March 21, 2017
Mesa West Capital, headquartered in Los Angeles, made its first loan in Tennessee, providing $88.3 million in first-mortgage debt to refinance The SoBro. The asset, owned by Chicago-based Magellan Development Group, is a 313-unit multifamily building at 205 Demonbreun St. in downtown Nashville.
Mesa West’s Matt Snyder originated the financing, with Michael Kavanau and Daniel Kaufman of HFF handling the transaction. The SoBro was completed in July 2016 and offers studio, one, two, and three-bedroom floor plans. At the time of closing, the building was 25% leased.
“The SoBro is a high-quality asset that represents Nashville’s evolution as a desirable market for institutional capital,” Snyder said. “Nashville is experiencing significant population growth, especially among millennials who are flocking to the region for its increasing number of job opportunities, along with the region’s active lifestyle and cultural base.”
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