A joint venture partnership between the New York company Atlas real estate partners, Nashville-based real estate investor Wedgewood Avenue and developer HY Ventures collected $ 47 million in construction debt from a life insurance company Main Financial Group to build a mixed-use multi-family project in Nashville, Tenn., Commercial Observer learned.
Construction debt will go to a three-building development called Standard assembly, the first phase of a five-acre two-phase mixed-use multi-family project located just south of downtown Nashville.
Newmarkco-responsible for debt and structured finance Dustin Stolly and Jordan roeschlaub, next to Nick scribani and Chris Kramer contracted and arranged the debt.
The standard assembly will be based on a three-acre site located at 715 Merritt Avenue, just south of downtown Nashville in the city’s Wedgewood-Houston (WeHo) neighborhood, a designated opportunity area. It will eventually provide 310 apartments in the area and include more than 13,000 square feet of common and retail space, and it will have 360 parking spaces, according to the Westwood website. The joint venture bought the site for $ 4.5 million last year, according to a report by the Nashville Business Journal.
The 247,000-square-foot project will see two new multi-family buildings erected on the site – which will rise to five or six stories, according to the Wedgewood website – and will include a third 8,000-square-foot building that will be redeveloped to suit itself. adapt for rental use. The joint venture launched the project in August and plans to open it in the summer of 2022.
Standard assembly is only the first phase of a two-phase development. The developers are expected to begin the second phase – which will take place on a two-acre site adjacent to Standard Assembly – next year. (The Wedgewood website has a live construction cam available to watch.)
The asset benefited from the work of local architects, designers and artists in the Nashville area approached by the joint venture to help erect an asset that will suit WeHo’s “creative community” – home to a variety of galleries. and studios – according to information from Newmark. Atlas is the only company involved that is not based in the region.
“Our goal for Standard Assembly is to promote this growth by creating a timeless sense of place that embodies the spirit of the neighborhood and the people who work and live there,” said Atlas Managing Partner. Alex foster.
Main HY Nathan Hysmith said in a statement that his company was excited to deliver the first Class A rental project to the WeHo neighborhood, an “already vibrant and creative community that has long been a neighborhood focused on craftsmen and manufacturers in Nashville.”
Hysmith alluded to the importance of maintaining and helping to proliferate the “spirit” of the WeHo zone “with other like-minded developers,” and added that “the pedestrian precinct will develop further in the craftsman [and]maker center in the southeast, attracting further growth of the creative community.
by Wedgewood Handsome fowler believes the WeHo region could potentially become a major creative and artistic hub in the Southeast region, according to a statement in NBJ.