NASHVILLE, TENN. — The Clear Blue Co. has opened Highland East, a 238-unit affordable housing community located at 301 Ben Allen Road in east Nashville. The seven-building property has direct access with the Metro Greenway and the city’s expanding trail and greenway network thanks to a partnership with Metro Parks.
Highland East features a mix of one-, two- and three-bedroom units available to individuals earning up to 60 percent of the area median income (AMI). Ten units will be reserved for those earning up to 30 percent of AMI, and five units will be dedicated as permanent supportive housing to serve individuals who formerly experienced homelessness.
Amenities include a clubhouse, business center, playground, indoor fitness center, outdoor fitness circuit, dog park, art installations and decks with fire pits and grilling areas. Clear Blue broke ground on Highland East in June 2023.
The development is supported by Amazon, the Tennessee Housing Development Agency through Low-Income Housing Tax Credits (LIHTC) generating $36.7 million in equity and construction and LIHTC equity investment from JP Morgan. Regions Bank provided a $24.8 million construction loan and a $23.6 million equity bridge loan for the project. Walker & Dunlop is also providing permanent financing.
The Metropolitan Development and Housing Agency has contributed GAP financing and property tax relief through a Payment in Lieu of Taxes (PILOT), with additional support from the Barnes Housing Trust Fund.