Nashville High-Rise Development Secures $280M Loan
- Mar 06, 2019
A joint venture between AECOM Capital and The Congress Group has secured $280 million in construction financing from Children’s Investment Fund Foundation for its 151 First Ave. high-rise project in Nashville, Tenn., according to public records. The borrower acquired the development site at the same time as the loan, paying $35.2 million to three different sellers.
Located between First and Second avenues at Demonbreun Street in the SoBro district, the tower is set to rise 40 stories in the city core. Plans call for 142 luxury condominiums and a 232-key luxury hotel, along with roughly 8,000 square feet of retail space and a parking garage in the tower’s podium. Per Nashville Business Journal, the hotel and condos will both be branded under the Four Seasons flag.
Solomon Cordwell Buenz is the architect for the development, which is anticipated to be Tennessee’s second-highest tower. AECOM Hunt will serve as the project’s general contractor. The new high-rise will replace a parking lot and Market Street Apartments, a three-story, 67,090-square-foot community built in 1900.
Nashville’s hospitality sector is booming, with a number of major projects underway throughout the metro. Approximately 1 mile southwest of the 151 First Avenue site, another hotel is in the works, having secured $133 million in construction financing from Goldman Sachs and Lionheart Strategic Management in October.
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