NASHVILLE—Nashville refuses to be left out of the multifamily revival discussion. Beech Street Capital just closed on $92.6 million in Freddie Mac Capital Markets Execution loans on the acquisition of a three-property multifamily portfolio spanning 1,333 units in Nashville.

Aaron Birnbaum of Meridian Capital Group originated the transaction. Beech Street Capital financed the deal as part of its correspondent relationship with Meridian.

“With this acquisition specifically, the borrower needed to have the transaction happen within a very rapid time frame,” Grace Huebscher, president and CEO at Beech Street Capital, tells GlobeSt.com. “Beech Street and Freddie Mac really stepped up to provide certainty of execution, and did so on very competitive terms.”

The lender was able to rate lock and close in less than 45 days to coincide with the prior loan maturities. Getting the deal done meant mobilizing the team quickly to organize site visits and engage third parties to speed up the process. The fixed-rate multifamily loans have a seven-year term with two years interest-only.

All three multifamily properties are located within the Nashville MSA. Cherry Creek Apartments is in Hermitage and offers 627 units. Arbors at Brentwood Apartments is in Nashville and consists of 346 units. Cambridge at Hickory Hollow is in of Antioch and consists of 360 units.

Beyond the Nashville multifamily deal, Huebscher says she’s seen multifamily acquisitions pick up over the past year—and it’s not all driven by the positive multifamily fundamentals and investor appetite. She also points to maturing loans as a contributing factor. In 2011, acquisitions represented about 20% of Beech Street Capital’s business. This year that number is up to about 35%.

“While demand for rentals continues to be strong and vacancies low, the overall lack of new supply is resulting in significant competition in many markets,” Huebscher says. “We have been seeing clients who are very active in the local markets lose bids due to the increased competition from investors entering the multifamily space.”