Eakin Refinances Nashville Office Portfolio

Principal Real Estate provided the $43 million loan, which retired $32 million in prior debt taken in 2013.
One Grassmere Place
One Grassmere Place

Eakin Partners has taken a $43 million refinancing package for a four-building, 375,823-square-foot office portfolio in Nashville, Tenn., according to public records. Principal Real Estate Investors originated the 14-year mortgage, which pays down a $32 million acquisition loan from Wells Fargo. The owner purchased the portfolio from Talcott Realty Investors for $51.5 million in 2013, per Yardi Matrix data.

The properties in the portfolio, known as Grassmere I, II, III and One Grassmere Place, are located at 618, 624 and 601 Grassmere Park Drive and 4560 Trousdale Drive, 6 miles south from downtown Nashville. The area is primarily industrial, alongside CSX Corp.’s Radnor Yard facility. Constructed between 1984 and 2006, the portfolio is leased to a mix of tenants, including CSX, Stantec, Trane and Turner Construction. The owner oversees both property management and leasing for the Class B buildings.

This year, lenders originated $1.3 billion in office financing in Nashville through the end of September, according to Yardi Matrix. In August, CIT Bank provided Anchor Health Properties with a $7.6 million loan to refinance a medical office building near Vanderbilt University.