At a glance
- Connect CRE and REBusiness Online reported the loan.
- The project has 216 one-bedroom and 144 two-bedroom apartments across four floor plans, averaging 933 square feet.
- For lenders and credit-fund allocators, the loan's basis is about $197,000 per apartment, or $211 per square foot at the 933-square-foot average.
PCCP provided a $71 million senior construction loan to a joint venture of Embrey Partners and Southstar Development for Crossings Boulevard, a 360-unit apartment community in Spring Hill, Tennessee. Connect CRE and REBusiness Online reported the loan. The joint venture plans to deliver in the first quarter of 2028, and pricing, loan-to-cost and maturity were not disclosed.
The project has 216 one-bedroom and 144 two-bedroom apartments across four floor plans, averaging 933 square feet. The site is at 4101 Legacy Point Trail, about 37 miles south of downtown Nashville. The 14-acre property sits within a 213-acre master-planned community planned to include more than 400,000 square feet of commercial space, 300 hotel rooms and 17 acres of recreational space.
For lenders and credit-fund allocators, the loan's basis is about $197,000 per apartment, or $211 per square foot at the 933-square-foot average. The surrounding commercial space is planned rather than existing.
The Spring Hill loan follows a $76.2 million take-out that Newmark secured for Embrey's 354-unit Orlando apartments on Oct. 15, as Private Wealth Daily previously reported. That earlier financing was permanent debt on an operating asset; the new loan is construction-stage debt that runs into 2028.
Reported by the Real estate debt desk from Connect CRE and REBusiness Online. Published . Corrections
