Clearbrook Holdings Corp. has received $12.8 million in construction financing from Renasant Bank for the 108-unit, second phase of The Pearl in Nashville, Tenn., Yardi Matrix shows. The loan matures in August 2027. The same lender financed the development of the project’s first 50 units through a $5.3 million loan in 2017.
The new community will be located at 1708 Pearl St., across the street from the first phase. The project will be close to several health-care facilities including the Saint Thomas Midtown and TriStar Centennial Medical Center hospitals, and Vanderbilt University is approximately 1 mile away. The development site, 1 mile southwest of downtown Nashville, was previously home to the Grace M. Eaton Child Care & Early Learning Center.
In mid-June, Renasant Bank originated a $20.5 million construction loan for a partnership between Pearlmark and Verta Development. The partnership used the financing for the development of Meridian Park, a 158-unit community some 4 miles south of downtown Nashville.