Midtown development moves forward with mortgage, retail component
Published on: November 28, 2018
Makowsky Ringel Greenberg (MRG) has landed an $11 million loan for its Midtown apartment development and added a retail component to the project.
U.S. Bank will finance the construction of Madison at McLean, which is set to include 108 units and cost $14 million, according to a mortgage filed Nov. 15.
The retail component will consist of an 1,100-square-foot space. Other amenities include a fitness center, indoor bike storage and pet wash room, according to a news release.
The project recently broke ground and is now set to be finished in late 2019, the release said.
In 2017, MRG landed a $2.9 million tax break for the development from EDGE (the Economic Development Growth Engine) for Memphis & Shelby County, which was the body's first multifamily tax break. The $11 million mortgage is roughly the amount MRG told EDGE it would need to borrow.
At the time of the tax break, the development was expected to be the first new apartment development in Midtown in more than 15 years. However, Belz Enterprises and Georgia-based Harbour Retail Partners are significantly farther along with their 173-apartment development at McLean Boulevard's intersection with Union Avenue.
Financial Federal Bank brokered the US Bank mortgage for MRG.