Nashville Commercial Real Estate Wrap-Up – April 2020
Office high-rise project lands $141 million loan. Vacant downtown building slated for hotel conversion. Catch up with our April selection of Nashville must-reads.
Although the COVID-19 pandemic stifled Nashville’s commercial investment activity in April, the market saw some notable activity in terms of both development and financing. With construction considered an essential business under shelter-in-place orders, developments continued to line up financing under favorable terms following the Fed’s rate cuts earlier this year. Read our April list of Nashville must-knows:
1. FINANCING – High-rise office project gets $141 million loan.
A partnership between GBT Realty Corp. and Koch Real Estate Investments obtained the construction mortgage for ONE22ONE, a 356,000-square-foot, Class A office tower in downtown Nashville. Mack Real Estate Credit Strategies originated the note. The Greshan Smith-designed development is slated for delivery in 2022. Situated close to Interstate 40 at 1221 Broadway, the building will rise 24 stories and include 15,000 square feet of retail at the street level.
2. FINANCING – Charles Hawkins refinances 286,000-square-foot warehouse.
Franklin Synergy Bank provided the $11 million mortgage, which retired a $6.6 million note the lender had originated in 2016. Built in 1982, the property is on 20 acres at 7235 Cockrill Bend Blvd. The building has a mix of 15 dock-high and three grade-level doors, as well as a two-story office component. The facility is home to Alexander’s Mobility Services.
3. DEVELOPMENT – Downtown office property to become 116-key hotel.
Epoch Construction & Design plans to transform the unused four-story structure at 333 Union St. into a 10-story Radisson RED property, according to Nashville Business Journal. DAV Construction will be the general contractor for the Southeast Venture-designed project. The property, slated for delivery in November 2021, will include an underground bar and guest amenities on the rooftop.
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