MF1 Capital Provides $101M Refinancing for Nashville Mixed-Use Multifamily
Chicago-based Akara Partners has managed the project since it opened in 2020
By Brian Pascus November 7, 2023 3:41 pm
reprints
Akara Partners, a Chicago-based real estate developer, has secured a $101.2 million refinancing for a 420-unit, Class A, high-rise apartment in Nashville, Tenn.
The loan was provided by MF1 Capital, while a JLL Capital Markets debt advisory team of Jesse Wright, Kenny Cutler, Brian Dawson, Joshua Odessky and J.J. Hovenden arranged the financing on behalf of the borrower.
Michael Squires, whose origination team at MF1 created the loan, thanked JLL for bringing them together with Akara Partners on the deal, and emphasized that the deal “serves the growing demand for tenants seeking a live-work-play environment.”
“MF1 was able to quickly identify the strength of the asset and location within the market and its offering to its community,” said Squires in a statement.
Known as Kenect Nashville, and located at 800 19th Avenue South in Nashville’s Midtown neighborhood, the mixed-use high-rise features 420 studio, one-, two- and three-bedroom units built in 2020, along with 16,000 square feet of coworking space for residents and nonresidents. The 20-story building has a largely glass exterior and includes a clubhouse, a fitness center, a swimming pool, an outdoor garden common area, storage units for rent, a pet park, and on-site garage parking.
Rajen Shastri, CEO of Akara Partners and Akara Living, said that his firm is excited to secure additional capital for an asset that provides an innovative approach to integrated spaces.
“We understand that the way people live, work and entertain is ever changing,” said Shastri in a statement. “It is our mission to meet and service our customers in every possible way in the high-speed, on-demand world we live in to help them thrive in and out of our communities.”
The property has attracted student renters since its opening three years ago, as it sits at the intersection of Division Street and 19th Avenue, near both Vanderbilt University and Belmont University.
“Rajen and the Akara team have built a beautiful property in Nashville’s Midtown neighborhood, and we’re excited about the potential of this highly dynamic asset and the future of the Kenect platform,” said Wright in a statement.
“MF1 is an excellent lender partner for Akara as they immediately understood the quality of this asset and strength of the Kenect strategy,” he added.
Brian Pascus can be reached at bpascus@commercialobserver.com
