Memphis Medical District Investment Fund

Established in July 2021, the Memphis Medical District Investment Fund is a $30 million capital fund created to spur inclusive real estate development and to finance transformative residential and mixed-use real estate projects in the Memphis Medical District. Loans will typically range from $500,000 to $3,000,000.


Tracy Buckley, Director, Memphis Medical District Investment Fund

Several large hospital systems and medical education providers with over 30,000 employees and students plus more than 10,000 residents call the Memphis Medical District home.


Despite the District's importance and a recent rebound in area investment following decades of disinterest, high poverty rates and a lack of housing and commercial options persist. Market studies estimate the District can accommodate 1,000 more residential units and nearly 170,000 square feet of commercial and retail space.


Developers who seek to bring more housing and commercial options in a rising market like the District face challenges assembling the mix of capital needed to make these projects a reality.


The MMDIF provides an additional source of capital for these developers with flexible financing designed to make the numbers work.


Pathway Lending oversees deployment and project underwriting for the fund, which it capitalized the fund with $10 million community development investments each from First Horizon, Regions Bank and Truist Bank and a guarantee up to $6 million from The Kresge Foundation. Kresge and The Hyde Foundation also provided additional operating support.


Tracy Buckley, Director, Memphis Medical District Investment Fund

Tracy Buckley, MMDIF Director

Contact Details

Please provide the address of your project. All development sites must be located in the Memphis Medical District.


The $30 Million Memphis Medical District Investment Fund aims to advance commercial real estate, mixed-use commercial real estate, adaptive reuse and preservation projects in the Medical District. 


“The MMDIF was created for the purpose of accelerating development in the Medical District, so it was important to get started quickly with the right kinds of deals. This transaction is a great example of the type of catalytic activity all the partners in the Fund envisioned would occur by providing a mix of housing, retail and commercial space, and community amenities for current and future residents, while showcasing the area’s rich history,” Hank Helton, Pathway Lending’s Executive Vice President.

The Greyhound Complex redevelopment calls for converting the larger building, originally constructed in 1936-37 for Memphis entrepreneur Frederick "Fred" Smith, Sr. into 70 loft-style apartments, and transforming the second building, built in 1902 as a stable for the old Schlitz Brewery and later used as bus storage, into a food and entertainment hall with a mix of retail, restaurants, and event and office space. This property is the only surviving commercial property associated with Smith, Sr.'s business career and spans 56,7000 residential and 30,004 commercial square feet. 


Henry Turley Company and the University of Tennessee Health Science Center (UTHSC) will reshape the Medical District by transforming a 10-acre site from a mix of obsolete institutional buildings and parking lots into a fully realized, urban, residential neighborhood. The project includes 12 three-story apartment buildings, street-level retail along Madison and streetscape improvements that will create a walkable, bikeable, livable community.


Pathway Lending provided gap financing to replace equity in the capital stack and to cover costs for general construction and energy efficiency upgrades. Truist is the senior lender financing construction


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