East Bank Developer Inks $80M Construction Loan
Elmington Capital closed on construction loans in the amount of $80 million in order to build an affordable housing project near Nissan Stadium. The Nashville Business Journal reports it’s the first project to rise as part of Eastpoint Flats, a mixed-use development helmed by The Fallon Co. on the East Bank.
The financing comes a couple of weeks after Fallon and Elmington broke ground on the project, which is rising on a 2.25-acre site, at 501 S. Second St., a short walk from the new Titans stadium. East Bank flats will rise six stories.
Development plans include 323 affordable housing units, an 8,420-square-foot daycare and more than 12,000 square feet of retail space. Eighty units will be dedicated to 30% area median income (AMI), 136 units at 60% AMI and 107 units at 80% AMI.
Eastpoint will include a minimum of five residential buildings, three hotels, retail, restaurants and green space.
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