Populus Waterside is a 344-unit Class A multifamily community completed in 2024 and located in Chattanooga's East Brainerd submarket. The property benefits from convenient access to Interstate 75 and the Hamilton Place retail corridor, one of the region's primary employment, shopping and commercial destinations. The community offers a modern living experience supported by a comprehensive amenity package and contemporary in-unit finishes designed to appeal to today's renters.
Tremont Realty Capital provided a $68 million first mortgage loan to refinance the sponsor's existing construction financing and preferred equity investment. The financing also provides capital to support the continued lease-up and stabilization of the recently delivered community as occupancy and rental revenue continue to grow.
The investment is supported by a high-quality asset in a growing Southeastern market with a diversified economic base spanning manufacturing, healthcare, education, logistics and insurance industries. Chattanooga continues to benefit from favorable demographic trends and sustained demand for well-located, institutional-quality multifamily housing.
This transaction highlights Tremont's ability to provide tailored financing solutions for newly developed multifamily assets and experienced sponsorship groups. The borrower is a joint venture between Novare Group and Batson-Cook Development Company, two established real estate firms that have partnered on more than 40 projects and bring significant development and operating experience to the investment.