CBRE Capital Markets’ Debt & Structured Finance team announced that it has secured a loan to refinance Aertson Midtown, a 17-story, best-in-class mixed-use asset, located immediately adjacent to Vanderbilt University in Nashville, Tennessee.
Shawn Rosenthal and Jason Gaccione, executive vice presidents of CBRE’s Midtown Manhattan office, secured the loan on behalf of Buckingham Companies, an Indianapolis-based full-service real estate firm. The non-recourse, six-year fixed-rate loan was funded by Apollo Global Management on behalf of Athene as senior lender, and Clarion Partners and Axonic Capital Services as mezzanine lenders.
“The financing markets embraced this spectacular asset located in the heart of Nashville. The trophy quality of the asset, strength of sponsorship, prime location and desirable residential, hotel and retail mix, led to a highly competitive bid process for these loans at extremely attractive pricing,” said CBRE’s Rosenthal.
Completed in 2017, Aertson Midtown consists of 350 Class A apartment units, a 180-room first-class boutique hotel managed by Kimpton, a 635-space structured parking garage, and nearly 40,000 square feet of retail which includes three restaurants, a spa, an upscale grocer, and a bank. Located adjacent to Vanderbilt University and near several major hospital campuses, Aertson Midtown offers a superior location and amenity package, providing both residents and guests with a premier live-work-play environment unrivaled in the Nashville market.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About Buckingham Companies
Founded in 1984, Buckingham Companies is a fully integrated real estate firm specializing in the development, acquisition, management and construction of multifamily, mixed-use, commercial and hospitality projects across the United States. Buckingham owns or manages a portfolio of nearly $2 billion of real estate for its own account, third-party owners and institutional partners. Buckingham has managed more than 125 properties, more than 28 million square feet, and over 25,000 rental units nationwide. The Indianapolis-based company has approximately 350 employees. Additionally, the affiliated Buckingham Foundation annually supports more than 50 nonprofit and civic organizations through philanthropic outreach in the areas of affordable housing, community and economic development, and arts and culture. For more information, visit www.buckingham.com.
