West Nashville Asset Lands $32M Refi

The 10-year Freddie Mac loan retires HUD financing taken in 2013 to develop the 190-unit community.
The Summit at Nashville West

Nicol Investment Co. has received a $32.1 million Freddie Mac mortgage to refinance the 190-unit Summit at Nashville West, public records show. CBRE Capital Markets originated the 10-year loan for the Nashville, Tenn., community. The financing retires $23.2 million in HUD 221(d)(4) construction financing from 2013, according to Yardi Matrix.

Located alongside Interstate 40 at 7201 Charlotte Pike, the property is 10 miles southwest of downtown Nashville and within 2 miles of a wide range of retail options, from Oldacre McDonald’s 300,000-square-foot Nashville West Shopping Center to several big-box stores including Walmart and Lowe’s. Completed in 2015 on a 16-acre site, the gated community includes one-, two- and three-bedroom apartments in eight buildings. Common-area amenities include a pool, fitness center, pet park and clubhouse with a gaming area.

Multifamily transactions have continued to close in Tennessee, despite uncertainty stemming from the pandemic. At the end of July, Dominion Group paid $35 million for a 240-unit community in Chattanooga in one of the largest multifamily deals in Hamilton County. The new owner financed the purchase with a $26 million Freddie Mac loan.