RangeWater Lands $60M Loan for Nashville Project
The community is the company's second in Music City and 100th overall.
RangeWater Real Estate has secured a $59.6 million construction loan for its 100th development, a 353-unit project in Nashville, Tenn., public records show. The development is within the River North Development District, a 125-acre master-planned district along the Cumberland River.
The developer acquired the more than 3-acre land for $12.5 million, Davidson County records show. Santander Bank provided the two-year construction financing for the project, which is set to break ground this month. The community is expected to be fully complete by early 2023.
RangeWater’s second project in the Music City will take shape at 201 Cowan St. The community is slated to feature studios along with one- and two-bedroom units. Planned amenities will encompass two floors and are set to include a swimming pool, sky lounge, listening lounge outfitted with recording equipment along with a green rooftop available to all residents.
The development is less than a mile from the Nissan Stadium, within 2 miles of downtown Nashville and Frederick Douglass Park and some 3 miles east of Tennessee State University. Interstate 24 and Highway 41 are easily accessible.
Within 3 miles of the River North development there were 28 rental projects under construction totaling 7,017 units as of mid-September, according to Yardi Matrix data. While most of the projects are market rate, there is one fully affordable community and four partially affordable properties underway.
In August, Trei Real Estate GmbH teamed up with Proffitt Dixon Partners to develop Queens at Wedgewood-Houston, a 221-unit property in Nashville. The development is also slated for a 2023 delivery.