Parkview Financial announced 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, Tenn. 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.
Artist Lofts will be built on one of the last remaining parcels in the Germantown area of Nashville. 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.
Newly developed adjacent buildings to the site have performed well despite the pandemic, and the Germantown neighborhood is adjacent to downtown and Music Row drawing from a large potential tenant base. The site is also located near the Cumberland River and is directly south of downtown Nashville. It 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.