North Nashville Project Lands $36M Loan

1 min read

Bank of America and a local authority originated two notes which mature in 2022.

Image via Pixabay

A joint venture between Elmington Capital Group, Aerial Development and Imagine1 Co. has received construction financing totaling $35.7 million for the development of North Lights, a 287-unit project in Nashville, Tenn., according to public records.

The financing package consists of two notes: a $23 million loan provided by The Health and Educational Facilities Board of the Metropolitan Government of Nashville and Davidson County and a $12.7 million mortgage from Bank of America. Both originations mature in December 2022 and have one six-month extension option.

The site is a 6-acre parcel located at 2300 Old Matthews Road. The property will encompass 197 apartments, 90 townhomes, 16 single-family homes and 25,000 square feet of retail space, according to project designer Centric Architecture. Amenities will include a swimming pool, a pet park, a fitness center and electric car-charging stations. The site is close to Interstate 65 and 5 miles from the city center. 

The Nashville multifamily sector experienced growth in the first quarter of 2020, helped by continuous deliveries and steady demand, according to a recent Yardi Matrix report. Developers completed more than 1,000 units and rents increased by 20 basis points on a trailing three-month basis in March. However, even with construction deemed an essential service during the stay-at-home order, developers have been impacted by social distancing rules and supply chain disruptions.

You May Also Like

The latest multifamily news, delivered every morning.

Latest Stories

Like what you're reading? Subscribe for free.