Nashville Community Expansion Lands Financing

Schatten Properties, the owner of the 412-unit multifamily asset, will use the $14 million construction loan to add a second phase totaling 151 units.
Graybrook & Graycroft Apartments Phase I

Schatten Properties has taken a $14.1 million construction loan to finance the addition of 151 units to the company’s 412-unit Graybrook & Graycroft Apartments near Nashville, Tenn., according to public records. The mortgage, originated by Pinnacle Bank, matures after five years.

BACAR Constructors will act as general contractors for the expansion project. In late 2017, the firm completed work on a 56-unit affordable community near Memphis, Tenn.

Located at 100 Star Blvd. in the suburb of Madison, Tenn., the community’s existing 24 buildings are roughly 10 miles north of downtown Nashville. The property’s 53.6-acre lot is within 3 miles of Interstate 65 and the 1.1 million-square-foot RiverGate Mall.

The community opened in two phases, in 1980 and 1984. The property contains one- to three-bedroom units, with floorplans ranging between 740 and 1,300 square feet. On-site amenities include two swimming pools, laundry facilities, a playground, a fitness center, a party room as well as tennis and volleyball courts. As of February, the property was 99.5 percent occupied, according to Yardi Matrix.

Image courtesy of Yardi Matrix