Pathway Lending, a Community Development Financial Institution headquartered in Nashville, along with development partner Trent Development Group recently broke ground on a new affordable housing community in Madison. The new community, Birchstone Village, will consist of 1, 2, and 3-bedroom units at 616 N. Dupont Avenue.
“We are grateful to our partners who came together to make Birchstone Village a reality and bring sought-after, high-quality affordable housing to the residents of Nashville. Our long-standing commitment to affordable housing and experience financing it in Nashville and across the state brought us the opportunity to partner with Trent Development in the creation of Birchstone.”
— Clint Gwin, Pathway Lending President and CEO
“This important investment in Nashville’s affordable housing supply is made possible thanks to several groups who provided vital funding, resources, and support. This project demonstrates the meaningful progress our community can make to address Nashville priorities when the private and public sectors work together.”
— Alex Trent, President of Trent Development Group
Trent Development will transfer an existing federal Section 8 housing contract from its Berkshire Place Apartments at 1500 Porter Road in East Nashville to the newly constructed Birchstone Village. The company will preserve 185 Berkshire units and add 43 standard affordable housing units making it a mixed income property. Trent Development will pay the moving costs, related costs, and make other contributions to assist the moves from Berkshire Place residents to Birchstone Village
The new community is made possible thanks to a long list of public and private organizations who share the mission to add more affordable and workforce housing to Nashville. Here’s the quick rundown:
Birchstone Village
616 N. Dupont Avenue
Madison, TN (Regional Nashville)
- What’s Now: Cleared lot
- What’s Next: Multifamily Development
- Developer: Trent Development
- Architects: Studio A / Smith Gee Studio
- Civil: Ragan Smith
- Residences: 228 Units
- Program Space: 11,000 SF
- Contractor: Bacar
- Anticipated Completion: 2025
CAPITAL STACK
- Pathway Lending led the charge in securing a Community Investment Tax Credit from the State.
- $1.9M affordable-housing grant from Nashville’s Barnes Fund.
- Multi-family tax-exempt bond from the Tennessee Housing Development Authority (THDA),
- Funding from the Metro Development and Housing Authority (MDHA) PILOT program, and cooperation and approval from HUD to transfer the current rent subsidy to the new site.
- The Amazon Housing Equity Fund provided gap funding of $22.5 million, continuing the company’s commitment to impact Nashville’s affordability goals.
- Construction and permanent financing are being provided by Chase’s Community Development Real Estate Lending unit, and Regions Bank was the equity provider.
“This partnership between nonprofits, public agencies, and the private sector demonstrates how we all can—and must—collaborate to address the critical need for more affordable housing. We’re excited to see Birchstone Village break ground and to support the creation of these 228 affordable homes, knowing that so many families will benefit.”
— Catherine Buell, Director of The Amazon Housing Equity Fund
“We are proud to provide financing for the development of much-needed affordable housing in Nashville where occupancy at existing affordable housing properties is high,. At Chase, we’re committed to supporting projects like this that create safe, stable housing, which is a fundamental component of healthy, thriving communities.”
— Chet Shedloski, Vice President of Community Development Banking, Chase
Birchstone Village will be made up of six 3-story residential buildings, with open air walkways and private balconies. built as three-story garden style apartments The interior amenities of the garden-style apartments include 9-ft ceilings, in-unit dishwasher and washer/dryer, extensive storage space, and stainless-steel appliances.
The exterior will offer wraparound patio seating overlooking a 10,000-sf splash pad and playground area. There’s additional green space that will offer communal seating and a multipurpose recreational court in the middle of the property as well. A covered school bus stop and city bus stop will also be built for direct and safe access for residents. Here’s the quick rundown.
In addition, the property will host an 11,000-sf community building that will house Family Affair Ministries, a nonprofit with rotating social services including a commercial training kitchen, classrooms, counseling rooms, and a large communal flex room.
“The families that will have an opportunity to not only move into a new place, but embrace a new way, are delighted. For many, this will be the first time ever moving into a new place. Our job now is to make them ready—to encourage them, to excite them, to cause them to dream about the opportunities that await them. Yes, there will be some difficulties, as all new things hold, but there is an opportunity to begin afresh. An opportunity to reset and begin again. This, we are desiring with them.”
— Pastor Glenda Sutton, Founder of Family Affair Ministries.
Trent Development Group additionally cites the leadership provided by Metro Council District 9 Councilwoman Tonya Hancock, who represents the site of the Madison development, and District 7 Councilwoman Emily Benedict, who represents the site of the current property Berkshire Place. Birchstone Village is interrelated with the redevelopment of Berkshire Place Apartments in South Inglewood. Trent applied to transfer the federal affordable housing units for that site to Birchstone Village, an initiative that saved Nashville hundreds of qualified affordable units that could otherwise have been forfeited as the aged Berkshire Place site is razed and redeveloped.
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