Two Recent Deals Show Class-A Nashville Properties Still Excite Lender Interest
Lenders might be a little more skittish than just last year, but that is not keeping them away from high-profile Nashville deals.
According to Medalist Capital, lenders are still impressed by Nashville's fundamentals, which are attracting new companies to the area and encouraging expansion.
Medalist Capital recently facilitated the $100M refinance of The Pinnacle at Symphony Place in Downtown Nashville. Highwood Properties owns the asset and got the funds from Allianz Real Estate.
Since its opening in 2010, the 520K SF Pinnacle at Symphony Place has taken advantage of the region's strong economy, and is now 99% occupied by 20 tenants.
Also, CBRE Capital Markets’ Debt & Structured Finance secured a bridge loan to refinance Aertson Midtown, the 17-story, mixed-use development immediately adjacent to Vanderbilt, for an unspecified sum. Buckingham Cos., an Indianapolis-based real estate firm, owns the property. The non-recourse, floating-rate loan was funded by TPG Real Estate Finance Trust.
"The trophy quality of the project, strength of sponsorship, core location and desirable mix led to incredible lender demand for the loan,” CBRE executive vice president Shawn Rosenthal said.
Along with senior vice president Jason Gaccione, Rosenthal secured the two and a half year loan with extension options on behalf of Buckingham.
Aertson Midtown consists of 350 apartment units, a 180-room first-class boutique hotel managed by Kimpton, a 635-space structured parking garage and nearly 40K SF of retail. Buckingham is in its final stage of completing construction, with initial delivery anticipated in Q3 2017.
