JV Obtains Loan for Rome, GA Mixed-Use Project
Pinnacle Financial Partners and CommerceOne Bank have closed a $37 million construction loan for Nova River District, a mixed-use destination located along the Oostanaula River in Rome, Georgia. The first phase of the redevelopment, just across the river from Rome’s Historic Broad Street, will feature 250 residences, street-level food and beverage concepts. Nova River District is owned and developed by CRE IMPACT River Arts District, LLC, an affiliate of CCI Real Estate.
On 6.41 acres between the Courtyard Rome Riverwalk and Fifth Avenue, the redevelopment will provide 250 newly constructed residences – including 178 one-bedroom and 64 two-bedroom apartments – and nearly 14,000 square feet of ground-floor retail. Two of the original buildings on the property will also be redeveloped into an additional 4,000 square feet of adaptive reuse retail space to complement the redevelopment.
Rome continues to benefit from growth within the manufacturing and healthcare sectors, with the latter employing 20% of the city’s workforce. Rome is 70 miles NW of Atlanta.
