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DZL Management Secures $135M Refinance Loan For Cummins Station In Nashville

Property Image
FINANCED
$135,000,000

Tennessee

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Mixed-use408,000 SF
Financed 06/26/2024
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Property Image
FINANCED

DZL Management Secures $135M Refinance Loan For Cummins Station In Nashville

209 10th Avenue South

See Similar Deals
Mixed-use408,000 SF
Financed 06/26/2024

Summary

TENNESSEE
Asset Type:Mixed-use
Price Per Square Foot:$330
Total Square Footage:408,000 SF
Transaction Type:Loan

The recently completed transaction involves Cummins Station, a 408,000-square-foot historic mixed-use property located at 209 10th Avenue South in Nashville, TN's Gulch district. The property was refinanced for $135 million through a five-year fixed-rate loan secured by DZL Management.

Summary of transaction details:

  • Property Type: Mixed-use
  • Transaction Amount: $135,000,000
  • Address: 209 10th Avenue South
  • Market: Nashville, TN
  • Asset Size: 408,000 SF
  • Landlord: Zach Liff - DZL Management
  • Broker: JLL
  • Loan Type: Refinance
  • Loan Terms: five-year, fixed-rate

The refinancing of Cummins Station was executed successfully, with DZL Management playing a crucial role in securing the $135 million loan for the property. The mix of retail, restaurants, and office tenants within the building, such as Clark Construction and Eventbrite, has contributed to the property's resilience in the face of challenges in the office market. The property continues to draw strong tenancy and investment interest, reflecting its enduring appeal in Nashville's real estate landscape.

Details

FINANCED
IMAGE: 06/26/2024 ADDRESS: 209 10th Avenue South MARKET: Nashville, TN ASSET TYPE: Mixed-use ~ SF: 408,000 LANDLORD: Zach Liff - DZL Management BROKER: JLL LOAN AMOUNT: $135,000,000 LOAN TYPE: Refinance LOAN TERMS: five-year, fixed-rate NOTE: DZL Management secured a $135 million, five-year fixed-rate refinancing loan for Cummins Station, a 408,000-square-foot historic mixed-use property in Nashville's Gulch district. Despite challenges in the office market, the property features a mix of retail, restaurants, and office tenants, including Clark Construction and Eventbrite, and continues to attract strong tenancy and investment interest.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$135,000,000.00

Monthly NOI$900,000.00
Monthly Debt Service$853,291.83
Change in Cash Flow$0.00
Refinance Proceeds$0.00