JLL Capital Markets announced that it has arranged $76.8 million in acquisition financing for the 5150 JB Drive Apartments, a 384-unit, luxury, garden-style multihousing community in Murfreesboro, Tennessee within the Nashville MSA.
JLL worked on behalf of the borrower, Denholtz Properties, to secure the two-year, floating-rate loan through Natixis Corporate & Investment Banking.
Built in 2020, the three-story 5150 JB Drive Apartments offers one-, two- and three-bedroom floorplans with granite countertops, stainless steel appliances, wood vinyl plank flooring, lighted vanity mirrors, in-unit washers and dryers and an average size of 1,057 square feet. Community amenities include a well-equipped fitness center, a resort-style pool, a clubhouse, courtyard, outdoor gas grills, a fire-pit, a dog park, a car wash and a business center.
Located at 5150 Jack Byrnes Dr., the property allows convenient accessibility to the region’s transportation network via Route 96 (0.4 miles away), I-840 (2.5 miles) and I-24 (3.7 miles). Nearby employers include Vanderbilt University, Nissan North America, HCA Healthcare and Saint Thomas Health. The property is about a thirty-minute drive from downtown Nashville.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Directors Michael Klein, Jon Mikula and Brian Dawson, Associate Ryan Carroll and Analyst Salvatore Buzzerio.
“With over 100 people moving to Nashville every day, new multi-housing has experienced dramatic rent growth. 5150 JB Drive Apartments is a text book example of this phenomenon,” stated Mikula.
“JLL is pleased to have executed acquisition financing for Denholtz Properties’ first acquisition in the Nashville Market, helping them with their goal to increase their multi-housing footprint in the Southeast,” said Klein. “Natixis quickly understood the borrower’s business plan and provided interim financing that will allow them to execute it.”
“The Southeast’s emergence as the nation’s hottest real estate market continues to be powered by the rapid growth of areas like the Nashville MSA,” added Stephen Cassidy, President of Denholtz Properties. “This acquisition offers a unique opportunity to tap into that growth and continue to expand our portfolio of premier assets across the southeastern United States.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.