer announced plans for a 184-key hotel at the location. However, in early October, SiLa filed plans seeking approval for the residential development, according to Nashville Business Journal.

4. DEAL – The Connor Group pays $40.3 million for suburban asset.

TESCO Properties sold Cross Creek at Murfreesboro, a 248-unit community, Yardi Matrix data shows. Located on 22 acres at 490 Fortress Blvd., the property encompasses 19 buildings completed in 2005. The unit mix has one- to three-bedroom floorplans from 942 to 1,312 square feet. The amenity package includes a playground, tennis court, pool, spa and gym.

5. FINANCING – Colliers provides Fannie Mae refi for 239-unit property.

Volunteer Properties received the $9.3 million refinancing package for CityVue @5101, according to Davidson County records. Located on 10 acres at 5101 Linbar Drive, the property encompasses nine buildings completed in 1973. The unit mix has 650-square-foot one-bedroom and 850-square-foot two-bedroom floorplans. Amenities include laundry facilities, a swimming pool, a basketball court, a gym and a business center.