ViaNova Development
The Clemons
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Location: 730 Chestnut Street, Chattanooga, TN 37402
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Project Type: Adaptive Reuse - Historic
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Units: 55 Apartments
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Project Cost: $8.3MM
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Exit Proceeds: $10MM
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Net IRR: 18%
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Financing: Debt financing was provided locally by BanCorpSouth.
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Other Details: The Clemons building was originally constructed in 1920 and began use as a factory and showroom for the Clemons Brothers Furniture Company. Prior to conversion to luxury lofts, the building was previously utilized as office space by Blue Cross/Blue Shield of Tennessee. ViaNova Development demolished the interior of the entire building and built out 55 Class-A lofts that featured ceilings in excess of 12 feet. The street-level featured 3 retail spaces and included amenities such as a rooftop deck, indoor bicycle store and dog walk, a business center, and a 24-hour self-service pantry available to residents via biometric access.