Midtown Nashville Project Lands $45M Loan

Regions Bank provided the financing for the developer's first foray into the market.
Image by Milo Bunnik via Unsplash.com

Woodfield Development has secured a $45 million construction financing package for a project in Nashville, Tenn. Regions Bank provided the loan, Davidson County records show. The company plans to build a 292-unit community in the city’s Midtown neighborhood, according to Nashville Business Journal, which cited permit documents filed with the metro’s planning commission.

In January 2020, the developer acquired 10 parcels totaling 2.3 acres of land from a private investor for $11.7 million. The company funded that purchase with a $7.2 million loan from Regions Bank, public records show. The parcels span multiple addresses on the 1600 block of State Street. Close to downtown Nashville, the site is less than a mile from Vanderbilt University.

The development marks the company’s first in Nashville. Though the firm had previously focused on the Carolinas and Washington, D.C., the company in recent years has expanded its reach into other markets including Atlanta, Philadelphia and West Palm Beach, Fla.

In November, the developer secured $52.4 million in financing for the construction of Waterset, a 290-unit development in Apollo Beach, Fla., just south of Tampa. Bank of Texas originated the four-year mortgage.