Principal Real Estate Investors, a real estate investment division under the umbrella of the investment manager and life insurer Principal Financial Group, has provided just over $63.2 million in debt to Chartwell Residential to build a luxury mixed-use community near Downtown Nashville.
The loan will aid the buildout of Chartwell at Marathon, a planned, 360,000 Sq Ft. residential and retail mixed-use project at 801 12th Avenue North and 800 14th Avenue North within Marathon Village, a neighborhood created through the redevelopment of an area and its buildings that used to host old automobile manufacturer, Marathon Motor Works.
Stephen Brink, a managing principal out of First Southern’s Nashville office affirmed that the competing funding set offered by Principal was ideal for property ownership.
The project planned by David Baker Architects and Nashville-based firms Johnson Johnson Crabtree Architects and Catalyst Design Group will sport 388 rental units and more than 4,000 Sq Ft. of ground-floor retail space. The residential units will be split across the two parcels, with 378 apartments rising at 801 12th Avenue North and 10 townhomes at 800 14th Avenue North.