Tennessee

Dwight Capital Provides $13.2M Acquisition Financing for Three Skilled Nursing Facilities in Tennessee

by Amy Works November 6, 2018

KINGSPORT, LAWRENCEBURG AND HUNTSVILLE, TENN. — Dwight Capital has provided $13.2 million in financing for the acquisition of three skilled nursing facilities in Tennessee. The portfolio includes Brookhaven Manor in Kingsport, Countryside Healthcare and Rehabilitation in Lawrenceburg and Huntsville Manor in Huntsville. The properties feature a combined 270 beds. Dwight Capital provided $12.3 million in bridge-to-HUD acquisition financing, as well as $855,000 in mezzanine financing, representing a combined total of more than 90 percent of the purchase price. The borrower was not disclosed.

November 6, 2018

Loans Multifamily Southeast Tennessee

Dougherty Mortgage Provides $27M Green Fannie Mae Loan for Multifamily Acquisition in Chattanooga

by Amy Works November 1, 2018

CHATTANOOGA, TENN. — Dougherty Mortgage has closed a $27 million Fannie Mae loan for the acquisition of Elements of Chattanooga, a market-rate multifamily property located at 7310 Standifer Gap Road in Chattanooga. Bentley Place Residential is the borrower. The property features 340 units in a mix of one-, two- and three-bedroom layouts, and community amenities include a fire pit, outdoor kitchen, pool, clubhouse and fitness center. Dougherty Mortgage’s Brentwood, Tenn., office originated the 12-year loan, which utilizes Green Rewards and features a 30-year amortization schedule.

November 1, 2018

Loans Mixed-Use Southeast Tennessee

HFF Secures $85M in Financing for Crosstown Concourse in Memphis

by Amy Works October 25, 2018

MEMPHIS, TENN. — HFF has arranged $85 million in permanent financing for Crosstown Concourse, a mixed-use development in Memphis. The borrower is a joint venture between Crosstown LLC, Crosstown Arts and Kemmons Wilson Cos. The 1.2 million-square-foot Crosstown Concourse is a historic adaptive reuse of the former Sears, Roebuck & Co. catalog order plant and retail store that originally opened in 1927. Situated on 12 acres, the property has been preserved and redeveloped into 645,704 square feet of commercial space, 65,000 square feet of retail space and 265 residential units, averaging 1,044 square feet each. Brian Carlton and Jason Nettles of HFF secured the 20-year, fixed-rate loan through JP Morgan Asset Management on behalf of one or more of its investment advisory clients. At the time of financing, the property was 95 percent leased and has an average of 3,000 visitors per day. Current tenants include Methodist Le Bonheur Healthcare, ALSAC – St. Jude, Church Health, Crosstown Arts, Cristian Brothers University, Memphis Teacher Residency, Crosstown High School and Teach for America.

October 25, 2018

Acquisitions Multifamily Southeast Tennessee

Security Properties, ReCap Buy Apartment Community Near Nashville for $55M

by Amy Works October 25, 2018

GALLATIN, TENN. — Security Properties and ReCap, a Reinsurance Group of America company, acquired Stoneridge Farms at the Hunt Club, a garden-style apartment community in Gallatin, a suburb 25 minutes from Nashville. The Class B property features 364 units in a mix of one-, two- and three-bedroom floorplans with oak raised panel cabinet doors, laminate countertops, a mix of vinyl and carpeting and faux stainless steel appliances. The buyers plan to renovate all unit interiors to a high-end finish, with stainless steel appliances, quartz countertops, upgraded vinyl and carpeting and new fixtures. Security Properties Residential, an affiliate of Security Properties, will manage the asset.

October 25, 2018

Leasing Activity Office Southeast Tennessee

Global Investment Firm to Move Headquarters to Fifth + Broadway in Downtown Nashville

by Amy Works October 19, 2018

NASHVILLE, TENN. — AllianceBernstein (AB), a global investment firm with approximately $500 billion in assets under management, has selected Fifth + Broadway, a 6.2-acre mixed-use project in downtown Nashville, as its global headquarters. AB has leased 205,000 square feet at 501 Commerce, Fifth + Broadway’s Class A office tower. The company will occupy floors 18 to 25, the top floors of the tower. AB’s staff will have 360-degree views of Nashville’s Central Business District, Lower Broadway and the Cumberland River. AB announced in May 2018 that it would relocate its global headquarters to Nashville. The company expects to complete all phases of its move by 2024, bringing approximately 1,050 corporate office jobs. OliverMcMillan Spectrum | Emery LLC (OM-SE) is developing Fifth + Broadway, which is slated to open by mid-year 2020. The project also includes the 55,000-square-foot National Museum of African American Music; 200,000 square feet of entertainment and retail space, including a flagship H&M, multi-story food hall from The Food Hall Co. and Shake Shack; and 386 residential units. Neil Goldmacher, Brian Goldman and Jared Horowitz of Newmark Knight Frank and Kim Moore with Newmark Knight Frank’s Incentive Group represented AB in the lease transaction. Rob Lowe and Stewart …

October 19, 2018

Acquisitions Retail Southeast Tennessee

SRS Arranges Sale of Walmart-Anchored Shopping Center Near Chattanooga

by Amy Works October 17, 2018

KIMBALL, TENN. — SRS Real Estate Partners’ Investment Properties Group has arranged the sale of Kimball Crossing, a 280,476-square-foot retail center located in Kimball, 29 miles outside Chattanooga. Evansville, Ind.-based Regency Properties acquired the center for an undisclosed price. Kyle Stonis and Pierce Mayson of SRS represented the seller, Brixmor Property Group, in the transaction. The center was 98 percent leased at the time of sale to tenants such as Walmart, Goody’s, Goodwill, Dollar Tree, Shoe Show Mega Store, Hibbett Sports, Cato, H&R Block, Cricket Wireless, Little Caesars Pizza, Verizon Wireless, Subway, GNC and GameStop.

October 17, 2018

Loans Multifamily Southeast Student Housing Tennessee

NorthMarq Arranges $12.7M Acquisition Loan for Student Housing Community Near Austin Peay in Tennessee

by Amy Works October 15, 2018

CLARKSVILLE, TENN. — NorthMarq Capital has arranged $12.7 million in acquisition financing for University Landing, a 385-bed student housing community located two blocks from Austin Peay State University in downtown Clarksville, about 50 miles north of Nashville. Lee Weaver of NorthMarq secured the permanent, Fannie Mae financing for the undisclosed borrower. The fixed-rate loan was structured with a 12-year term on a 30-year amortization schedule. The community features studio, one-, two-, three- and four-bedroom layouts that come fully furnished and include in-unit washers and dryers. Community amenities include a resort-style swimming pool with a sundeck, outdoor grilling area, renovated clubhouse, 24-hour fitness center with a yoga studio and studio spin bikes, TV lounge, game room, coffee bar, cyber cafe and study spaces in each building.

October 15, 2018

Acquisitions Self-Storage Southeast Tennessee

US Storage Centers Buys Three Self-Storage Facilities in Metro Nashville

by Amy Works October 8, 2018

LA VERGNE AND NOLENSVILLE, TENN. — US Storage Centers has purchased three self-storage facilities in metro Nashville for an undisclosed price. The facilities include a 68,660-square-foot, 641-unit property at 5565 Murfreesboro Road and a 59,590-square-foot, 485-unit facility located at 211 New Paul Road in La Vergne. The third asset is a 67,113-square-foot, 528-unit property located at 2001 Johnson Industrial Blvd. in Nolensville. The properties feature climate-controlled units, ground-floor units and parking. US Storage Center was self-represented, while Ashley Compton of Colliers International’s Self Storage Group represented the undisclosed seller in the deal. US Storage Center currently owns and operates 11 self-storage facilities in Tennessee.

October 8, 2018

Development Hospitality Loans Southeast Tennessee

Goldman Sachs, Lionheart Strategic Management Provide $133M Construction Financing for W Hotel in Nashville’s Gulch District

by Amy Works October 5, 2018

NASHVILLE, TENN. — Goldman Sachs and Lionheart Strategic Management have provided senior and mezzanine financing totaling $133 million for the ground-up construction of a W-branded hotel in Nashville’s Gulch neighborhood. Magellan Development, Corner Partnership and Hospitality Gaming Advisors are developing the 346-room hotel. The senior and mezzanine financing will have co-terminus initial terms of three years. The financing closed in mid-September.

October 5, 2018

Acquisitions Retail Southeast Tennessee

Marcus & Millichap Brokers $3.7M Sale of Walmart-Occupied Retail Property in Chattanooga

by Amy Works October 2, 2018

CHATTANOOGA — Marcus & Millichap has arranged the sale of a retail property located at 3901 Hixson Pike Suite 181 in Chattanooga. Fletcher Bright Co. sold the property to 3901 LLC for $3.7 million. Walmart Neighborhood Market occupies the 41,117-square-foot building, which was constructed in 2015. Don McMinn of Marcus & Millichap’s Taylor McMinn Retail Group represented the seller, while Louie Granteed of Tobin Properties Inc. represented the buyer in the deal.

October 2, 2018

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