A joint venture between CrossHarbor Capital Partners and Mill Creek Residential has secured 105 million US dollars in construction take-out financing for a newly built mixed-use project in Nashville. The German commercial bank Helaba provided the bridge loan for the Modera Riverview development, which was completed in 2024 in Nashville's Germantown neighbourhood.
PNC had previously provided a 103 million US dollar construction loan for the 400-unit property, which also features 13,998 square feet of retail space. Modera Riverview is located at 1410 Adams Street, close to the western bank of the Cumberland River and two miles north of Downtown Nashville.
Attractive location and experienced operators
The property offers its residents various amenities, including a swimming pool, a rooftop lounge, a fitness centre, coworking spaces, and a golf simulator. The ground floor retail units are fully leased to Legacy Fitness and the Italian restaurant Indaco.
Jason Deck, Director of Real Estate Finance at Helaba, expressed a positive view of the transaction. He emphasised that the presence of two "very experienced multifamily operators" and a property in a city with strong momentum made the deal attractive. He further explained that Nashville continues to perform well and remains an important market for the bank's US real estate platform.
Property details
- —Project name: Modera Riverview
- —Number of residential units: 400
- —Retail space: 13,998 square feet
- —Completion: 2024
CrossHarbor Capital Partners and Mill Creek Residential did not immediately respond to requests for comment.
