OREI Lands Financing for Memphis Project

Miami-based One Real Estate Investment has secured construction financing for The ONE at Millington, a 360-unit, garden-style development in Millington, Tenn. The company landed $46.8 million and anticipates to deliver the community in the first quarter of 2026.

Located at 8490 US-51, The ONE at Millington is situated on a 24-acre site in the center of Millington Farms, a 100-acre mixed-use, master-planned development. Millington Farms is anticipated to soon have three new hotels, six medical office buildings, more than 100,000 square feet of retail and an assisted living facility.

“The ONE at Millington aligns with OREI’s strategy to invest in high growth and business-friendly regions, such as West Tennessee,” Jeronimo Hirschfeld, founder, chairman & CEO of OREI, told Multi-Housing News. “Millington stands out with its strong education and abundance of retail amenities, coupled with strong city leadership that prioritizes investments in infrastructure and quality of life.”

Millington’s economy has been increasing in strength since Ford Motor Co. announced in 2021 that it would build BlueOval City, a $5.6 billion mega-campus to manufacture electric vehicles and batteries. The nearby campus is set to be operational in 2025, driving nearly 6,000 new jobs. Further, FedEx recently opened its $1.3 billion World Hub about 17 miles away in Memphis.

City National Bank provided the four-year, floating-rate loan to fund the community’s construction. OREI’s financing was secured by Berkadia Managing Directors Brad Williamson and Patrick Johnson, Senior Managing Director Mitch Sinberg, and Managing Directors Scott Wadler and Matt Robbins.

Community details

The ONE at Millington is set to include one-, two- and three-bedroom homes, averaging 1,071 square feet. In-unit amenities will feature stainless steel appliances, walk-in showers and smart internet-connected technology for thermostats and lighting.

Community amenities will include a pool with an outdoor cabana and bar, fitness center, yoga room, pet salon, playground and a game room with billiards and shuffleboard. There will also be two fenced-in dog parks and outdoor green areas as well as electric vehicle charging stations.

Residents are located nearby the Shoppes at Millington Farms, featuring retail options like Lowe’s, Petco and Ross Dress for Less. Downtown Memphis, some 20 miles away, is accessible via Interstate 40, I-55 and U.S. Highway 51. The Memphis International Airport is approximately 30 miles south.

The area’s economy is set to continue to grow, bolstered by new developments such as the Blue Oval City.

“The influx of jobs and investment is likely to spur economic growth in the region,” Doug Ressler, business manager, Yardi Matrix, said of the project. “Local businesses, from retail to services, will benefit from increased demand. The project is anticipated to improve the economy in Haywood County by 127 percent.”

With new job opportunities, the area’s population will likely grow as workers move to the region. This can increase demand for housing, schools and other community services. Meanwhile, Blue Oval City’s presence will likely attract suppliers and related businesses to the area, creating additional economic opportunities and fostering a more diverse local economy.

An eight-property self storage portfolio in the Greater Memphis area sold this month to Canada-based Mini Mall Storage Properties. The ensemble comprises 3,999 units across facilities totaling 487,000 square feet.