Suburban Nashville Apartments Land $30M Loan
- May 14, 2020
Michelson Org. has received a $30.3 million financing package for Preston Run Apartments, a 238-unit community in Goodlettsville, Tenn. Walker & Dunlop originated the Fannie Mae note, according to public records. The Class A asset last changed hands in 2007, when the borrower acquired it for $24.1 million from King Management Solutions, Yardi Matrix shows.
Located on 18 acres at 333 Northcreek Blvd., the community’s nine buildings delivered in 2004. The property has one- to three-bedroom floorplans. Amenities include a pool, fitness center, media room, business center and dog park. The community is within 1 mile of Interstate 65 and 14 miles north of downtown Nashville. The Long Hollow Pike retail corridor is 1 mile north, home to a variety of shopping and dining establishments as well as several hotels.
Nashville’s multifamily market started the year on a strong footing, both in terms of investment and loan origination volume. While activity has now slowed as a result of the coronavirus pandemic, some $520 million in deals closed in the first quarter.