EJF Capital LLC and Chartwell Residential, specializing in the planning, design and construction of high quality residential development projects, announced the closing of a US$67.35 million construction loan from Synovus Bank for create the first phase of multi-family development at the former Watkins College Campus in Nashville’s Metrocenter neighborhood.
The project is located at 550 Great Circle Road, a designated “Qualified Opportunity Zone” under the Tax Cuts and Jobs Act 2017. The law provides investors with possible tax incentives to invest in qualified opportunity areas with the goal of stimulating economic growth in low-income communities.
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This phase includes 377 multi-family units in a five-story tower with a 529-space above-ground parking garage. Coworking spaces, fitness facilities, resident lounges, resort-style pool, deck overlooking Lake Amulet, rooftop bar and deck, pet spa, and bike storage are part of the characteristics of the project. Just north of downtown Nashville is the 40-acre Lake Amulet location.
Construction of this phase of the multi-family development at the former Watkins College campus is expected to take approximately 24 months, with first deliveries expected in the first half of 2024.
Funding Remarks for Nashville Multifamily Development on Old Watkins College Campus
Speaking on the achievement, EJF Co-CEO Neal Wilson said, “We have worked with Synovus Bank, who share our belief that the Nashville multifamily market has tremendous potential, and we appreciate their support. financial advisor and their advice on this exciting project into one. of the most dynamic cities in the country.
“Securing funding from Synovus is an important step toward developing this multi-family development on the former Watkins College campus that will meet the needs of a growing market,” said Robert G. Schaedle, Managing Partner of Chartwell Residential, which is based in Nashville and focuses on two businesses: residential and hotel.
“The project offers people a low cost of living in a vibrant urban location. We couldn’t have asked for a better partner than Chartwell,” remarked Asheel Shah.