PCCP Provides $76M Refi for Tennessee Multifamily Complex Near Civil War Battlefield

Denholtz, a commercial real estate developer and investment management firm, has secured $76 million to refinance Overall Creek Apartments, a 384-unit multifamily complex in Murfreesboro, Tenn., a city just outside of Nashville. 

PCCP provided the debt, while Cushman & Wakefield’s John Alascio, Chuck Kohaut and Chris Meloni arranged the financing. 

Cushman’s Alascio said in a statement that the asset has displayed “strong performance” and that the new deal is expected to add “accretive financing” to Denholtz’s business plan. 

“[The deal] reinforces the asset’s strong position in one of the most dynamic multifamily markets in the Southeast United States,” added Alascio. 

Located at 5150 Jack Byrnes Drive in Murfreesboro — the state capital from 1818 to 1826 that sits 30 miles southeast from Nashville and is known for its rich Civil War history as the site of the Battle of Stones River — Overall Creek Apartments opened in 2020. 

The asset holds nearly 400 one- to three-bedroom apartments and features amenities such as a private courtyard, an outdoor pool, a business center, a fitness center and a dog park. 

The building is currently 94 percent occupied, according to Cushman & Wakefield.  

Jennifer McCool, executive vice president at Denholtz, said in a statement that the refinancing reflects “the continued demand for institutional-quality multifamily assets in growth markets like Murfreesboro.”

Brian Pascus can be reached at bpascus@commercialoberver.com.