Planned Nashville Project Gets $39M Construction Loan

Graycliff Capital Development plans to build a 364-unit Class A community in the metro’s Antioch-East submarket.
Waterleaf at Antioch Apartments. Image courtesy of Graycliff Capital Development
Waterleaf at Antioch Apartments. Image courtesy of Graycliff Capital Development

Graycliff Capital Development has received a $39.1 million construction loan from CIBC for a 364-unit residential project in Antioch, Tenn., according to Davidson County records. After purchasing an 18-acre development site east of Interstate 24, the developer confirmed for Multi-Housing News that it plans to start work on Waterleaf at Antioch Apartments, a Class A project set to be delivered in spring 2021.

Located at 2901 Old Franklin Road, the upcoming property will be within a 15-mile drive of Nashville’s central business district and close to a regional hospital, several restaurants, supermarkets, drug stores and Century Farms—the 300-acre, master-planned development currently underway. Developers are very active in the Antioch area, with several projects under construction. For example, Buckingham Cos. is expanding one of its recently built luxury communities by 296 apartments.

At Waterleaf, plans call for eight three-story and two four-story residential buildings with studios and one- to three-bedroom units, ranging between 612 and 1,243 square feet. All apartments are set to be equipped with Energy-Star stainless steel appliances, custom cabinetry and granite countertops. Select units will have walk-in closets, in-home washers and dryers, and elevator access.

The project also features four carriage house residential buildings with attached parking. Amenities at the upcoming community are set to include a fitness center, an outdoor cabana with fireplace, a swimming pool, a dog spa, a clubhouse, electric vehicle charging stations and a cafe with coworking space.