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Wood Partners Secures $51.5M Construction Loan From Commerce Bank For Nashville Apartment Project
FINANCED
$51,500,000
Tennessee
See Similar DealsDevelopment Site
Financed 10/09/2023
FINANCED
Wood Partners Secures $51.5M Construction Loan From Commerce Bank For Nashville Apartment Project
210 Cumberland Boulevard
See Similar DealsDevelopment Site
Financed 10/09/2023
Summary
TENNESSEE
Asset Type:Development Site
Transaction Type:Loan
Wood Partners, based in Atlanta, has secured a $51.5 million construction loan from Commerce Bank for its MetroCenter apartment project in Nashville, Tennessee. The development site, located at 210 Cumberland Bend in Nashville, is the subject of the loan. The property's address is in the bustling market of Nashville, TN.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $51,500,000
- Lender: Commerce Bank
- Landlord: Joseph Keough - Wood Partners
- Loan Type: Construction
Joseph Keough, representing Wood Partners, acted as the landlord in the deal, securing the construction loan. Commerce Bank, a notable lender, provided the loan to support the development of the MetroCenter apartment project.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$51,500,000.00
Monthly NOI$343,333.33
Monthly Debt Service$325,515.03
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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