Goldman Sachs has provided a development team led by Brian Gibbs Property Management with a three-year, $106 million construction loan for 805 Lea, a high-rise multifamily project in Nashville, Tenn., according to public records. Hastings Architecture Associates designed the 29-story tower to include 354 apartments above a four-story podium with parking and 7,600 square feet of retail space.
READ ALSO: Top 5 Multifamily Transactions in Nashville
The development team includes Key Real Estate, a Louisiana shipbuilding magnate and a New Orleans-based venture capitalist, according to the Nashville Business Journal. Turner Construction Co. is acting as the project’s general contractor.
Located at 805 Lea Ave. at the edge of the SoBro neighborhood, the project’s 0.7-acre site is less than a mile from the Tennessee State Capitol, with the Music City Center and Bridgestone Arena a short walk away, along with the city center’s bustling entertainment districts. Nearly 11.5 million square feet of office space is within a mile of the location, per Yardi Matrix data.
The surrounding area and The Gulch, immediately south, have attracted significant investor and developer interest in recent years. In June, Greystar provided more than $70 million in construction financing for a 300-unit project a stone’s throw south.