CHATTANOOGA, TENN. — PointOne Holdings has purchased The Springs at Chattanooga, a 260-unit, garden-style apartment community located in Chattanooga. Built in 2015, The Springs will be rebranded as Hunters Point. Community amenities include a resort-style swimming pool, clubhouse with free Wi-Fi, coffee bar, business center, 24-hour fitness center, outdoor kitchens, dog park, pet spa, car care center and garages. Units average 963 square feet and feature garden tubs, washer/dryer connections, patios or balconies, bay windows and walk-in closets. PointOne plans to invest $650,000 in capital improvements to the property.
NorthMarq Capital Arranges $49.8M in Financing for Student Housing Assets in North Carolina, Memphis
GREENVILLE, N.C. AND MEMPHIS, TENN. — NorthMarq Capital has arranged $49.8 million in non-recourse financing for two student housing communities in North Carolina and Tennessee. The financing includes a $21.7 million construction loan and $5.5 million mezzanine loan for Gather Uptown, a 405-bed student housing community underway near East Carolina University in Greenville. Steve Whitehead of NorthMarq Capital’s Dallas office and Rob Hervey of the firm’s Los Angeles office arranged both loans through an unnamed life insurance company. Both interest-only loans have three-year terms. Whitehead and Hervey also arranged the $22.6 million refinancing of Gather on Southern, a 435-bed student housing property located across the street from the University of Memphis campus. The community was fully occupied at the time of financing. The five-year loan features one year of interest-only payments followed by a 30-year amortization schedule. Whitehead and Hervey arranged the loan through an unnamed life insurance company, and the unnamed borrower will use the financing to take out an existing construction loan.
BRENTWOOD, TENN. — Brentwood-based Tractor Supply Co., a rural lifestyle retail chain with 1,575 stores in 49 states, has purchased Petsense LLC, a pet supply retailer with 136 stores in 25 states. The transaction price was $116 million, including estimated future tax benefits of $29 million. Petsense will operate as a subsidiary of Tractor Supply Co. from Petsense’s current headquarters in Scottsdale, Ariz., and will continue to be led by members of Petsense’s senior management team. Tractor Supply plans to continue to grow the Petsense store base at a target rate of 15 percent to 20 percent annually and will convert its two existing HomeTown Pet stores to Petsense stores. Peter J. Solomon Co. acted as exclusive financial advisor and Bass, Berry & Sims PLC acted as legal advisor to Tractor Supply Co. William Blair & Co. acted as exclusive financial advisor and Jenner & Block acted as legal advisor to Petsense.
MURFREESBORO, TENN. — Marcus & Millichap has arranged the $12.4 million sale of the Saint Thomas Health medical office building in Murfreesboro, about 34 miles south of Nashville. The 32,400-square-foot property is under construction and expected to open in December. Located at the intersection of Highway 99 and St. Andrews Drive, the asset will serve as an extension of the Saint Thomas Rutherford Hospital. Justin Sturdivant, S. Regan Holcombe and Kat Butler of Marcus & Millichap represented the seller in the transaction. Georgia Krewson, Wes Tiner, Kelley Deibler and Zach Moore of Marcus & Millichap procured the buyer.
SMYRNA, TENN. — Carolina Holdings Inc. has closed on a 10-acre site along Sam Ridley Parkway in Smyrna between Academy Sports + Outdoors and Lowe’s Home Improvement. Three retailers — Hobby Lobby, TJ Maxx and Five Below — will occupy the site. The development team for the retail development includes Nashville-based civil engineer Ragan Smith, Nashville-based general contractor Crain Construction and Greenville, S.C.-based architect COR3 Design. United Community Bank provided construction financing for the project. Hobby Lobby is expected to open in the spring, and TJ Maxx and Five Below to open shortly thereafter.
NASHVILLE, TENN. — HREC Investment Advisors has brokered the $31.6 million sale of the Holiday Inn Nashville Airport, a 383-room hotel located in Nashville. The hotel is situated two miles east of Nashville International Airport and eight miles from downtown Nashville. An affiliate of Fairwood Capital LLC purchased the hotel from FelCor Lodging Trust. Monty Levy, Bill Murney and Scott Stephens of HREC represented FelCor in the transaction. Fairwood Capital plans to rebrand the hotel.
CHATTANOOGA, TENN. — Dougherty Mortgage has arranged a $21.2 million Fannie Mae loan for the acquisition of The District at Hamilton, a 300-unit, market-rate apartment complex located in Chattanooga. The gated, pet-friendly property features a swimming pool, sundeck, grilling area, business center, athletic center and two lighted tennis courts. The interiors include Whirlpool appliances, window coverings, decks or sunrooms and built-in microwaves. Dougherty Mortgage’s Nashville office arranged the 15-year loan with a 30-year amortization schedule on behalf of the borrowers, Calhoun Shores LLC, Fremount House LLP and Hamilton Place CAG LLC.
NASHVILLE, TENN. — Hyatt Hotels has entered into a franchise agreement with Southwest Value Partners to develop a new Hyatt Regency hotel in Nashville. The hotel will help anchor the 15-acre site in downtown Nashville that formerly housed the Lifeway Christian Resources campus. The site, located at the northwest corner of Broadway and 10th Avenue, sold to Southwest Value Partners in November 2015 for $125 million. Hyatt Regency Nashville will feature 60,000 square feet of meeting space and event facilities, a Hyatt StayFit gym and an outdoor pool. The 540-room hotel is set to open in 2019.
SMYRNA, TENN. — Hillwood plans to develop two industrial facilities totaling 924,325 square feet within Airport Business Park. Situated on 75 acres in Smyrna, a southeastern suburb of Nashville, the property has access to rail and three interstates. The project will feature 32- to 36-foot clear heights, ESFR fire protection, T5 or LED lighting, cross-dock loading and 130- and 185-foot truck courts. Kurt Nelson of Hillwood’s Memphis office is overseeing the development of the project. Hillwood has selected Brian Camp of ProVenture to lease both buildings.
FRANKLIN, TENN. — Hilton Worldwide has opened the 105-room Home2 Suites by Hilton Nashville Franklin Cool Springs located at 107 International Drive in the Nashville suburb of Franklin. Owned and managed by Vision Hospitality Group, the pet-friendly hotel features fully equipped kitchens in each suite, complimentary internet, community spaces, a combined laundry and fitness area known as Spin2 Cycle, complimentary breakfast, convenience store known as Home2 MKT, boardroom, indoor saline pool, outdoor patio, firepit and grill area.