Put together a strong local economy and interest rates that refuse to rise very much, and you get a lot of refi. The trend will continue in Nashville, according to HFF senior managing director John Rose.
:quality(75))
Recently, John and director Campbell Roche, based in the company's Dallas office, facilitated a $75M refi for the 892k SF One Hundred Oaks in Nashville. John tells us that Nashville has been, and continues to be, a desirable market for financing opportunities primarily due to a strong economic base. But not just a strong base, a diversified one with a unique mix of strengths.
"Nashville’s highly educated workforce, a seasonally mild climate, access to some of the country’s best entertainment, and a low cost of living have contributed to the area’s population growth," John says. "Commercial real estate has benefited, and institutional investors have sought out Nashville for opportunities."
:quality(75))
HFF worked on behalf of the borrower, LaSalle Investment Management, to place the seven-year, floating-rate loan with JPMorgan Chase, with loan proceeds refinancing existing debt previously arranged by HFF. These days, One Hundred Oaks is a mix of retail, entertainment and medical office, with medical office accounting for more than half of the overall square footage.
All of the medical office space is leased to Vanderbilt University Medical Center. The property was redeveloped in 2010 and is 99% occupied. Regal Cinemas, Burlington Coat Factory, Ross Dress for Less and other retailers take up the balance of the space.
)
)
)
)
)
)
)
)
)
)
)
)