IDB approves final bond resolution for Encore on Buena Vista; developer cites THDA commitment
Summary
The board approved a final bond resolution for the Encore on Buena Vista apartments; Dominion said it holds a firm THDA commitment (about $42 million) and expects a tentative Sept. 17 closing and a Q4 groundbreaking. The chair recorded an abstention.
The Industrial Development Board on Aug. 12 approved the final bond resolution for the Nashville Leased Housing Encore on Buena Vista Apartments, a Dominion-led project the board induced in March 2026.
Rory Hogan of Dominion told the board the project has a firm commitment from the Tennessee Housing Development Agency of roughly $42 million and that financing diligence is underway. Hogan said the team expected building permits within a couple of weeks and was tentatively targeting a Sept. 17 closing, with a groundbreaking in the fourth quarter.
There was a numerical discrepancy in the discussion: board materials and one speaker referred to 221 units while the developer said the project is 244 units. The difference was not resolved in the meeting; both figures appear in the record. Hogan described the building as a seven-story podium-style project with two levels of parking beneath.
A board member questioned the subordinate bond structure; Hogan explained the financing would be split into two series (senior series A and a subordinate cash-flow note) and that THDA funds would be allocated across the series to support feasibility. Issuer's counsel reviewed the documents, recommended approval and the board voted to adopt the final resolution; the chair asked that the record show he abstained.
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