One Real Estate Investment (OREI) has secured a $46.8 million construction loan for The ONE at Millington, a new 360-unit, garden-style multifamily development located in Millington, Tenn.
Berkadia Miami, along with Berkadia Boca Raton, secured the financing on behalf of the OREI.
City National Bank provided the four-year, floating-rate loan to fund the construction of The ONE at Millington, which is located at the center of a 100-acre mixed-use, master-planned development known as Millington Farms.
Millington has seen an increase in economic activity and investment following Ford Motor Co.’s announcement in 2021 that it will build BlueOval City, a $5.6 billion mega-campus to manufacture electric vehicles and batteries. The project, expected to be operational in 2025, will create more than 6,000 jobs. Additionally, FedEx recently opened its $1.3 billion World Hub in nearby Memphis, further enhancing the region’s logistics and manufacturing capabilities.
