Developers partner with Pathway Lending to retain and renovate affordable multifamily housing in Tennessee
Nearly 30 years ago, Phil Owen and Robert Trent founded First Cumberland Properties “to provide working families with extraordinary housing.” Now affordable housing industry leaders, Owen and Trent have utilized Pathway Lending’s Tennessee Affordable Multifamily Housing Fund on three projects to grow their mission.
With loans from Pathway Lending, the company has been able to protect and improve Section 8 housing for low income families in communities throughout Tennessee.
As of 2018, First Cumberland Properties has retained or renovated nearly 400 affordable housing units.
In East Nashville, the team used their Pathway Lending loan to buy out their partners on the property and refinance the debt. This allowed them to retain the 195 affordable units at Berkshire Place Apartments. Owen and Trent have also tapped into the Energy Efficiency Loan program at Pathway Lending to make upgrades and renovations to Wedgewood Towers, a 121 unit affordable housing complex in South Nashville.
“Not only did Pathway help us purchase the property, we used their 2% energy loan program to replace the HVAC system,” says Trent. “We’re saving more than $55,000 a year on energy bills, plus another $40,000 a year in maintenance costs. Those are savings that allows us to make additional improvements and additional programs for our residents.”
In Knoxville, 195 units at Holston Oaks Apartments have been completely renovated, and a playground, community room, and community green space have been added to the property. “What we’ve been able to do at Holston Oaks is nothing short of incredible,” says Trent. “Safe, decent, and affordable multifamily rental housing is more important than ever. We’re grateful to have Pathway Lending as a partner on these projects.”
Learn more about First Cumberland Properties on their website.
Pathway Lending’s Affordable Multifamily Housing Loan Fund
We provide long-term, permanent financing for the acquisition, development, rehabilitation, and refinance of affordable multi-family housing in Tennessee. Eligible projects must have been awarded Low-Income Housing Tax Credits (LIHTC) by the Tennessee Housing Development Agency. Projects must also include family, elderly and special needs housing communities.
Learn more about how we work with developers on our Low-Income Multi-Family Housing Loan Program page.