GBT Realty announced today it has closed a construction loan for a three-story, 108-unit multifamily complex on Nolensville Pike and Old Burkitt Road.
The new development will be called Southcrest Reserve.
“We are pleased to advance Southcrest Reserve, a multifamily addition to our under-construction retail destination Southcrest Center,” Craig Cole, managing director at GBT Realty said. “Residents will have immediate access to a full suite of amenities and retailers on-site while being along a major transit corridor to and from downtown.”
The loan was provided by Commerce Bank. Construction is expected to begin immediately with a planned completion date in fall of next year.
Southcrest Reserve will offer tenants a variety of amenities including fitness facilities, a lounge and coworking areas as well as a pool and communal grills.
The project is an addition to Southcrest Center, a nearby retail location, which is currently under construction and expected to open midway through this year.
GBT Realty also announced several Southcrest Center tenants including Scooter’s Coffee, Orange Theory, Heartland Dental, Valvoline, Wendy’s and McAlister’s Deli.
The Brentwood-based developer has invested significantly in Nolensville Pike — the company is developing a 7-Eleven convenience store next door to Southcrest, and has already finished construction on the nearby Southpointe Marketplace.
GBT is involved in numerous projects throughout the region including One22One, an office building under construction in the Gulch; Park West, mixed-use residential and hotel towers on West End Avenue; and Eden House, luxury condominiums in Green Hills.
The company recently closed a $110 million deal to develop the 8-acre Beaman property in Midtown, with plans to transform the site into mixed-use project. The deal, which was financed by Monarch Alternative Capital, marked one of the most expensive land transactions in Nashville’s history.