Tennessee

Proffitt Dixon Partners to Break Ground on Apartment Community in Nashville

by John Nelson February 16, 2015

NASHVILLE, TENN. — Proffitt Dixon Partners will soon begin construction on Fountains Germantown, a 249-unit luxury apartment community located at 1407 Third Ave. North in Nashville’s Germantown neighborhood. The multifamily developer will break ground on Feb. 26 with an estimated completion date set for summer 2016. Nashville-based Smith Gee Studio designed the five-story community to standards set by the National Association of Home Builder’s Green Building Program. HFF arranged construction financing through Synovus Bank on behalf of Proffitt Dixon. The project team includes general contractor Doster Construction Co., management firm Matrix Residential and landscape architects Land Design and Civil Site. Civil Site is also the project’s civil engineer.

February 16, 2015

Claiborne Hughes Health Center Franklin Tennessee

Multifamily Seniors Housing Southeast Tennessee

CFG Capital Markets Brokers $7.5M Sale of Tennessee Skilled Nursing Facility

by John Nelson February 12, 2015

FRANKLIN, TENN. — CFG Capital Markets has brokered the $7.5 million sale of Claiborne Hughes Health Center, a 157-bed skilled nursing facility (SNF) located in the town of Franklin. The facility is located approximately 30 minutes south of Nashville and is one of five licensed skilled nursing facilities in the county. The building was originally constructed in 1949 as a high school and converted into a SNF in 1981. Claiborne Hughes was sold for $47,770 per bed to a private investor group. Proceeds were used to fully retire HUD mortgage debt and other liabilities. Michael Burchell, Mike Coiro and Samer Tahboub of CFG Capital Markets were the advisors on the transaction representing the seller.

February 12, 2015

Historic Farragut Hotel Downtown Knoxville

Hospitality Southeast Tennessee

Wood Properties Brokers $3.7M Sale of Historic Farragut Hotel in Downtown Knoxville

by John Nelson February 5, 2015

KNOXVILLE, TENN. — Knoxville-based Wood Properties has brokered the sale of The Historic Farragut Hotel in downtown Knoxville for $3.7 million. The 135,000-square-foot former hotel is located on Gay Street. The buyer, Knoxville-based Family Pride Corp., is planning to implement a mixed-use renovation of the building. George Brown and Brad Blackwell of Wood Properties Inc. represented the undisclosed seller in the transaction.

February 5, 2015

Aventura at Providence Mt. Juliet Nashville JLL

Multifamily Southeast Tennessee

JLL Closes $48M Sale, $35M Financing for Apartment Community in Metro Nashville

by John Nelson January 28, 2015

MT. JULIET, TENN. — JLL has brokered the $48 million sale of Aventura at Providence, a Class A apartment community located at 2500 Aventura Drive in Mt. Juliet, 10 miles east of downtown Nashville. Centennial Holding Co. purchased the 334-unit property from TriBridge Residential. JLL also arranged a seven-year, $35 million acquisition loan on behalf of Centennial Holding Co. Derrick Bloom, David Gutting and Vincent Lefler led JLL in representing TriBridge Residential in the sale. Faron Thompson and John Bray led JLL in securing the fixed-rate, Freddie Mac acquisition loan.

January 28, 2015

Piccadilly Apartments Goodlettsville Tennessee

Loans Southeast Tennessee

Financial Federal Bank Arranges Two Multifamily Refinance Loans Totaling $20.7M

by John Nelson January 9, 2015

GOODLETTSVILLE, TENN. — Memphis-based Financial Federal Bank has arranged two refinance loans for apartment communities in Goodlettsville, roughly 14 miles north of Nashville. Steve Curnutte of Financial Federal Bank’s Nashville office arranged the $13.4 million refinance of the 434-unit Piccadilly Apartments and the $7.3 million refinance of the 200-unit Nottingham Apartments. Both apartment communities were more than 95 percent occupied at the time of refinancing. Curnutte arranged the two 10-year, fixed-rate loans through Freddie Mac. The loans feature interest rates below 4 percent, 30-year amortization schedules and five years of interest-only payments.

January 9, 2015

Retail Southeast Tennessee

The Boulder Group Brokers $4.2M Sale of Bank of Bartlett in Germantown

by John Nelson January 9, 2015

GERMANTOWN, TENN. — The Boulder Group has brokered the $4.2 million sale of a Bank of Bartlett branch at 1870 Kirby Parkway in Germantown, roughly 22 miles southeast of Memphis. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Southeast-based partnership, in the transaction. The buyer was an institutional investor based in Tennessee. The bank has five years remaining on its lease.

January 9, 2015

Industrial Southeast Tennessee

Target Leases 900,000 SF Distribution Center in Memphis

by John Nelson January 5, 2015

MEMPHIS, TENN. — Target has leased 900,000 square feet of industrial space at 5461 Davidson Road in Memphis, a distribution center that features 30-foot clear heights. The retail giant will invest $50 million to reposition the property as a regional online fulfillment center. Patrick Walton and Kemp Conrad of Cushman & Wakefield-Commercial Advisors LLC represented the property’s owner, an asset management and investment firm, in the lease transaction. Patrick Burke of CBRE represented Target. The property, which is slated to be operational by mid-2015, is expected to generate more than 400 jobs. Target by Innotrac, a third-party logistics firm, will manage the facility.

January 5, 2015

Multifamily Southeast Tennessee

HFF Brokers $54.3M Sale of Multifamily Community in Nashville’s Gulch Neighborhood

by John Nelson December 23, 2014

NASHVILLE, TENN. — HFF has brokered the $54.3 million sale of Velocity in the Gulch, a 238-unit multifamily community in Nashville’s Gulch neighborhood. Nicol Investment Co. purchased the apartment property from a joint venture between a Chicago-based fund manager and a predecessor company run by David Levin. Velocity in the Gulch is located at the corner of 320 11th Ave. South and Pine Street. The property features a sky lounge with an outdoor fireplace, fitness center, courtyard with a fountain and fire pit, clubroom, coffee bar and bicycle racks. Jason Nettles and Megan Thompson of HFF led the investment sales team that represented the seller in the transaction.

December 23, 2014

Loans Southeast Tennessee

Love Funding Closes $14.1M Construction Loan for Knoxville Apartment Community

by John Nelson December 16, 2014

KNOXVILLE, TENN. — Love Funding has closed a $14.1 million HUD 221(d)(4) loan for the construction of River’s Edge Apartments, a proposed 134-unit multifamily property in Knoxville. The property will be located on a site next to the Tennessee River in Knoxville’s Island Home district. Tammy Tate of Love Funding’s Knoxville office originated the non-recourse loan on behalf of the developers, Atlanta-based Camden Partners and Knoxville-based Dominion Development Group. The loan has a fixed interest rate for the initial 14-month construction period and a subsequent 40-year term. Knoxville-based Empire Construction is the general contractor for the project.

December 16, 2014

Hospitality Southeast Tennessee

Pebblebrook Hotel Trust Acquires Union Station Hotel in Downtown Nashville for $52.3M

by John Nelson December 15, 2014

NASHVILLE, TENN. — Pebblebrook Hotel Trust has purchased Union Station Hotel, Autograph Collection in downtown Nashville for $52.3 million. The 125-room hotel is located on Broadway in Nashville’s central business district adjacent to the Frist Center for Visual Arts and Vanderbilt University. Pebblebrook has tapped Sage Hospitality to operate the hotel. The hotel first opened in 1900 as L&N Railroad Station and was converted into a hotel in 1986. The hotel underwent an $11 million renovation in 2007 and a $1.9 million renovation to convert the property to an Autograph Collection by Marriott hotel in 2012. The hotel features 12,000 square feet of meeting space, a grand lobby with a 65-foot barrel-vaulted ceiling, Prime 108 restaurant, fitness center, business center and valet parking. Pebblebrook plans to invest $5 million to $7 million to upgrade the hotel’s guestrooms and public areas.

December 15, 2014

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