EJF Capital and Chartwell Residential have closed $67.35m construction loan from Synovus Bank to develop the first phase of a multifamily scheme at Metrocenter neighbourhood in Nashville.

This project is located in an area that is certified as a ‘Qualified Opportunity Zone’ under the Tax Cuts and Jobs Act of 2017 (TCJA), which provides investors potential tax benefits to invest into Qualified Opportunity Zones.

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The project is located at 550 Great Circle Road on the former Watkins College campus.

Phase I of the project includes 377 multifamily units in a five-storey structure with a 529-space, above-grade parking garage.

Construction is anticipated to take 24 months with first deliveries of the units expected in the first half of 2024.

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The project is located next to 40-acre Lake Amulet, just north of downtown Nashville.

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EJF Co-CEO Neal Wilson said: “We have worked closely with Synovus Bank and are grateful for their financial backing and support on this exciting project in one of the most robust cities in the country. They share our vision that the Nashville multifamily market has immense potential.”

Chartwell Residential managing partners Robert G Schaedle said: “Securing financing from Synovus is a major step in creating a multifamily development that will meet the needs of a growing market.”

Situated in the Metrocenter submarket, the project will feature a mix of studio, one-bedroom, one-bedroom plus den, and two-bedroom units.

The amenities offered by the project includes co-working spaces, fitness facilities, resident lounges, a resort-style pool, sundeck overlooking Lake Amulet, rooftop lounge and deck, pet spa, and a bicycle room.
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Image: Phase I of the project includes 377 multifamily units in a five-storey structure. Credit: Pexels from Pixabay.