Newmark Knight Frank closed the $27.9 million Fannie Mae portfolio refinancing of Brighton Valley Apartments in Nashville.
The financing effort was led by NKF’s Multifamily Capital Markets Vice Chairman Adam Randall, Assistant Vice President John Westby-Gibson and Associate John Meany of the firm’s Bethesda office on behalf of owners Freeman Webb Investments Inc., a repeat NKF and Fannie Mae client.
Financing terms include 10-year fixed, full-term interest-only at 2.88 percent.
Brighton Valley is a garden-style, 302-unit property that includes one-, two- and three-bedroom floorplans, as well as two- and three-bedroom townhomes. Apartments have fully equipped, all-electric kitchens, spacious living areas, walk-in closets, extra storage, full-size washer and dryer connections and private patios or balconies.
Amenities include an indoor and outdoor saltwater pool and spa, two dog parks, a fitness center, business center, picnic area with barbecue, tennis court, ample landscaping and a designated children’s play area.
The property is in southeast Nashville, just minutes from Interstate-41 and within 10 minutes of the airport. The location has access to major parks, recreation, shopping and lifestyle amenities.
Constructed in 1984, Brighton Valley and has undergone significant capital improvements since 2013, when all units received painted cabinetry, new flooring, hardware, plumbing fixtures, windows, updated appliances and crown modeling. This new wave of financing will be utilized to further upgrade the units with solid surface countertops, stainless steel appliances, a new color scheme and cabinetry updates.