EJF Capital closed on an $80 million loan from Prime Finance for The Samara, a 377-unit, 5-story multifamily property located in Nashville’s Metrocenter neighborhood. The project is in a Qualified Opportunity Zone (QOZ).
The development features studio, 1-bedroom, and 2-bedroom units, along with a pool, co-working lounge, and a rooftop deck offering city views.
QOZs offer investors potential tax benefits to invest in specific neighborhoods with the aim of spurring economic growth in lower income areas. Certified under the Tax Cuts and Jobs Act of 2017 (“TCJA”), QOZs are located across all U.S. states and territories and designated by local and regional governments. EJF is an established QOZ investor, with a track record investing in over 24 multifamily and commercial developments of multi-family residential and industrial development projects in zones in the United States since 2018.
CBRE’s Nashville Debt & Structured Finance team of KO Kennedy, Cliff Joyner, David Zimmerman, William Bould, and Troy Allen arranged the transaction.
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