EJF Capital LLC, and Chartwell Residential which specializes in the planning, design, and construction of high-quality residential development projects, announced the closing of a US$ 67.35M Synovus Bank construction loan to create the first phase of multifamily development at the old Watkins College Campus in Nashville’s Metrocenter district.
The project is located at 550 Great Circle Road, a “Qualified Opportunity Zone” designated by the Tax Cuts and Jobs Act of 2017. The act provides investors with possible tax incentives for investing in Qualified Opportunity Zones with the goal of stimulating economic growth in low-income communities.
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This phase consists of 377 multifamily units in a five-story tower with a 529-space above-grade parking garage. Co-working spaces, fitness facilities, resident lounges, a resort-style pool, a sundeck overlooking Lake Amulet, a rooftop bar and deck, a pet spa, and a bicycle room are among the project’s features. Just north of downtown Nashville is the 40-acre Lake Amulet location.
The construction works for this phase of the multifamily development at the old Watkins College Campus are projected to take approximately 24 months, with initial deliveries expected in the first half of 2024.
Remarks on the funding for the Nashville multifamily development at the old Watkins college campus
Speaking on this achievement, EJF Co-CEO Neal Wilson said, “We worked together with Synovus Bank, who share our belief that the Nashville multifamily market has enormous potential, and we are appreciative of their financial support and guidance on this exciting project in one of the country’s most vibrant cities.”
“Obtaining financing from Synovus is a significant step toward developing this multifamily development at the old 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 lines of business: residential and hospitality.
“The project provides people with a low cost of living in a dynamic urban location. We couldn’t have asked for a better partner than Chartwell,” Asheel Shah remarked.
