Friday, March 28, 2025
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LoansRetailSoutheastTennessee

BEB Lending Provides $10.3M Refinancing for Shopping Center in Nashville

by John Nelson

NASHVILLE, TENN. — BEB Lending has provided a $10.3 million loan for the refinancing of South Plaza Shoppes, a 163,777-square-foot shopping center located at 5620 Nolensville Pike in Nashville. Tenants at South Plaza Shoppes include Ross Dress for Less, Burlington and Dollar Tree. The undisclosed borrower will use the loan to pay off existing debt, as well as cover leasing costs and planned capital expenditures at the property. Sean Silverbrook and Zach Feldman of BEB Lending originated the loan. This transaction represents BEB Lending’s first loan in Nashville and second loan in the state of Tennessee.

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AcquisitionsBuild-to-RentMultifamilySingle-Family RentalSoutheastTennessee

PPR Capital Management Buys Build-to-Rent Community in Knoxville for $87M

by John Nelson

KNOXVILLE, TENN. — PPR Capital Management, a private equity firm based in Berwyn, Pa., has purchased Highline at Knoxville, a new build-to-rent residential community in Knoxville, for $87 million. The acquisition includes both Phase I, which comprises 110 single-family rental (SFR) homes currently in lease-up, and Phase II, 151 townhomes and detached SFR homes that will break ground immediately and be delivered in tranches between 2026 and 2027. Project partners include general contractor BTR Group and property manager Greystar. PPR also partnered with Center Creek Capital Group, a real estate investment and development firm, on the acquisition. The deal structure includes a total equity investment of $26.6 million, with PPR contributing $25 million as the primary equity partner. Highline at Knoxville represents the first BTR purchase and second acquisition in Tennessee for PPR.

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DevelopmentHospitalityLoansMixed-UseMultifamilySoutheastTennesseeTop Stories

Walker & Dunlop Arranges $253M Construction Loan for Pendry Nashville Hotel and Condominium Tower

by John Nelson

NASHVILLE, TENN.  — Walker & Dunlop (NYSE: WD) has arranged a $253 million construction loan for the development of the Pendry Nashville and Pendry Residences Nashville, a luxury 30-story hotel and condominium tower located in the city’s Gulch district. Pendry Hotels & Resorts, in partnership with investment and development firms SomeraRoad and Trestle Studios, plan to immediately break ground on the project. Upon completion, Pendry Nashville will include 180 guestrooms and suites, while 146 for-sale residences will be offered at Pendry Residences. The Pendry Nashville Hotel & Residences development is part of Phase III of the Paseo South Gulch master-planned micro-neighborhood, a 1 million-square-foot mixed-use district developed by SomeraRoad. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Michael Diaz, Sean Bastian and Jackson Irwin of the Walker & Dunlop New York Capital Markets team arranged the loan. Bank OZK and InterVest Capital Partners provided the financing package on behalf of SomeraRoad and Trestle Studio. Jay Morrow and Carter Gradwell of the Walker & Dunlop Hospitality team represented SomeraRoad throughout the financing process, working in collaboration with the firm’s New York Capital Markets team. “Having worked with SomeraRoad to capitalize prior phases of their Paseo South Gulch master-planned development, we are …

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AcquisitionsRetailSoutheastTennessee

Regency Centers Acquires Brentwood Place Shopping Center in Metro Nashville for $118.5M

by John Nelson

BRENTWOOD, TENN. — Regency Centers Corp. has acquired Brentwood Place, a 320,000-square-foot power retail center located in the south Nashville suburb of Brentwood. According to the Nashville Business Journal, the center sold for $118.5 million. The property was 95 percent leased at the time of sale and comprises more than 100,000 square feet of anchor retail space leased to Nordstrom Rack, Total Wine & More, T.J. Maxx/HomeGoods and Golf Galaxy. Originally developed in 1973, Brentwood Place is adjacent to the site of the future 350,000-square-foot Vanderbilt Medical Campus.

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AcquisitionsSoutheastStudent HousingTennessee

Muinzer, Kayne Anderson Recapitalize 1,356-Bed Student Housing Portfolio Near University of Tennessee

by John Nelson

KNOXVILLE, TENN. — Private equity investment firm Muinzer has partnered with Kayne Anderson Real Estate to recapitalize a two-property student housing portfolio near the University of Tennessee in Knoxville. The 1,356-bed portfolio, which includes The Heights of Knoxville and University Park, was fully occupied at the time of the transaction. Scott Clifton, Kevin Kazlow and Teddy Leatherman of JLL arranged the recapitalization. Los Angeles-based Muinzer originally acquired the two student housing properties in 2021 in a partnership with T2 Capital Management. Further details of the company’s recapitalization with Kayne Anderson were not released.

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AcquisitionsIndustrialSoutheastTennessee

Bixby Capital Management Purchases 222,382 SF Industrial Facility in Lebanon, Tennessee

by John Nelson

LEBANON, TENN. — California-based Bixby Capital Management has purchased a newly constructed industrial facility located at 212 Alligood Way in Lebanon, about 22 miles east of Nashville International Airport. Completed in 2024 and currently vacant, the 222,382-square-foot property features a rear-load configuration, 32-foot clear heights, an ESFR sprinkler system, 21 dock-high doors, two drive-in doors, 32 trailer parking spaces, 2,500 square feet of speculative office space and a 135- to 185-foot truck court. George Fallon, Frank Fallon and Trey Barry of CBRE brokered the transaction. The seller and sales price were not disclosed.

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DevelopmentNorth CarolinaSoutheastStudent HousingTennessee

Preiss, FD Stonewater to Break Ground on Two Student Housing Developments Near NC State and University of Tennessee

by John Nelson

RALEIGH, N.C. AND KNOXVILLE, TENN. — A joint venture between The Preiss Co. and FD Stonewater has acquired sites for two student housing developments in North Carolina and Tennessee. Projects will includes Signature on Grand, located near the University of Tennessee in Knoxville; and Signature on Varsity, which will serve students attending North Carolina State University in Raleigh. The communities will offer over 1,200 beds in studio through five-bedroom configurations. Shared amenities will include resort-style pools, state-of-the-art fitness centers, study lounges and social spaces. The communities will be developed in partnership with Monarch Alternative Capital and are scheduled for completion in fall 2027. Ian Walker and Ben Roelke of Newmark secured debt and construction financing for the communities. Teddy Leatherman and Jayme Nelson of JLL secured additional equity for the projects.

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Leasing ActivityMixed-UseOfficeSoutheastTennessee

Nextracker Signs 15,960 SF Office Lease at Landings at River North in Nashville

by John Nelson

NASHVILLE, TENN. — Nextracker, a smart solar tracker and software solutions provider, has signed an office lease located at 2200 Bowline Ave. in Nashville. The Fremont, Calif.-based company will occupy 15,960 square feet of space within Landings at River North, a 78,000-square-foot creative office building within the River North mixed-use district along the East Bank of the Cumberland River. Nextracker is relocating its Nashville operations from Metro Center and is expecting to move into Landings at River North in the third quarter. Charlie Gibson of Stream Realty Partners represented the landlord, MRP Realty and Creek Lane Capital, in the lease negotiations. Eric Tomchik and Dave Bruzzone of Newmark represented Nextracker.

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ArkansasFeaturesSoutheastSoutheast Feature ArchiveTennessee

Property Tax Assessments Change Constantly, Are You Keeping Up With Them?

by John Nelson

By Will Raines, Esq. of Evans Petree PC Benjamin Franklin has been credited (dubiously) with the saying, “in this world nothing can be said to be certain, except death and taxes.” The Greek philosopher Heraclitus has been credited (also dubiously) with the saying, “the only constant in life is change.” To synthesize dubious quotes from two brilliant minds, “you will certainly have to pay taxes, and they will constantly change.” With property tax bills subject to constant change, property owners hoping to predict and plan for future tax liability have their work cut out for them. Here are the chief factors taxpayers should consider in tax planning: Track reassessments Governments base property taxes on two things: assessed value and tax rate. Both elements change on a regular basis, and it can be mind-boggling for taxpayers to stay on top of just exactly when and by how much their properties’ taxes will increase. Reappraisal systems vary. While most jurisdictions reappraise either annually or on a regular, multiyear cycle, some jurisdictions do not. Famously, California’s Proposition 13 requires reappraisal based on changes in ownership and other triggers, rather than on any regular cycle. A jurisdiction’s reappraisal history is no guarantee of its …

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AcquisitionsHealthcareSoutheastTennessee

Sila Realty Trust Acquires Knoxville Healthcare Facility for $35.1M

by John Nelson

KNOXVILLE, TENN. — Sila Realty Trust Inc., a publicly traded healthcare REIT based in Tampa, has purchased an inpatient rehabilitation facility in Knoxville for $35.1 million. The seller was not disclosed. The property is Sila Realty Trust’s first acquisition in Tennessee. Built in 2021 within the 109-acre Tennova Health Park, the 70,000-square-foot property was fully leased at the time of sale to Knoxville Rehabilitation Hospital LLC, which is a joint venture between the University of Tennessee Medical Center, Lifepoint Health and Tennova Healthcare, an affiliate of Community Health Systems.

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