A private investor has taken a $21.1 million refinancing package for its 250-unit Views on the Cumberland in Nashville, Tenn., public records show. ORIX Real Estate Capital provided the Fannie Mae loan.
The mortgage retires two Fannie Mae loans totaling $21.5 million. The borrower had assumed both when it acquired the multifamily asset from Covenant Capital Group for $30.5 million in 2015, Yardi Matrix shows. The previous financing had been set to mature at the end of this year.
Located at 6700 Cabot Drive in the Bellevue neighborhood, the asset is adjacent to Interstate 40, less than 6 miles from both TriStar Centennial Medical Center and Saint Thomas Midtown Hospital, and 9 miles west of downtown Nashville. The property is close to big-box retailers including Target, Costco and Walmart as well as several other shopping and dining options.
Completed in 1972, the 14 two- and three-story buildings have one-, two- and three-bedroom apartments with floorplans ranging from 600 to 1,550 square feet. Resident amenities include a fitness center, pool and covered picnic area equipped with grill.
ORIX is a partnership between Lancaster Pollard, RED Capital Group and Hunt Real Estate Capital. In may, the lender appointed Aaron Becker to head up the organization’s senior housing and health-care originations.