JLL secures $133.6M financing for Nashville multi-housing development from Square Mile Capital
Upon completion, 19th & Church will feature 383 residential units in the popular Midtown neighborhood
CHICAGO, Sept. 15, 2022 – JLL Capital Markets announced today that it has closed the $133.6 million construction financing of a Class A, 383-unit multi-housing development at 1815 Church St. in Nashville’s Midtown neighborhood.
JLL worked on behalf of 19th Church Street LLC, a joint venture of Ascend Real Estate Group and Wanxiang America Real Estate Group, to secure the financing through Square Mile Capital Management LLC.
The 16-story building will feature studio, one- and two-bedroom units with European-style cabinetry, quartz countertops, large kitchen islands, stainless steel appliances, full-size washers and dryers and an average size of 814 square feet. Community amenities will include a coffee bar, state-of-the-art fitness center and yoga studio, a large indoor entertainment room, a gourmet chef's kitchen, a music and podcast studio, an outdoor bar with televisions and bar seating, a courtyard with a pool, grilling stations and firepits and private work rooms. Additionally, 19th & Church will offer 6,000 square feet of retail that will provide various services and products to the apartment residents and the neighborhood at large.
19th & Church’s Midtown location offers residents walkability to Nashville’s largest employers, such as HCA, Vanderbilt University and Medical Center, Ascension St. Thomas Hospital, Deloitte, BMI and Caterpillar. Residents will be proximate to over 200 unique bars/speakeasies, highly rated restaurants and local coffee shops, as well as over 35 live music venues and nightclubs. The property also provides quick connectivity to Interstate 40.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Director Chris Knight.
Square Mile Capital Principal David Greenburg commented, “Nashville’s powerful economic growth has created strong demand for quality housing. This project, strategically located in the city’s thriving Midtown area, will help to address that demand. We are very pleased to have the opportunity to participate by providing the construction financing to enable the project to get underway.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Wanxiang America Real Estate Group
Wanxiang America Real Estate Group, LLC (“WAREG”), a Chicago-based commercial real estate investment firm, has been successfully sourcing, underwriting, and executing commercial real estate investments since its first deal in 2010. WAREG provides a highly-efficient and straightforward investment process for all stakeholders by fully utilizing its flat organizational structure and extensive pool of discretionary capital. This uniquely efficient process, combined with the team’s real estate expertise and longstanding industry connections, has allowed WAREG to carve out a niche in the market. WAREG’s ability to study and analyze asset-level dynamics and intrinsic value has paved the way to countless successful investments that encompass all commercial real estate product-types throughout the US. Since its inception, WAREG has successfully invested $1.2 billion of equity into 116 investment deals.
To learn more about Wanxiang America Real Estate Group, visit www.wanxiangamericarealestate.com.
About Square Mile Capital Management LLC
Square Mile Capital Management LLC is an integrated institutional real estate and investment management firm based in New York. The firm has an established history of successful investing in commercial real estate at all points in the market cycle. Square Mile Capital’s experience supplying flexible equity and debt capital solutions in diverse property sectors and across the risk spectrum, combined with its integrated national sourcing and investment platform, facilitates the creation of value for its investors, partners, borrowers and counterparties. Square Mile Capital’s commercial real estate debt platform provides customized capital solutions for real estate owners and developers throughout the United States utilizing its broad investment platform, product expertise and research resources. The firm seeks to identify the impact of long-term trends on real estate values and target its equity investments on key investment strategies likely to benefit from such trends. For more information, visit squaremile capital.com.