ARLINGTON, Va.--(BUSINESS WIRE)--EJF Capital LLC (“EJF”) and Chartwell Residential (“CR”) today announced the close of 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”), which offers investors potential tax benefits to invest into Qualified Opportunity Zones with the aim of spurring economic growth in lower income areas.
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.
“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,” said EJF Co-CEO Neal Wilson. “They share our vision that the Nashville multifamily market has immense potential.”
“Securing financing from Synovus is a major step in creating a multifamily development that will meet the needs of a growing market,” added Robert G. Schaedle, Managing Partner of Chartwell Residential, which is based in Nashville and focuses on two lines of business: residential and hospitality.
Located in the Metrocenter submarket, the project will contain a mix of studio, one-bedroom, one-bedroom plus den, and two-bedroom units. Metrocenter has emerged as an attainable multifamily housing submarket, with proximity to employment nodes in greater downtown Nashville. The project’s amenities include 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.
“The Watkins College project offers residents an affordable price point in a vibrant urban setting,” said Asheel Shah, EJF Senior Managing Director and Head of Real Estate Development. “We couldn’t ask for a better partner in Chartwell.”
Chartwell Residential Partner, Ben Schaedle, commented, “We believe in the evolution of the North Nashville Corridor and the revitalization of the Metrocenter area, and are excited to be a part of Nashville’s continued growth.”
About EJF Capital
EJF Capital LLC is a global alternative asset management firm headquartered outside of Washington, D.C. As of March 31, 2022, EJF manages approximately $5.1 billion across a diverse group of alternative asset strategies. The firm was founded in 2005 by Manny Friedman and Neal Wilson. Since inception, EJF has focused on regulatory event-driven investment themes including its strategy to invest in Qualified Opportunity Zones.
About Chartwell Residential
Chartwell Residential specializes in the development, construction, and management of high-quality residential development projects. Our mission is to deliver sustained value by selective land acquisition in targeted high-growth markets and the development, construction, and operation of high-quality residential projects that adheres to the highest standards of quality and practice. Chartwell Residential’s in-house expertise and fully integrated structure provide our team with superior control over costs and timing throughout all stages of the development process.