NASHVILL, TENN. – June 10, 2021 – A fund sponsored by CBRE Global Investors has closed on a $52 million mortgage loan for a subsidiary of Greystar Real Estate Partners to acquire a 452-unit multifamily property in Nashville, Tenn.
The asset, known as Avana Overlook, is a low-density, garden-style apartment complex located at 727 Bell Road. Originally built in 1998, the property offers one-, two- and three-bedroom units that include in-unit washers and dryers, private patios and balconies, and walk-in closets. Residents have access to amenities that include two swimming pools with cabanas, a 24-hour fitness center, a playground, an outdoor grilling area, a clubhouse, and a dog park.
“Avana Overlook is a high-quality asset located in a submarket that we believe will continue to benefit from the overall growth in Nashville,” said Charles Kim, Managing Director for CBRE Global Investors. “This loan represented a compelling opportunity to lend to a best-in-class sponsor in Greystar and continue to expand our relationship with CBRE’s Debt and Structured Finance team. This investment is a great addition to our portfolio.”
The loan was arranged by Nate Sittema of CBRE’s Debt and Structured Finance Group in Charlotte, N.C.
“With the continuation of strong underlying sector fundamentals, and the compelling in-migration being realized across many Southeastern markets like Nashville, this financing presented an exciting opportunity to facilitate the realization of our client’s well-crafted business plan at the community. CBRE GI delivered an accretive capital solution, representative of the aggressive debt capital currently available in the market.”
Avana Overlook is located one mile from I-24 and State Highway 41, providing convenient access to Downtown Nashville (20 minutes) and Nashville International Airport (15 minutes). Additionally, the property is close to several retail destinations and is less than two miles from the Century Farms Development, a 310-acre, $1.7 billion mixed-use project that is currently under construction and will serve as an additional demand driver in the market.
About CBRE Global Investors
CBRE Global Investors is a global real assets investment management firm with $124.5 billion in assets under management* as of March 31, 2020. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2020 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 100,000 employees serving clients in more than 100 countries. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers.