Suburban Nashville Community Grabs $30M Refi
The 10-year loan retires $40 million in existing debt at the 248-unit garden-style property.
Capital One has originated a $29.7 million Freddie Mac loan for White Eagle Property Group’s 248-unit The Trails in Nashville, Tenn., according to public records. The 10-year financing package retires two existing mortgages totaling $41 million—a $22.4 million Fannie Mae and an $18.5 million CMBS loan, Yardi Matrix shows.
White Eagle had paid $10.4 million in 2009 to acquire the community from Aimco, assuming a Freddie Mac loan from the seller in the process.
Located on 19.2 acres at 100 Trails Circle, the property is just off Interstate 40, less than 5 miles from Nashville International Airport and some 12 miles from the metro’s downtown. The asset is also within half a mile of a Food Lion-anchored neighborhood shopping center and the Percy Priest Reservoir.
Completed in 1985, the gated community has one- and two-bedroom apartments ranging in size from 521 to 1,036 square feet in 14 two-story buildings. Common-area amenities include a tennis court, clubhouse, sundeck and fitness center.
Despite lenders tightening standards as a result of the COVID-19 pandemic, originations are not at a standstill. Earlier in May, Walker & Dunlop provided a different suburban Nashville community with a $30 million refinancing package through Fannie Mae.