Nashville Multifamily Wrap-Up – July 2020

Wood Partners secures construction financing. Hoar Construction breaks ground on Gulch community. Catch up with our July selection of Nashville must-reads.
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Nashville’s tourism industry took a serious hit from the health crisis, but the metro’s multifamily market is still seeing a fair amount of activity. While some businesses are slowly reopening, local authorities have extended restrictions, including capacity and gatherings limitations, as part of the metro’s modified Phase 2. Meanwhile, plans for several multifamily projects are moving forward, with at least one major development breaking ground. Read our July list of Nashville multifamily must-knows:

1. FINANCING – Community scores $21 million Fannie Mae refi.

ORIX Real Estate Capital provided the financing for Views on the Cumberland, a 250-unit community. The mortgage retires two Fannie Mae loans totaling $21.5 million. The borrower had assumed both when it acquired the asset from Covenant Capital Group, for $30.5 million, in 2015. Completed in 1972, the property comprises one-, two- and three-bedroom apartments. Located at 6700 Cabot Drive, the asset is adjacent to Interstate 40.

2. DEVELOPMENT – Hoar Construction breaks ground on 10-story community. 

Aspire Gulch is planned to have 360 units, with floorplans ranging from one to three bedrooms. Future amenities include a rooftop swimming pool and a studio room for music creation and production. Located on a 2-acre parcel between Division and Main streets, the site is adjacent to Interstate 40. The Dinerstein Cos. is the master developer for the luxury project, while Niles Bolton Associates is the lead architect. Completion is scheduled for June 2022.

3. DEVELOPMENT – Wood Partners moves forward on Smyrna project.

According to the Nashville Business Journal, the developer secured financing for Alta Depot, a 308-unit, roughly $50 million project located on South Lowry Street. The property is set to comprise six apartment buildings and seven carriage-house buildings. Planned common-area amenities include a swimming pool, fitness center and dog park. The 19-acre site is 2 miles from Nissan’s manufacturing plant, one of the largest employers in the area. The first apartments at Alta Depot are slated to become available in the fall of next year.

4. DEVELOPMENT – Northwood Ravin aims to develop six-story project.

The developer filed plans for a 330-unit building within Capitol View, a $750 million downtown mixed-use development, Nashville Business Journal reported. The larger project also includes office buildings, retail space and additional apartments. The proposed site for the new apartment property is located at 612 10th Ave. Northwood Ravin is working with Barge Design Solutions on the project.