Elmington Capital Group Secures $19M from Amazon Housing Fund to Build Nashville Community

Elmington Capital Group has secured an $18.8 million loan from the Amazon Housing Equity Fund for the construction of Harpeth Valley Apartments, a garden-style, 251-unit, mid-rise affordable housing development located in Nashville, TN. The property will be rent- and income-restricted at 60% AMI through 2072.

C.W. Early led a JLL team that worked with Amazon Housing Equity Fund on behalf of Nashville-based Elmington Capital Group, a developer and manager of affordable and workforce housing that is currently developing or has delivered more than 9,000 affordable apartment units since 2013.

JLL underwrote the Amazon long-term, fixed-rate subordinate loan. According to JLL, the higher leverage, low-cost loan allowed the project to get built in a challenging environment where interest rates and construction costs have been rising. In exchange for the favorable financing, the borrower agreed to rent and income restrictions at the property for 99 years.

Harpeth Valley Apartments will include six apartment buildings, consisting of four four-story split buildings and one three-story building. The development will also feature a clubhouse, exercise room, pool, on-site management, bike storage and common area Wi-Fi.

The project will sit at 8101 McCrory Lane approximately 20 minutes from Downtown Nashville, 13 minutes from Hillwood and six minutes from Bellevue.