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EJF Capital has secured a $67 million construction loan from Synovus Bank for its multifamily development in Nashville’s Metrocenter District. The project is located at the old Watkins College campus in north Nashville. Watkins College merged with Belmont University in 2020.
The five story development will include 377 multifamily units as well as an above grade parking garage with more than 500 spaces. Amenities will include a sundeck, rooftop bar, bicycle room, fitness facilities, co-working areas, and a pet spa.
“We worked together with Synovus Bank, who share our belief that the Nashville multifamily market has enormous potential, and we are appreciative of their financial support and guidance on this exciting project in one of the country’s most vibrant cities,” said EJF Co-CEO Neal Wilson.
Nashville is home to 18 Opportunity Zones, representing almost 10% of the city’s total population.