“We did not see that the transformation [was] happening as quickly as it was happening,” he says. Now, groups such as Urban Housing Solutions (UHS) are doing what they can to keep affordable apartments on the market. Last month, the group finalized a deal to purchase two apartment buildings between downtown Nashville and Nashville International Airport, with the goal of keeping all of their units affordable for the next 30 years. The acquisition is being financed with a $19.2 million loan from Regions Bank, and, for the first time in Nashville, four philanthropic foundations have agreed to commit portions of their endowments as collateral in order to guarantee the loan. The combined $2 million loan guarantee helped UHS close the deal more quickly, Elrod says. That’s an important leg up in a market where private investors with ready money already have a steep advantage. Typically, UHS and other nonprofit groups have to compete for property with for-profit groups that have more equity, less cumbersome financing options, and often work with brokers who can do much of the legwork for them.
Of Note: 24 February 2021 | Nashville Post nashvillepost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nashvillepost.com Daily Mail and Mail on Sunday newspapers.