Nashville Industrial Asset Lands $11M Refi

Franklin Synergy Bank's new origination retires a prior, $6.6 million loan from the same lender.
7235 Cockrill Bend Blvd. Image via Google Maps

Charles Hawkins Co. has obtained an $11 million refinancing loan for a 286,235-square-foot industrial facility in Nashville, Tenn., public records show. Franklin Synergy Bank originated the note, which retires a $6.6 million mortgage the lender had provided in 2016.

The borrower, a member of CORFAC International, acquired the asset in 2014 as part of a $6.9 million portfolio transaction from Spring Global which included an adjacent, 295,000-square-foot building, according to Yardi Matrix data.

The warehouse, completed in 1982, is located on 20 acres at 7235 Cockrill Bend Blvd. The building has 15 dock-high and three drive-in doors and a two-story office component. The property is home to Alexander’s Mobility Services and is 3 miles from Interstate 40 and roughly 16 miles west of Nashville International Airport.

Even amidst the coronavirus pandemic, the national industrial market ended the first quarter on a strong note, according to a recent CBRE report. Despite widespread shelter-in-place orders, construction on many logistics projects continues to move forward, although speculative development began to slow.