TN Apartments Land $17M Refi
CBRE Capital Markets originated the Freddie Mac mortgage, which retires a prior fixed-rate CMBS loan of $10.6 million taken in 2012.
NexPoint Residential Trust has taken a Freddie Mac refinancing package of $16.9 million on Abbington Heights, the firm’s 274-unit Nashville, Tenn.-area community. CBRE Capital Markets originated the 7-year loan, according to Yardi Matrix.
The new financing deal pays down a prior CMBS loan, originated in 2012, which NexPoint assumed as part of its $13.3 million purchase of the asset in 2014 from Grover & Corlew.
Located at 149 Hickory Hollow Terrace in Antioch, Tenn., the garden-style community’s 16 buildings are located a stone’s throw away from the 1.1 million-square-foot Global Mall at the Crossings. Downtown Nashville, 13 miles northwest of the property, is directly accessible via Interstate 24.
The community’s unit mix includes both one- and two-bedroom apartments, ranging from 608 to 1,067 square feet. Property amenities include a clubhouse, a dog park, a fitness center, a swimming pool, valet trash service and a volleyball court. The asset was 93.1 percent occupied in July, according to Yardi Matrix data.
NexPoint currently owns five multifamily assets in the Nashville metro area. The firm recently acquired the 210-unit Cedar Pointe, about 1 mile from Abbington Heights, for approximately $27 million.
Image courtesy of Yardi Matrix