ACRE has finalized a $58.5 million bridge loan with Passive Investing, to support the upscale multifamily apartment community Braxton Music City in Nashville, Tenn.
Issued through ACRE’s latest debt fund, ACRE Credit I, the loan follows Passive Investing’s recent purchase of the 236-unit community. Executed in May, the three-year agreement includes options for two single-year extensions.
“Nashville has long been one of the most dynamic rental housing markets in the country, thanks to a steadily rising population and strong economic indicators that support long-term sustainable growth,” said Daniel Jacobs, managing partner at ACRE. “We are proud to continue our activity in the market and further our developing relationship with an innovative and accomplished partner in Passive Investing by supporting its success with Braxton Music City.”
Located at 2165 Nolesville Pike, Braxton Music City was built and delivered by Westplan Investors in early 2022. Si
