EJF Capital LLC and Chartwell Residential have closed on a $67.4 million construction loan for the 377-unit first phase of an upcoming community in Nashville, Tenn. Synovus Bank provided the financing. The project, which is located in an Opportunity Zone, is slated for delivery in about two years, with the first units available in the first half of 2024.
Upon completion, the five-story building will encompass studio, one- and two-bedroom apartments, as well as 529 parking spaces. Common-area amenities will include a swimming pool, a pet spa, a bicycle room, coworking spaces, fitness facilities and resident lounges.
Located at 550 Great Circle Road, on the site of the former Watkins College campus, the project is taking shape some 3 miles north of downtown Nashville. Dining and retail options are available nearby, along Rosa L Parks Boulevard.
Boosted by solid fundamentals, Nashville’s multifamily market is expanding rapidly. The metro had nearly 19,000 units under construction as of mid-May, with an additional 65,000 apartments in planned and prospective projects, according to Yardi Matrix data. Earlier this year, Preiss Co. broke ground on a 101-unit community near the Country Music Hall of Fame, while Sentral landed a $83 million loan for a 299-unit property in the same area.