The Clemons

• Location: 730 Chestnut Street, Chattanooga, TN 37402

• Project Type: Adaptive Reuse - Historic

• Units: 55 Apartments

• Project Cost: $8.3MM

• Exit Proceeds: $10MM

• 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.                                                                                                                

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