Greystar Takes $72M Construction Financing in Nashville
- Jun 07, 2019
Greystar has secured $72.4 million in construction financing from Northwestern Mutual for a 300-unit multifamily project known as 908 Division in Nashville, Tenn.’s The Gulch neighborhood, according to public records. The loan, which matures in 2026, follows the developer’s $10 million acquisition of the project’s 1-acre site from Crowell Capital Partners.
Greystar initially proposed the development in August 2018, per Nashville Post. While it is the firm’s only project in the city, the company has more than 10,000 units under construction nationwide per Yardi Matrix data. In April, the developer landed a $125 million construction loan for a 345-unit community in downtown Atlanta.
The project’s site, just north of interstates 40 and 65, is a mile south of the Tennessee State Capitol and most of the city’s major employers. Upwards of 2,750 units are in planning stages within half a mile of 908 Division, according to Yardi Matrix, and virtually all of the area’s existing communities are less than a decade old. As record numbers of people continue to relocate to the metro, new developments—totaling more than 7,600 units—continue to move forward.