EJF Capital (EJF) and Chartwell Residential (CR) have closed on an approximately $67.35 million construction loan from Synovus Bank to develop the first phase of a multifamily development in Nashville’s Metrocenter neighborhood.
The project is in an area certified as a “qualified opportunity zone” under the Tax Cuts and Jobs Act of 2017 (TCJA).
The first phase of the project, which is located at 550 Great Circle Road on the former Watkins College campus, includes 377 multifamily units in a five-story structure with a 529-space, above-grade parking garage. Construction is expected to take 24 months with first deliveries expected in the first half of 2024. The site sits adjacent to 40-acre Lake Amulet, just north of downtown Nashville.
“Securing financing from Synovus is a major step in creating a multifamily development that will meet the needs of a growing market,” said Robert G. Schaedle, managing partner of Chartwell Residential.
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