Tri City Rentals Grabs $28M Nashville Refi

The Fannie Mae mortgage from Newmark Knight Frank encumbers 302 Class B units in the city’s Antioch neighborhood.
Brighton Valley Apartments

Tri City Rentals has taken a $27.9 million refinancing package for Brighton Valley Apartments, a 302-unit Class B community in Nashville, Tenn., according to public records. Newmark Knight Frank provided the Fannie Mae loan, which retires a previous mortgage of $17.6 million taken in 2014.

Brighton Valley Apartments, located at 500 Brooksboro Terrace in Nashville’s Antioch neighborhood, opened its doors in 1983 and has 40 two- and three-story buildings on a 31.4-acre site. The property has a mix of one-, two- and three-bedroom units ranging from 800 to 1,650 square feet, according to Yardi Matrix data. Amenities include an outdoor swimming pool, tennis court, playground and business center.

The property is alongside the Murfreesboro Pike, less than 10 miles from downtown Nashville and 4 miles from the city’s international airport. Brighton Valley is also half a mile from the 994-unit Nashboro Village Apartments, which Waterton paid $140 million for in February. That deal rated as the metro’s largest multifamily transaction of the first quarter.