Berkadia Secures $46.8M Loan for Memphis-Area Development

City National Bank provided a four-year, floating-rate loan of $46.8 million to fund the construction of The ONE at Millington, a new 360-unit, garden-style multifamily development located in Millington, Tennessee. One Real Estate Investment (OREI) is the sponsor. Berkadia’s Brad Williamson, Patrick Johnson, Mitch Sinberg, Scott Wadler and Matt Robbins secured the financing on behalf of OREI. 

Located at 8490 US-51, The ONE at Millington will be a 360-unit, three-story garden-style multifamily development set on a 24-acre site. The ONE at Millington will offer one-, two-, and three-bedroom apartments, with an average size of 1,071 square feet per unit. On-site amenities include a pool with an outdoor cabana and bar area and a state-of-the-art fitness center.

The complex is located at the center of Millington Farms, a 100-acre mixed-use, master-planned development. This community includes future developments such as three hotels, six medical office buildings, and over 100,000 square feet of retail, alongside an assisted living facility.