KeyBank Secures $75.2M Freddie Mac Loan for New Multifamily Property in Metro Nashville
MOUNT JULIET, TENN. — KeyBank Real Estate Capital has closed a $75.2 million Freddie Mac loan for the refinancing of LC Providence, a 451-unit apartment community in Mount Juliet, roughly 20 miles east of Nashville. Tim Migchelbrink of KeyBank originated the 10-year loan with five years of interest-only payments and a 30-year amortization schedule on behalf of the undisclosed borrower. The property was constructed in 2017 and is the first of a two-phase development. The community includes 19 two- and three-story buildings and features a swimming pool, fitness center, outdoor patio, barbecue area and a volleyball court. Rental Rates at LC Providence range from $1,215 to $1,690 per month, according to Apartments.com.