$23M Loan Funds Apartment Project

NASHVILLE, TN-Park Nashville Partners LLC, a Baton Rouge, LA-based development firm has received $23 million in construction-to-permanent financing through the FHA 221(d) 4 program for a 298-unit garden apartment project here that will be called Hickory Point at Brentwood.New York-based Metropolitan Funding Corp. handled the financing. Company VP David Stein tells GlobeSt.com that the first mortgage loan will cover almost 100% of the project’s construction costs during its 18-month construction schedule. The non-recourse, fixed rate loan of 6.75% will roll into a 40-year self-liquidating term upon construction completion. “Our financing enabled them to take down the land and develop it,” he says.To rise at 15174 Old Hickory Blvd. in Davison County, Hickory Point at Brentwood will consist of 15 apartment buildings and a clubhouse. The unit mix of one, two, and three bedrooms average about 950 sf per unit, at rents in the $.95 per sf range. Amenities will include a fitness center, business center, pool, playground, basketball court and all appliances. Metropolitan Funding is a national HUD/FHA approved Multifamily Accelerated Processing lender.