ACRE Provides $59M Loan for Upscale Multifamily Development in Nashville
ACRE has finalized a $58.5 million bridge loan with Passive Investing to support the Braxton Music City, a 236-unit luxury multifamily community in Nashville, TN. Ware Shipman of JLL served as lead broker for the deal.
Issued through ACRE’s latest debt fund “ACRE Credit I, the loan follows Passive Investing’s recent purchase of the community. The three-year agreement includes options for two single-year extensions.
The loan represents the second issued to Passive Investing since ACRE Credit I’s launch in August 2020, following a $15.3-million loan for a property in NC.
“Nashville has long been one of the most dynamic rental housing markets in the country, thanks to a steadily rising population and strong economic indicators that support long-term sustainable growth,” said Daniel Jacobs, managing prtner at ACRE.
Braxton Music City was built and delivered by Westplan Investors in early 2022. It is currently 40% percent occupied and 45% percent leased.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.