{"id":1004635693,"date":"2022-12-16T11:39:12","date_gmt":"2022-12-16T19:39:12","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004635693"},"modified":"2022-12-16T11:56:53","modified_gmt":"2022-12-16T19:56:53","slug":"convexity-properties-lands-125m-loan-for-nashville-mixed-use","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/convexity-properties-lands-125m-loan-for-nashville-mixed-use\/","title":{"rendered":"Convexity Properties Lands $125M Loan for Nashville Mixed-Use"},"content":{"rendered":"
\"\"<\/a>

Image by 652234 via Pixabay.com<\/p><\/div>\n

Convexity Properties<\/strong>, the real estate development subsidiary of DRW<\/strong>, is moving forward with its 5 City Blvd development, a 15-story, 378,000-square foot Class A mixed-use office and retail space in Nashville, Tenn.<\/p>\n

The firm has obtained a $125 million loan from Goldman Sachs<\/strong> for the project, according to public records. In October of 2021, Convexity paid $11.7 million to acquire a 2.17-acre development site for the property from Cambridge Holdings<\/strong>.<\/p>\n

Construction on 5 City Blvd is expected to begin toward the end of 2022, with a scheduled delivery in the third quarter of 2024. Space will be available for lease in the first quarter of 2025.<\/p>\n

Upon completion, 5 City Blvd will host 360,000 square feet of office, sectioned off into 26,000- to 28,000-square-foot floorplates, as well as 18,000 square feet of ground floor retail. Amenities will include a flex conference center, fitness center, caf\u00e9 lounge, concierge, catering kitchen, private parking and 5,700 square feet of shared and private terrace space. The developer has tapped CBRE<\/strong> First Vice Presidents Frank Thomasson and Byran Fort to market the office space.<\/p>\n

\n

READ ALSO<\/strong>: Economist\u2019s View: How Employees\u2019 Flight to Quality Impacts CRE<\/span><\/a><\/p>\n

\n

The OneCity picture<\/h2>\n

The complex will be built as a part of Cambridge\u2019s 18.7-acre OneCity master-planned project, which is seeing the construction of 1 million square feet of office space, 35,000 square feet of retail, 600 apartments and Element Nashville West End<\/a>, a 170-key hotel. Situated along Charlotte Avenue, the development is flanked by many of the city\u2019s most affluent neighborhoods, and is within 2 miles of many of its top employers and universities, as well as its top retail, dining and entertainment offerings.<\/p>\n

Nashville\u2019s flight-to-quality<\/h2>\n

The Nashville office sector has continued to prosper, even in the face of repeated interest rate hikes<\/a> that have muddied confidence in investing in the asset class. According to data from a third quarter 2022 report from Colliers<\/strong><\/a>, the city had 2.8 million square feet of space under construction as of the third quarter, with a net absorption of 157,000 square feet. Class A space in particular has seen a high demand, with 50 percent of new projects coming under lease, data from the report shows.<\/p>\n

One recent high-profile office acquisition headline is KBS\u2019 $175.5 million purchase of UBS Tower<\/a>, a trophy high-rise building in downtown Nashville.<\/p>\n","protected":false},"excerpt":{"rendered":"

5 City Blvd is part of a master-planned development.<\/p>\n","protected":false},"author":3012,"featured_media":1004635695,"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":[51798,51797,51799,51776],"class_list":["post-1004635693","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-finance","category-mixed-use","category-nashville-knoxville","category-latest","tag-cambridge-holdings","tag-convexity-properties","tag-drw","tag-goldman-sachs-asset-management"],"acf":[],"yoast_head":"\nConvexity Properties Lands $125M Loan for Nashville Mixed-Use - CPE<\/title>\n<meta name=\"description\" content=\"Convexity Properties is developing 5 City Blvd, a 378,00-square-foot mixed-use office and retail project in Nashville, Tenn.\" \/>\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\/convexity-properties-lands-125m-loan-for-nashville-mixed-use\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Convexity Properties Lands $125M Loan for Nashville Mixed-Use\" \/>\n<meta property=\"og:description\" content=\"Convexity Properties is developing 5 City Blvd, a 378,00-square-foot mixed-use office and retail project in Nashville, Tenn.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/convexity-properties-lands-125m-loan-for-nashville-mixed-use\/\" \/>\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=\"2022-12-16T19:39:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-16T19:56:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/12\/architecture-g2ca1db760_1920.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gabriel Frank\" \/>\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\/convexity-properties-lands-125m-loan-for-nashville-mixed-use\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/convexity-properties-lands-125m-loan-for-nashville-mixed-use\/\",\"name\":\"Convexity Properties Lands $125M Loan for Nashville Mixed-Use - 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