Tidal Scores $120M Refinancing for Nashville Multifamily

Tidal Real Estate Partners overcame a tough lending climate to secure refinancing for a Nashville apartment complex it developed.

The New York-based firm received a $120 million loan from J.P. Morgan and Naftali Credit Partners for the 380-unit property at 1111 Church Street, in Nashville’s Gulch neighborhood. The loan amount comes to almost $316,000 per unit.

Financial services firm Walker & Dunlop facilitated the five-year, interest-only deal, and it also arranged construction financing for Tidal in 2021.

Tidal’s refinancing is a triump given the tight lending standards that have hindered commercial real estate transactions and developments across much of the nation since last year. Rising interest rates have also made it difficult for landlords to refinance their assets.

The Gulch, whose redevelopment started with the Turner family’s MarketStreet Enterprises in the early 2000s, is about a mile south of downtown Nashville. It’s an upscale neighborhood with boutique hotels, restaurants and nightlife.

The Church Street complex comprises studios and one- and two-bedroom floor plans, spanning from 580 to 1,200 square feet. Rents range between $2,115 and $4,260 a month.

The property also has 52,000 square feet of amenities, including a pool area with grilling stations, a fitness center with sauna and steam rooms, a pickleball court and golf simulators.

The complex is just two blocks from the Nashville Yards development, a $1 billion entertainment district spearheaded by Southwest Value Partners and Anschutz Entertainment Group.

New developments in the Gulch area include Mill Creek Residential’s Modera Gulch, a 15-story apartment complex with 378 units and 18,000 feet of ground-floor retail space.

Several months ago, construction topped out for Pullman Gulch Union, a 31-story residential tower that’s slated for 300 luxury condominiums and a boatload of amenities. That project is part of the three-tower Gulch Union mixed-use development.

—Quinn Donoghue