Parkview Financial Provides $42.5M Loan for Multifamily Development in Nashville’s Germantown District
NASHVILLE, TENN. — Parkview Financial has provided a $42.5 million construction loan for the development of Artist Lofts, a multifamily property located at 1217-31 2nd Ave. N in the Germantown submarket of Nashville, about one mile outside of downtown. The non-recourse loan has a 24 month-term with two three-month extensions.
Situated on a 0.9-acre parcel, the Artist Lofts project will offer 210 multifamily units, 3,800 square feet of ground-floor retail space and a parking garage with 250 spaces. The property will include one five-story building with a unit mix of 51 studios averaging 612 square feet; 110 one-bedroom units averaging 710 square feet; and 49 two-bedroom units averaging 996 square feet. Community amenities will include a clubhouse and lounge, fitness center, pool and sundeck, dog park and leasing center.
The borrower, an entity doing business as Monroe Germantown Holdings LLC, acquired the infill site at the end of 2020 and has completed the entitlement and permitting process. Construction is now underway and is slated for completion by fall 2023.