Nashville Four Seasons Project Scores $360M Financing
- Apr 22, 2019
The developers of a 542-foot-tall luxury residential and hotel skyscraper in downtown Nashville, Tenn., have bagged $360 million in debt and equity for the landmark project.
The Congress Group Inc. and AECOM Capital are developing the LEED Gold-certified tower at 151 First Ave. S., which will house the Four Seasons Hotel and Private Residences Nashville. The project will feature luxury residential units for sale, along with 232 five-star hotel rooms and around 10,000 square feet of retail space.
Four Seasons Hotels and Resorts will brand and operate the condos and hotel. Plans announced last year call for 142 luxury condos, but more recent statements by the developers do not specify how many units will be offered for sale.
HFF worked on behalf of the developers to obtain the financing. AECOM Hunt will lead the construction effort, which is slated to begin during the current quarter. The completed 40-story tower is expected to be the second-tallest in Tennessee.
Building in the heart of Music City
The Solomon Cordwell Buenz-designed project is located along the Cumberland River, adjacent to the Ascend Amphitheatre concert venue, with easy access to the city’s live music and entertainment hotspots on Lower Broadway and Second Avenue.
The development duo bought the five parcels that make up the site for about $35 million this past February, according to the Nashville Business Journal. Public records revealed that the joint venture secured $280 million in construction financing from Children’s Investment Fund Foundation at the same time as the site purchase.
Over the last decade, Nashville has emerged as one of the best cities to do business in the U.S., a trend that has been supporting growing demand for rental housing. According to a recent Yardi Matrix report, multifamily rents increased by 2.9 percent year-over-year in January to $1,240.