Elmington Lands $24M Construction Loan | Multi-Housing News
NASHVILLE, Tenn. – February 28, 2018 – Berkadia announced today the $24 million financing for Twelfth & Wedgewood, a to-be-built 153-unit affordable workforce apartment community in the Edgehill/12th Avenue South neighborhood in Nashville, Tennessee. Senior Directors Chad Bedwell and Franklin Brown and Managing Director Lloyd Griffin secured the financing through the U.S. Department of Housing and Urban Development’s 221(d)4 loan insurance program for Tennessee-based developer sponsor, Elmington Capital Group.
The program enabled Elmington Capital to secure a sub-four percent fixed rate of interest for a 24-month construction loan, followed by a 40-year term permanent loan.
“This innovative public/private partnership between Metro and Elmington Capital has facilitated the creation of much needed high-quality affordable/workforce housing that will help ease the high housing cost-burden in Nashville,” said Griffin. “This is especially significant for a close-in site within a neighborhood experiencing an inordinate amount of transformation. A broad coalition of supporters—Metro Nashville, THDA, HUD, Edgehill Coalition, Elmington and others—came together and worked incredibly hard for two years from inception.”
Construction of the four-story property is underway at 1500 12th Ave. S, in the trendy Edgehill/12th South neighborhood, minutes from downtown with convenient access to Interstate 65. The one- and two-bedroom floor plans will feature in-unit washers and dryers, fully equipped kitchens, oversized closets and garden tubs. Residents will enjoy community amenities, such as a fitness center and a business center.