Nashville, TN Cronheim Mortgage arranged $74 million in total debt and equity capital to facilitate the acquisition, renovation, and repositioning of a portfolio of 463 units across 5 apartments communities and an 82,000 s/f office building. Andrew Stewart and Allison Villamagna executed a time-of-the-essence closing for a long-term client who needed to fund in a 6-week time frame from the time of application. The multifamily loan provides renovation capital and has a total term of five years including extension options. The $15 million of preferred and common equity was placed with a family office. Seller financing for the office building was also a part of the transaction.
The multifamily properties include garden-style, townhome, and duplex communities located in affordable submarkets that cater to many individuals working in Nashville Proper and the surrounding business districts. The bridge loan included $9 million for planned capital improvements which include exterior repainting, siding replacement, new patios/balconies, addition of property amenities, pool area renovations, window replacements, and parking lot repairs.
The office is an 82,000 s/f, 5-story building ideally situated approximately seven miles east of downtown. Planned renovations include window upgrades, common area renovations, and HVAC replacement and upgrades.