Berkadia Secures $46.8M Construction Loan for Multifamily Property Near New Logistics & Manufactuing Hub in Tennessee
Millington, Tennessee – December 4, 2024 – Berkadia announced today it has secured a $46.8 million construction loan for The ONE at Millington, a new 360-unit, garden-style multifamily development located in Millington, Tennessee – an area of West Tennessee benefitting from new manufacturing and logistics industry investments.
Managing Director Brad Williamson and Senior Associate Patrick Johnson of Berkadia Miami, along with Senior Managing Director Mitch Sinberg and Managing Directors Scott Wadler and Matt Robbins of Berkadia Boca Raton and Miami, secured the financing on behalf of the sponsor, Miami-based One Real Estate Investment (OREI), led by Jeronimo Hirschfeld, Bob Barton and Thomas Kochak.
OREI is an experienced real estate developer, investor and asset manager with a portfolio of more than 11,000 apartments throughout the Sunbelt.
City National Bank provided the four-year, floating-rate loan to fund the construction of The ONE at Millington, which is strategically located at the center of a 100-acre mixed-use, master-planned development known as Millington Farms.
“Securing this construction financing marks an important milestone for The ONE at Millington,” said Williamson. “This project will address the growing demand for high-quality multifamily housing in an area poised for substantial growth, driven by the large-scale developments such as BlueOval City and Memphis World Hub.”
“The One at Millington is a unique and very exciting development opportunity,” added OREI’s Hirschfeld. “We’re excited about additional development opportunities as we expand our multifamily development platform. We anticipate breaking ground on several other projects throughout the Southeast region and look forward to capitalizing on continued growth in the market.”
Millington has seen a significant increase in economic activity and investment following Ford Motor Company’s announcement in 2021 that it will build BlueOval City, a $5.6 billion mega-campus to manufacture electric vehicles and batteries. The project, expected to be operational in 2025, will create over 6,000 jobs. Additionally, FedEx recently opened its $1.3 billion World Hub in nearby Memphis, further enhancing the region’s logistics and manufacturing capabilities.
Located at 8490 US-51, The ONE at Milliington will be a 360-unit, three-story garden-style multifamily development set on a 24-acre site within the rapidly growing Millington Farms. This mixed-use, master-planned 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.
The ONE at Millington will offer spacious one-, two-, and three-bedroom apartments, with an average size of 1,071 square feet per unit. The property will feature high-quality finishes, including stainless steel appliances, quartz countertops, and walk-in showers. Apartments will also be equipped with smart, internet-connected technology, allowing residents to control thermostats and lighting via a smartphone app. On-site amenities include a resort-style, zero-entry pool with an outdoor cabana and bar area, a state-of-the-art fitness center, a 24-hour yoga room, and a game room with billiards and shuffleboard. Residents will also have access to two fenced-in dog parks, a pet salon, a children’s playground, and large green spaces for outdoor activities. Additional conveniences include package lockers, electric car charging stations, and door-to-door valet trash service.
The property is located just east of the Shoppes at Millington Farms which includes a Lowe’s, Ross Dress for Less, Petco, and more. The ONE at Millington is just 25 minutes from Downtown Memphis and offers easy access to I-40, I-55, and U.S. Highway 51, connecting residents to major employment centers, retail destinations, and the city’s key business districts. The Memphis International Airport is also within a 30-minute drive.
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