Westplan Lands $28M Loan for Nashville Project
- Mar 25, 2020
Westplan Investors has received $27.8 million in financing from Citizens Bank for the development of a community in Nashville, Tenn., according to public records. The project will include 236 units. The developer paid $7.2 million to Core Development Services for the 5-acre undeveloped parcel in December 2019.
Documents filed with the city’s Board of Zoning Appeals show that Catalyst Design Group and Poole & Poole Architecture are involved in the project, located at 2165 Nolensville Pike. The lot is near the upcoming, $275 million Major League Soccer stadium taking shape on the site of the historic Nashville Fairgrounds. The facility is expected to open in 2022.
Westplan is no stranger to Nashville. Last summer, the developer broke ground on another project in the area—a 282-unit development in the MetroCenter submarket, 3 miles north of downtown Nashville. The two-building property at 541 Great Circle Road is dubbed Accent Cumberland, according to Nashville Post.
Approximately 3 miles from the Nolensville site, a joint venture between Crescent Communities, Starwood Capital Group and Pearl Street Partners is working on Novel Edgehill, a mixed-use project rising in an opportunity zone. The property will include 270 units, coworking space and 6,000 square feet of retail.