Pinnacle Financial & CommerceOne Bank Provide $37M Construction Loan For Nova River District
$37,000,000
Building Size
—
Asset Type
Development Site
Closing
Mar 22, 2024
AI
The $37 million construction loan for Nova River District in Rome, Georgia has been finalized by Pinnacle Financial Partners and CommerceOne Bank. The mixed-use development is located along the Oostanaula River and spans across 6.41 acres in the CRE IMPACT River Arts District, LLC.
Summary of transation details:
- Property Type: Development Site
- Transaction Amount: $37,000,000
- Lender: Pinnacle Financial Partners & CommerceOne Bank
- Landlord: CRE IMPACT River Arts District, LLC
- Asset Type: Development Site
- Market: Rome, GA
- Loan Type: Construction
Pinnacle Financial Partners and CommerceOne Bank collaborated to provide the substantial construction loan for the development project, ensuring the realization of Nova River District in Rome, Georgia. The investment in this mixed-use development signifies a strategic move in enhancing the landscape and offerings along the picturesque Oostanaula River, benefiting the local community and economy.
Players
Market Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.43%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93