New Nashville Community Gets $48M Refi

The new loan encumbers a recently completed 230-unit Class A multifamily asset in the city’s Music Row neighborhood, replacing a nearly $40 million construction loan from U.S. Bank.
The Millennium Music Row. Image via Google Street View

The Dinerstein Cos. has taken a $47.5 million refinancing package for The Millennium Music Row, a 230-unit luxury multifamily asset in Nashville, Tenn., according to Davidson County records. Heitman provided the loan, which pays down a prior, $38.7 million construction mortgage from U.S. Bank. The Class A community opened its doors last summer following two years of development work, per Yardi Matrix data.

Located at 70 Music Square W. in the Music Row neighborhood, the property is within a mile of downtown Nashville. In addition to a large assortment of nearby shopping, dining and entertainment options, Vanderbilt University is a short distance to the west. The area is home to significant office development, with just shy of 3.5 million square feet under construction less than 1 mile from The Millennium, according to Yardi Matrix.

The community’s unit mix comprises studios and one- and two-bedroom apartments, with floorplans ranging between 575 and 1,065 square feet. Property amenities include a swimming pool, rooftop lounge, soundproof music room and dog park. A 297-stall parking garage is in the base of the building, as is 580 square feet of retail.

Late last year, Dinerstein acquired a newly built multifamily asset, less than half a mile away, for nearly $80 million from Crescent Communities. The developer-investor owns a portfolio of some 7,000 units across the U.S., Yardi Matrix information shows.