{"id":1004456851,"date":"2020-06-17T01:18:00","date_gmt":"2020-06-17T09:18:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004456851"},"modified":"2020-06-17T01:18:00","modified_gmt":"2020-06-17T09:18:00","slug":"nashvilles-parke-west-scores-87m-project-loan","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/nashvilles-parke-west-scores-87m-project-loan\/","title":{"rendered":"Nashville\u2019s Parke West Scores $87M Project Loan"},"content":{"rendered":"
\"\"<\/a>

Parke West. Rendering courtesy of GBT Realty<\/i><\/p><\/div>\n

First Horizon Bank has provided $87.4 million in construction financing for Parke West, GBT Realty\u2019s mixed-use development in Nashville, Tenn., according to public records. GBT Realty took $56.5 million for the project\u2019s residential and retail components, and Chartwell Hospitality will utilize $30.9 million to develop lodging in a separate tower on the site.<\/p>\n

The project site encompasses 1.5 acres alongside Interstate 440 at 3415 Murphy Road, some 2 miles southwest of downtown Nashville. GBT had acquired the parcel\u2014then home to a building owned by Fifth Third Bank\u2014in August 2019 for $7.2 million.<\/p>\n

Chartwell Hospitality joined Parke West recently, Davidson County records show. The firm paid GBT $6.5 million for a nearly 30 percent interest in the project just before the financing deal closed. The 172-key hotel\u2019s plans call for nine stories in a separate tower rising from the western side of the parcel. According to Nashville Post<\/em>, the hotel will operate under two flags: Hilton Garden Inn and Home2 Suites. Plans filed with Davidson County show the property will have an indoor swimming pool on its top floor.<\/p>\n

Plans for the project\u2019s 253,262-square-foot multifamily component call for 210 units in a tower rising 14 stories above 11,455 square feet of retail space. The community will have two elevators and an outdoor swimming pool on a 12th floor deck. Some 450 parking spaces will be located underground, with nearly half allocated to the residential side of the development.<\/p>\n

Rising to the challenge<\/strong><\/h2>\n

Nashville\u2019s hospitality sector currently faces serious challenges<\/a> as a result of the pandemic. Although the market had grown in importance as a business hub and major tourist destination, the path forward is likely to be long, with travel\u2014both for work and pleasure\u2014likely to take years to recover at the national level.<\/p>\n

That said, hotel investors and developers are far from inactive in Music City, even in these uncertain times. Since the impact of COVID-19 hit the metro, several major hospitality deals have closed. Earlier in June, three investors joined forces to acquire the 250-key Hutton Hotel<\/a>, some 1.5 miles northeast of GBT and Chartwell\u2019s project.<\/p>\n","protected":false},"excerpt":{"rendered":"

GBT Realty and Chartwell Hospitality plan to build two towers with 210 multifamily units, retail space and two hotels.<\/p>\n","protected":false},"author":861,"featured_media":1004456860,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21825,21752,36077,21742],"tags":[34765,39317,34312,32805],"class_list":["post-1004456851","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-finance","category-mixed-use","category-nashville-knoxville","category-latest","tag-chartwell-hospitality","tag-fifth-third-bank","tag-gbt-realty-corporation","tag-hilton"],"acf":[],"yoast_head":"\nNashville\u2019s Parke West Scores $87M Project Loan - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/nashvilles-parke-west-scores-87m-project-loan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nashville\u2019s Parke West Scores $87M Project Loan\" \/>\n<meta property=\"og:description\" content=\"GBT Realty and Chartwell Hospitality plan to build two towers with 210 multifamily units, retail space and two hotels.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/nashvilles-parke-west-scores-87m-project-loan\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-06-17T09:18:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/06\/Parke-West.-Rendering-courtesy-of-GBT-Realty.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jeff Hamann\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/nashvilles-parke-west-scores-87m-project-loan\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/nashvilles-parke-west-scores-87m-project-loan\/\",\"name\":\"Nashville\u2019s Parke West Scores $87M Project Loan - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/nashvilles-parke-west-scores-87m-project-loan\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/nashvilles-parke-west-scores-87m-project-loan\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/06\/Parke-West.-Rendering-courtesy-of-GBT-Realty.jpg\",\"datePublished\":\"2020-06-17T09:18:00+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/9dada606742ec2aa010683bdabf468f4\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/nashvilles-parke-west-scores-87m-project-loan\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/nashvilles-parke-west-scores-87m-project-loan\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/nashvilles-parke-west-scores-87m-project-loan\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/06\/Parke-West.-Rendering-courtesy-of-GBT-Realty.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/06\/Parke-West.-Rendering-courtesy-of-GBT-Realty.jpg\",\"width\":800,\"height\":620,\"caption\":\"Parke West. 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