Health and Educational Facilities Board approves supplemental financing for 101 Factory multifamily project

The Health and Educational Facilities Board on Wednesday approved a supplemental request allowing ECG Chestnut Hill LP to issue up to $4,000,700 in multifamily mortgage revenue financing for the 101 Factory development.

Board Chair moved to accept the minutes from the Aug. 11 meeting and later introduced the item for supplemental approval, noting the request had come before the board previously. A representative for the project, who identified herself only as Elsie and said she was with Ellington, told the board the building is complete and largely leased. "We've built this project. It's 204 units of studios through three bedrooms. They're all income‑restricted at 50 to 70 percent AMI," Elsie said. She added the project is about 97 percent leased and cited cost overruns as the reason for the supplemental financing request.

The board called for a public hearing; no members of the public spoke. The chair moved approval; a vice chair seconded the motion. The board voted by voice and the motion was approved.

The supplemental financing is intended to cover cost overruns and to allow the issuer to use tax‑exempt proceeds alongside the project's taxable loan. Project representatives described the request as a lender requirement tied to costs incurred at closing.

The board did not provide a detailed vote roll call or a numerical tally in the meeting transcript; approval was recorded by voice vote.

The project name stated at the meeting was "101 Factory," and the presenter said the property is located near Trevecca Nazarene University. No additional statutory or covenant changes were described during the discussion.

The board moved on after the voice approval to the meeting's other agenda items.