Pearlmark JV Grabs $21M for Nashville Project

Renasant Bank provided the three-year note for the 158-unit multifamily development, slated to begin leasing in mid-2021.
Meridian Park. Rendering courtesy of Pearlmark

A joint venture between Pearlmark and Verta Development has received a $20.5 million loan from Renasant Bank for the construction of the 158-unit Meridian Park in Nashville, Tenn., according to public records. The financing package matures in 2023.

The partnership expects to begin leasing units in the summer of 2021. Southeast Venture is the lead architect and Highland Building Group is the general contractor. The owners have named Elmington Property Management to oversee operations.

The project, located on 8.4 acres at 1801 Meridian St., will include 132 apartment and 26 townhome units with average floorplans of 900 square feet. The development site is close to several dining and retail options, less than a mile from the intersection of interstates 24 and 65, and downtown Nashville is approximately 4 miles south.

In May, a joint venture led by Watercrest Senior Living broke ground on a Renasant Bank-financed project in Macon, Ga. The 98-unit luxury community is slated for delivery in summer 2021.