Nashville’s 2nd Tallest Building Refinances

TIAA provided Giarratana Development with a $77 million loan for the high-rise, which contains 350 apartments in addition to condominium units, a hotel and retail on the lower floors.
505
505

Giarratana Development has taken a seven-year, $77 million loan from TIAA to refinance 505, a mixed-use luxury residential high-rise in Nashville, Tenn., per data from Yardi Matrix. The loan pays down a prior $80 million construction loan from ACORE Capital, taken in late 2017. The building, the second tallest in the city, was delivered in early 2018.

Located at 505 Church St. in the heart of downtown Nashville, the tower is within half a mile of the Tennessee State Capitol, the Bridgestone Arena and the Cumberland River. The asset is a short walk from Fifth + Broadway, one of the city’s largest multifamily developments underway.

The 45-story tower’s upper 16 stories contain condos above 14 of multifamily. The property’s 350 apartments are a mix of studio, one- and two-bedroom floorplans, ranging from 485 to 1,086 square feet. Stay Alfred at 505, a 140-key hotel, spans across 10 of the property’s lower floors. Two stories with 10,800 square feet of retail round out the high-rise’s base.

The community shares amenities with the condominium units, which include a saltwater swimming pool, a dog park, a tennis court, structured parking, a wine tasting room and a cinema. The multifamily component was 94 percent occupied as of September, according to Yardi Matrix data.