Updated Jun 16, 2026
FINANCEDDevelopment Site
Elmington Capital Secures $80 Million Loan For 323-Unit Development In Nashville
501 South 2nd Street
$80,000,000
Units
323
Asset Type
Development Site
Closing
Jun 12, 2026
About this deal
AI
The asset involved in this transaction is a development site located at 501 South 2nd Street, Nashville, TN. Elmington Capital is responsible for the project, which focuses on constructing an affordable housing development consisting of 323 units. The secured loan amount for this construction project is $80,000,000.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $80,000,000
- Landlord: Elmington Capital
- Loan Type: Construction
- Market: Nashville, TN
- Project: 323-unit affordable housing project at 501 S. Second St.
- Nearby Landmark: Nissan Stadium
- Phase: First phase of Eastpoint Flats
- Developer: The Fallon Co.
The individuals and companies involved in this financing transaction include Elmington Capital as the landlord and The Fallon Co. as the lead on the project. The financing secured is specifically aimed at the construction of the Eastpoint Flats development.
On the Map
$80,000,000
Development Site
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Players
Elmington CapitalLandlord
Saint Maries Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.20%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93