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Wednesday, 05 December 2018

Dinerstein Buys Nashville, Tenn., Apartments, Carves Out Ground Lease

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Commercial Real Estate Direct Staff Report

Dinerstein Cos. has purchased the 270-unit Novel Music Row apartment property, which recently was completed in Nashville, Tenn.

To fund part of its purchase, the Houston developer carved out the property's fee interest - the land beneath it - and sold it to Safety, Income & Growth Inc. The prices paid by both Dinerstein and Safety Income, which is commonly referred to by its stock ticker SAFE, could not be learned immediately.

Novel Music Row, at 1221 Division St., was developed by a venture of Crescent Communities of Charlotte, N.C., and Pearl Street Partners of Brentwood, Tenn. It includes 7,500 square feet of ground-level retail space, a recording studio, writer's room, performance stage, a rooftop deck, resort-style swimming pool with sunning deck and fitness center.

Electric Jane, a bar/restaurant and live music venue sits at the base of the apartment complex.

Dinerstein, which recently developed the nearby 230-unit Millennium Music Row, is renaming the property Infinity...


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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Nashville
  • States: Tennessee
  • Sector: Multifamily
  • Subject: Property Acquisitions (ACQ)
  • Company: iStar Financial Inc.
  • Private: Yes
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Data Digest







Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44




cppichart FP



CMBS 2.0 Spreads


Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41





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