Tishman Speyer Seals $67M Acquisition Loan for Nashville Apartments

Tishman Speyer has landed $67.2 million of acquisition financing to purchase a Nashville multifamily asset near Vanderbilt University from an entity tied to WeWork founder Adam Neuman, Commercial Observer has learned.

Corebridge provided the loan for the developer’s $112 million acquisition of the 358-unit 2010 West End Avenue property, developed by CA Ventures in 2021. 

Tishman Speyer did not provide the name of the seller, but the Nashville Business Journal citing property records reported it as an entity known as 2010 West End LLC, which shares an address with Flow, Neuman’s multifamily startup company. Flow is a minority equity owner in the 25-story apartment building, according to the Nashville Business Journal.

A spokeswoman for Flow said the building was “primarily owned” by Yieldstreet with Flow’s minority ownership resulting from “inheriting the deal when the company was created.” She added that the property “was never operated or managed by Flow.”

Located half a block from Vanderbilt’s campus, the building was acquired at a cost of $313,000 per unit for a “compelling basis,” according to Tishman Speyer, which is planning physical upgrades including an expanded lobby and other amenities. The property includes ground-floor retail, a rooftop pool, a fitness center, coworking space and a dog run. 

“The acquisition of 2010 West End Avenue is an ideal complement to our growing multifamily and value-add investment strategies,” Jessica Hughes, managing director at Tishman Speyer, said in a statement. “Driven by its top academic and medical institutions, Nashville continues to attract a wide range of new residents and major employers, and 2010 West End is perfectly suited to meet that demand.”

The acquisition adds to Tishman Speyer’s growing multifamily portfolio with 2,200 units acquired in recent years at properties in Nashville, Boston, Atlanta, Chicago, New Jersey and Shenzhen, China, along with constructing 4,000 apartments in that same period, according to the company. 

Officials at Corebridge did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com