Sentral’s flexible living platform has won over more investment, after its newly-built Nashville community landed $83 million in acquisition financing.
Square Mile Capital Management originated the loan for Sentral SoBro, which was arranged by CBRE’s Jason Gaccione and Shawn Rosenthal. Sentral, which is backed by ICONIC Capital, recently acquired the community from The Beach Co., according to Yardi Matrix data.
Following the acquisition, Sentral began leasing at the newly-built 12-story residential project in downtown Nashville. Sentral SoBro offers 299 units in studio, one- and two-bedroom floorplans, some of which are fully furnished. The units were built with more-than-10-foot ceilings, stainless steel appliances, and washer and dryers, with some units offering skyline views. The community’s amenities include a pool, resident clubroom, fitness center, outdoor kitchen and barbecue grills, and concierge services.
Located at 516 Lea Ave., Sentral SoBro is in Nashville’s South Broadway neighborhood near many of the city’s entertainment venues like the Country Music Hall of Fame and the Ryman Auditorium.
Sentral’s flexible platform also lets residents rent out the units for any length, anywhere from one night to several years. David Greenburg, principal at Square Mile Capital, said in prepared remarks that the Nashville market was seeing very strong demand for flexible housing options.
FINANCING FOR SUN BELT COMMUNITIES
Along with Sentral SoBro, Square Mile Capital has been growing its presence in the overall Sun Belt region, which the firm said is one of the fastest-growing regional markets in the U.S. In October, Square Mile Capital provided $144.2 million in acquisition financing for two communities located in Georgia and Texas.
As for Sentral, the company is more focused on developing a network of communities in gateway cities across the country. Sentral currently operates in Atlanta, Seattle, Chicago, Denver, Los Angeles, Miami, Nashville, Tenn., and Austin, Texas, and Sentral SoBro marks the company’s 11th community under the brand.