Built on a prominent site across the river from downtown, a revitalized campus in Nashville serves as a beacon of hope for its residents and the community.
Shelby House
Samaritan Recovery Community (SRC) teamed up with developers to reimagine their campus to include Shelby House, a 195-unit affordable housing community. Developers Holladay Ventures and Evergreen Real Estate worked with key financial partner PNC Bank to address the city’s ever-growing need for quality and accessible housing options.
“Investing in Shelby House reflects our commitment to supporting our local communities and fostering economic growth within those markets,” said Mike Johnson, PNC regional president for Tennessee. “We’re proud to be part of a project that will have such a positive, lasting impact on Nashville.”
SRC also redeveloped a new, state-of-the-art recovery facility on the site, separate from the residential and commercial portions of the project. As part of the project, PNC sponsors a classroom to help provide financial education to clients at the facility.
The Shelby
Now the work is expanding with a new phase, The Shelby, that will extend the ongoing commitment to affordable housing and serve the Nashville community. The Shelby incorporates sustainable design features and modern amenities, setting a new standard for affordable housing in the neighborhood.
The developers were able to secure a wide range of funding sources – including grants, tax credits and more – as evidence of the support for the project from both government and private entities. The Shelby includes an additional 289 units for a total of 484 new affordable housing units on the campus.
“Delivering 484 affordable homes in the heart of Nashville alongside PNC has been a true milestone,” said Evan Holladay, Founder and CEO of Holladay Ventures. “Their team brings the expertise and commitment you want in a financing partner for complex developments that are designed to strengthen the community.”
A Winning Combination
As proof of the power of the project in the Nashville community, Shelby House and SRC have been named the winner of the mixed-use category in the 2025 Affordable Housing Finance Readers’ Choice Awards.
“We’ve been there from the beginning when it was a plot of land and an idea,” said Todd Crow, head of PNC Multifamily Capital. “As the campus nears completion, we’re pleased to see the well-earned recognition this project has received as a testament to the impact it has – and will continue to have – on the community.”
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PNC Multifamily Capital is one of the largest, comprehensive multifamily debt and equity financing providers within the industry for affordable, seniors housing and conventional products. Each year, PNC Multifamily Capital finances or invests in affordable and seniors housing projects to address the shortage of housing options and help communities thrive. Reach out to PNC Multifamily Capital to learn more or contact your relationship manager.
