Newly Completed Nashville Community Lands $40M Refi

The Giddings Group opened the 251-unit luxury asset in the city’s North Nashville/Bordeaux submarket in 2018. The new financing package pays down a prior construction loan from SunTrust Bank.
The Duke Nashville

The Giddings Group has secured a $40 million refinancing package from SunTrust Bank for The Duke Nashville, a 251-unit luxury community in Nashville. The owner opened the asset in April 2018, according to Yardi Matrix, and had financed construction with a $28 million loan from the same lender.

The Duke Nashville is located at 281 Cumberland Bend in the city’s North Nashville/Bordeaux submarket, 2.5 miles north of the State Capitol. The community is a stone’s throw from Interstate 65 and a public bus route linking the nearby MetroCenter office submarket with downtown. The area is home to nearly 1.8 million square feet of office space and numerous retail options, including a large farmer’s market across the street from the building.

The community contains a mix of studio and one- and two-bedroom apartments, along with six guest suites. Floorplans range from 595 to 1,140 square feet. Amenities include a fitness center, electric car-charging stations, bike storage, a rooftop bar, a swimming pool, a conference room and valet trash service. First Communities oversees the asset’s operations.

In November, SunTrust Bank funded Electra America’s entry into Nashville. The lender provided more than $28 million in acquisition financing for the purchase of a 336-unit Class B asset northeast of the city.

Image courtesy of Yardi Matrix