Nashville MOB Lands Refi Package

CIT Bank provided the $7.6 million mortgage for the nearly 40,000-square-foot property, retiring a previous $7 million loan from Capital One.
Meharry Medical Arts Center

Anchor Health Properties has taken a $7.6 million refinancing package for Meharry Medical Arts Center, a 38,194-square-foot medical office building in Nashville, Tenn., according to Davidson County records. CIT Bank originated the five-year note, which pays down a previous $7 million loan from Capital One, taken when the owner purchased the asset from XMI Holdings in 2015, per data from Yardi Matrix.

Located at 1919 Charlotte Ave., less than a mile from downtown Nashville, the three-story building is a block from Saint Thomas Midtown Hospital and half a mile from TriStar Centennial Medical Center and Vanderbilt University. The property is accessible via U.S. Highway 70 and Interstate 40, with several public transportation routes linking the asset with the wider area.

The medical center, completed in 1988, is partially occupied by Meharry Medical College’s Center for Women’s Health, one mile south of the institution’s main campus. Additional tenants in the asset include a Department of Veterans Affairs clinic and Sheats Endodontic Group.

Investment has intensified in the metro’s health-care real estate sector in recent years. According to Yardi Matrix, nearly $250 million in medical office transactions closed in the past 12 months, encompassing 1.6 million square feet. In May, Montecito Medical acquired a 221,000-square-foot property in Murfreesboro, Tenn., 30 miles southeast of the downtown Nashville.