SomeraRoad and Trestle Studio are bringing two offerings to the Paseo South Gulch district of Nashville, Tennessee. One is called Pendry Nashville, and the other is Pendry Residences Nashville; both will offer a mix of residential, hotel and retail space.
The two developers have secured a $253 million construction loan, which was arranged by Walker & Dunlop's New York team. InterVest Capital Partners and Bank OZK were responsible for providing the financing itself.
Pendry Nashville will consist of 180 hotel rooms, while Pendry Residences will include 146 residencies that include open floor plans. Both brands will be a part of the same 30-story tower that also contains fitness centers, a library, meeting spaces, as well as a restaurant/bar and pool on the rooftop.
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W&D said that the groundbreaking is expected to start "immediately," with the opening set for 2027. When that happens, it will mark phase three of the development for the project.
“Having worked with SomeraRoad to capitalize prior phases of their Paseo South Gulch master-planned development, we are firm believers in their long-term vision for the neighborhood,” Aaron Appel, senior managing director and co-head of New York Capital Markets at W&D, said in a statement.
“In a market where more and more capital providers are shying away from complex mixed-use developments, this transaction highlights the availability of liquidity for qualified Sponsors with unique projects.”
SomeraRoad has headquarters in both Nashville and New York City. Also, it has more than $2.5 billion in total capitalization, with over 100 investments.
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