Parkview Financial announced today it has provided a $42.5 million construction loan to Monroe Germantown Holdings, LLC for the development of Artist Lofts, a mixed-use property located at 1217-31 2nd Ave N in the Germantown submarket of Nashville, TN. Situated on a .89-acre parcel, the project will offer 210 multifamily units, 3,800 square feet (sf) of ground-floor retail space, and a subterranean parking garage with 250 spaces.
Monroe Germantown Holdings acquired the infill site at the end of 2020 and has completed the entitlement and permitting process. Construction has now commenced with completion anticipated for fall 2023.
“This marks Parkview’s fourth loan with this experienced borrower,” said Paul Rahimian, CEO and Founder of Parkview Financial. “This project will help meet the growing demand for a quality, well-located rental product in the Nashville area which has been on fire the past few years with a staggering amount of growth in the Germantown submarket in particular.”
He added, “As graduates from the nearby universities and inbound professionals seek employment in the area, multifamily rentals such as Artist Lofts stand to be well-received.”
The property will include one five-story building with a unit mix of 51 studios averaging 612 sf; 110 one-bedroom units averaging 710 sf; and 49 two-bedroom units averaging 996 sf. The project will also feature a number of amenities including a clubhouse/lounge, fitness center, pool and sundeck, dog park and leasing center.
Artist Lofts will be built on one of the last remaining parcels in the Germantown area of Nashville. Newly developed adjacent buildings performed well despite the pandemic. Additionally, the neighborhood is adjacent to downtown and Music Row drawing from a large potential tenant base.
Located near the Cumberland River and directly south of downtown Nashville, the site is convenient to major traffic arteries such as the Interstate 65 which is two miles north, and U.S. Route 41 just one mile northwest. The project will provide residents with convenient access to a number of job centers and Fortune 500 companies, such as Bridgestone, Dell, Dollar General, Tractor Supply Company, Nissan North America, as well as Hospital Corporation of America, the world’s largest private operator of hospitals. The Music Row area to the south of the site has offices of notable record labels, including Universal Music Group, Sony Music Entertainment, and Warner Music Group.
About Parkview Financial
Parkview Financial is a direct private lender specializing in ground up commercial and residential real estate financing. Through a private real estate debt fund, we provide short-term bridge and construction loans secured by first trust deeds to developers throughout the United States. Since launching the Fund in 2015, Parkview has successfully executed more than $2.5 billion in financing for multifamily, retail, office, industrial and mixed-use projects with executed loans ranging from $5 million to $200 million.
With offices in Los Angeles (headquarters), Denver and Atlanta, our firm has grown exponentially since it was founded in 2009 by Paul Rahimian, its CEO. Parkview has earned an unparalleled reputation within the commercial real estate industry as one of the most respected private construction lenders in the nation. This has been accomplished through our proven ability to provide fast, creative financing solutions to borrowers who need more leverage and certainty of execution. Fortified with an experienced team of in-house experts, Parkview is able to be nimble and creative even when it comes to some of the most challenging projects.