JLL announced that it has arranged the $101.2 million refinancing for Kenect Nashville, a 420-unit, Class A, 2020-vintage, high-rise apartment building located in Nashville’s Midtown neighborhood.
“We’re extremely pleased to secure additional capital to power the vision behind Kenect. Our thanks to the MF1 team for their confidence in Akara and the Kenect brand,” said Rajen Shastri, CEO of Akara Partners/Akara Living. “We understand that the way people live, work and entertain is ever changing; it is our mission to meet and service our customers in every possible way in the high speed, on demand world we live in to help them thrive in and out of our communities.”
“We are excited to be a lending partner to Akara Partners for the Kenect Nashville asset, a newly built, Class-A, mixed-use asset in Nashville, which serves the growing demand for tenants seeking a live, work, play environment,” adds Michael Squires, who led the origination team for MF1. “We also appreciate the professionalism of the JLL Debt Advisory team on being able to clearly articulate the specific financing needs for the borrower and its business plan for the asset. MF1 was able to quickly identify the strength of the asset and location within the market and its offering to its community.”
Akara Partners’ mission is to reshape the way people live, work and connect through innovative and urban living experiences, and Kenect Nashville demonstrates their cutting-edge approach to integrated spaces. Kennect Nashville’s dynamic branding and diverse demand generators, including its multi-housing, retail and coworking elements, enable the property to succeed through various market cycles.
The JLL Capital Markets Debt Advisory team was led by Managing Director Jesse Wright, Director Kenny Cutler, Senior Managing Director Brian Dawson, Associate Joshua Odessky and Analyst J.J. Hovenden. JLL worked on behalf of the borrower, Akara Partners, to secure the loan through MF1.
“Rajen and the Akara Team have built a beautiful property in Nashville’s Midtown neighborhood, and we’re excited about the potential of this highly dynamic asset and the future of the Kenect platform,” said Wright. “MF1 is an excellent lender partner for Akara as they immediately understood the quality of this asset and strength of the Kenect strategy.”
