SiLa Developments has received a $29.7 million loan for the development of a seven-story building encompassing 132 apartments in Nashville, Tenn. Broadmark Realty Capital originated the financing package, according to Davidson County records. The developer had paid a total of $5.9 million to purchase the development site from several private investors in 2015 and 2016.
The site for the project is a half-acre parcel at 50 Music Square W. An octagon-shaped, 56,700-square-foot structure named United Artists Tower previously occupied the land. Completed in 1974, the building had included office and recording studio space.
A major key change
In 2018, SiLa and Hotel Equities announced plans to construct a 184-key hotel on the site. The property would have operated under Hilton’s Tapestry Collection flag. In March, SiLa announced it would demolish the office property to make room for the hotel.
However, due to the coronavirus pandemic’s impact on the city’s hospitality sector, the developers changed tack. In early October, the company filed plans to instead develop the residential property, Nashville Business Journal reported. Barge Cauthen & Associates will serve as the civil engineer for the Manuel Zeitlin Architects-designed community.
Multifamily development activity in Nashville shows no signs of slowing down. By the end of the second quarter, developers had added 2,043 units to the metro’s inventory and had more than 10,500 units underway, according to a recent Yardi Matrix report.