Akara Partners Secures $101M Bridge Loan For Kenect Nashville, Tennessee
800 19th Avenue North
$101,000,000
Building Size
—
Asset Type
MultiFamily
Closing
Nov 6, 2023
AI
Akara Partners, led by landlord Rajen Shastri, has secured a $101 million bridge loan from MF1 Capital for Kenect Nashville, a 420-unit multifamily community located at 800 19th Avenue North in Nashville, Tennessee.
Summary of transaction details
- Property Type: Multifamily ~ UNITS: 420
- Transaction Amount: $101,000,000
- Lender: Dominic Milano - MF1 Capital
- Landlord: Rajen Shastri - Akara Partners
- Broker: JLL Capital Markets
Dominic Milano from MF1 Capital represented the lender in this deal, while JLL Capital Markets served as the broker. The bridge loan provides financing for the Kenect Nashville community, adding to its value in the competitive Nashville market.
Players
Nashville MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.16%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93