Locally based Bristol Development has under contract a church property on Eastland Avenue in East Nashville and plans to renovate the structure to house about 15 condos while also building some cottage homes behind it. Getahn Ward at The Tennessean has details here.
Boston-based Eaton Vance Corp. has acquired the Grove at Shadow Green apartment complex in Franklin for $37.25 million, according to the Nashville Business Journal.
The 196 apartments are located at 2000 Toll House Circle. The investment firm purchased the complex from SWH Residential Partners, based in Georgia, which finished building the apartments last year.
For more, click here.
Forgive Nashville-area homeowners if they are discounting year-ago predictions of little or no price appreciation in 2015. Research firm CoreLogic reports that the market finished February with prices — including distressed sales — up 7.1 percent from the mark of a year earlier. Take out distressed sales and the year-over-year increase is still a very respectable 5.7 percent. Those numbers are right in line with stats from last summer.
Tony Giarratana has secured $35 million in mezzanine funding from LaSalle Investment Management for a 500-unit residential tower planned for the southwest corner of the intersection of Fifth Avenue North and Church Street downtown. Giarratana, who also is building an apartment tower in SoBro, has downsized his plans for the 505 tower to 45 stories from 60, saying doing so makes the numbers work. Adam Sichko at the Business Journal has the details and the context.
All told, that means Giarratana has 40 percent of the capital he needs to build the 505 tower. The balance will come from a $90 million construction loan.
This week, David Hendrickson, a managing director at Jones Lang LaSalle who works out of Chicago, began soliciting lenders for that loan. Hendrickson told me he expects to have a binding loan agreement in place within eight weeks.
The developer of Terra House, currently under construction on Rolling Mill Hill, is targeting a November completion for the mixed-use building.
Atlanta-based SWH Residential Partners is partnering with the Metro Development and Housing Agency on the project, with the developer to lease from MDHA the land on which Terra House sits. The building will include 194 apartment units and 12,585 square feet of commercial space. Its façade addresses Hermitage Avenue.
John Tirrill, SWH managing partner, said Vickie Saito and Charlotte Ford, brokers with the Nashville office of Colliers International, are making progress handling the marketing and leasing of the commercial space. Terra House will be the first Rolling Mill Hill building to offer retail, as six existing RMH buildings are residential only.
“We’ve had good interest,” Tirrill said of prospective retail tenants. “It will be nice to have a little commercial node on Rolling Mill Hill.
“My experience with urban neighborhood commercial space is that most owners of the businesses [well suited for such spaces] want to see the buildings completed before they sign leases.”
Read more about Terra House here.
Nashville's housing market slipped a bit in January, according to Freddie Mac's Multi-Indicator Market Index, which incorporates mortgage applications and job growth, among other things. The local index is still up 6 percent year over year, but that's two points below the level of the previous two months. Nationally, Freddie Mac's researchers say the picture showed a similar stumble due to winter weather and slower economic growth.
POSTDATA: WARRANTY DEEDS