Isle of Palms, South Carolina-based Woodfield Development said it has secured a $53.7 million senior loan in connection with the Margaux Midtown apartment complex, located in the neighborhood for which the company takes its name.
According to the announcement, BWE provided the funding through its proprietary bridge program, and the loan was originated by Adam Beever and Alec Jenkins in BWE's Washington, D.C. office.
Margaux Midtown, scheduled to open in 2023, will consist of two six-story buildings with a total of 292 residential units. 1600 State Street The project cost approximately $82 million.
“This financing gives us the flexibility we need to go on the offensive as capital markets change over the next few years,” Greg Bonifield, a founding partner at Woodfield, said in the release.
“We are incredibly grateful for our relationship with BWE and it would be remiss of us not to thank all of the team members who made this funding possible.”
They are seeking renewal of the Rowe site, which was once a proposed site for apartment construction.
The owners of six parcels of land in Music Row, once a proposed apartment site, are asking Metro to conduct a feasibility study on water and sewer access.
The address of the property owned by Music Row Development LLC, which includes business partners Moni Advani and Kevin Woods, is 1029-1107 17th Ave. S. The LLC paid a total of about $9.45 million for the six properties, according to documents from the Davidson County Register of Deeds.
Advani and Woods could not be reached for comment.
As post As reported in 2022, St. Louis-based developer Ridgehouse Companies submitted black-and-white concept images to the Metro Planning Department for a proposed Music Row building that would offer 196 apartments. here).
Ridgehouse was looking at a building with a total of 39 apartments, 147 one-bedroom units and 10 two-bedroom residences.
However, one source post Ridgehouse has since decided to cease acquiring and developing real estate. The company and Arden Group are continuing construction on Coda, a mixed-use building on Wedgwood Avenue near the Wedgwood Houston. here).
West Virginia property owners request mixed-use zoning
Property owners at Wedgewood Houston are seeking rezoning to mixed-use.
The partnership owns the property and the address is 1300 Fort Negley BoulevardThe firm enlisted Nashville-based Smith G Studio to help make the rezoning happen: The 1.87-acre site is currently zoned industrial.
A building on the site appears to be the headquarters for Enterprise Solutions, an electrical engineering company.
The property is in Metro Councilman Terry Vo's 17th district. Vo said: post She is unaware of any development plans for the site.
The rezoning vote is scheduled to take place at the Metro Planning Commission's Aug. 8 meeting.