Pendry Nashville Development Secures $253 Million Financing
SomeraRoad and Trestle Studio have announced the acquisition of a significant construction loan amounting to $253 million for their ambitious project in Nashville, Tennessee. This financing was confirmed on a Wednesday announcement, signifying an important milestone in the project’s progression.
Investment Details
The loan, provided by Bank OZK and InterVest Capital Partners, will fund the construction of a 30-story hotel-condominium tower located at 701 Seventh Avenue South in Nashville’s Paseo South Gulch neighborhood. Officially named Pendry Nashville & Pendry Residences Nashville, the project is expected to welcome its first guests and residents by 2027.
Project Features
The Pendry development is set to include:
- 180 hotel rooms
- 146 luxury condominiums
- Upscale food and beverage outlets
- Curation of event spaces
- Separate pools for hotel guests and residents
Financing Insights
Industry experts from Walker & Dunlop, including Aaron Appel, who facilitated the financial arrangement, expressed confidence in SomeraRoad’s long-term vision for the Paseo South Gulch area. Appel noted, “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.”
He further emphasized the rarity of capital availability for complex mixed-use developments, stating, “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.”
Design and Collaborators
The architectural framework for Pendry Nashville will be crafted by Earl Swensson Associates, a Nashville-based firm, while the interior design will be led by the Post Company, based in Brooklyn.
Michael Fuerstman, co-founder and creative director of Pendry, expressed excitement about the project, stating, “We are honored to bring Pendry to Nashville and look forward to creating something spectacular that pays respect to Southern hospitality and features our unique perspective on contemporary luxury.”
Next Steps
This project marks a significant addition to Nashville’s hospitality sector, with developers optimistic about its potential impact. As the city continues to grow, the Pendry Nashville aims to offer a luxurious living experience amidst the vibrant culture of Nashville.
For more details, you can reach out to Isabelle Durso at id****@****************er.com.