RangeWater Real Estate has obtained a $56.6 million loan from Pinnacle Bank for the construction of a 320-unit multifamily project in Nashville, Tenn., according to public records. The note is set to mature in 2025, with a 1-year extension option.
The deal came back to back with the purchase of the 2.7-acre development site from Leftbank Holdings for $10.3 million. The developer intends to break ground on the project this month, with completion slated for the summer of 2023.
This would be RangeWater’s third development in Nashville and the second this year. The first one emerged in September, when the developer secured a $59.6 million construction loan for a 353-unit project within the city’s River North Development District.
A Marathon Village development
The residential building will take shape at 806 16th Ave. in the Marathon Village neighborhood, across from Marathon Music Works. The development is designed to include a mix of studio, one- and two-bedroom apartments. RangeWater Managing Director Palmer McArthur said, in a prepared statement, that the property will feature a wide array of amenities, such as a podcast lounge, flexible workspaces, a pool deck and yoga lawn, among others.
This multifamily project has been in the making since before the land changed ownership. In August 2020, Leftbank Holdings and Catalyst Design Group filed a rezoning request with the city’s planning commission for the land parcel at 806 16th Ave. N. Those plans called for a 449-unit multifamily development dubbed The Lofts at Marathon. However, despite receiving the authorities’ stamp of approval, groundbreaking never materialized.
The development site is less than 2 miles from central Nashville, near Nelson’s Green Brier Distillery and the Marathon Village Shopping Mall. The site is also less than 3 miles from another ongoing multifamily development, owned by Origin Investments and Price Development Group, that kicked off recently.