Madison Realty Capital Lends $23M on Nashville Resi Towers
M2 Development Partners has landed $23 million of construction financing to build two residential towers in Nashville, Commercial Observer has learned.
Madison Realty Capital originated the loan for the pre-development work of M2’s project in Nashville’s Midtown and SoBro neighborhoods.
“As prominent businesses across industries such as Amazon, Ernst & Young, AllianceBernstein and Oracle move and expand into Nashville, demand for high-quality residences continues to grow significantly,” Josh Zegen, managing principal and co-founder of Madison Realty Capital, said in a statement. “We are pleased to support two projects strategically located in Nashville poised to capitalize on the neighborhood’s live, work and shop proposition as renters seek modern, amenity-rich living options amid a dynamic employment market.”
Zegen added that Nashville-based M2 is very committed to Tennessee’s largest city with plans to break ground on a new Ritz-Carlton hotel and residential tower later this year.
The new multifamily development includes a 1.14-acre site on 500 Lafayette Street in Nashville’s SoBro section, where plans call for a roughly 340-unit building, outdoor space and underground parking. Another 15-story tower with 139 units will rise on a 0.78-acre site at 17th Avenue North and Patterson Street in the Midtown neighborhood.
“Madison provided us with the necessary capital to continue advancing our pre-development activities with an eye on commencing construction in the fourth quarter of 2022,” Timothy Morris, managing principal of M2 Development Partners, said in a statement.
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