Nashville Project Lands $32M Construction Loan

Buckingham Cos.’ luxury community, which opened its doors in 2017, is growing by 296 apartments. U.S. Bank provided financing for the second phase.
Whetstone Flats’ first phase. Image courtesy of Yardi Matrix

Buckingham Cos., which opened a 111-unit multifamily asset in Indianapolis last year, has taken a $31.7 million construction loan from U.S. Bank for the development of the second phase of Whetstone Flats, a luxury community in Nashville, Tenn., according to public records. The first phase, completed in early 2017, contains 252 units, per Yardi Matrix. The property’s new component is set to add 296 apartments, more than doubling the asset’s size.

Located at 1430 Bell Road in the metro’s Antioch South submarket, the existing eight-building community will grow by an additional 10 structures upon completion. The area is no stranger to new construction—there is another development underway immediately east of the project, LIV Development’s 248-unit The Hillson.

The first phase of Whetstone Flats contains a mix of one- to three-bedroom units, and the property was 96 percent occupied as of March, according to Yardi Matrix data. Notable community amenities include two outdoor kitchens, a pet park, attached private garages and a catering kitchen.

In March, Schatten Properties secured $14 million in financing for the expansion of one of its communities in the metro. That project will add 151 apartments to the 412-unit asset located just north of Nashville.