News Summary
Nashville’s Giarratana seeks a $360 million construction loan for the Paramount skyscraper, a 60-story residential tower. Despite facing setbacks with previous loan agreements, the company has raised substantial equity and begun foundational work. With strong pre-sale interest and a projected completion timeline of summer 2028, the project is poised to reshape Nashville’s skyline and enhance community spaces through its amenities and additions, such as a new YMCA facility.
Giarratana Pursues $360 Million Loan for Nashville’s Paramount Skyscraper
Nashville-based development company Giarratana is striving to secure a hefty $360 million construction loan to kick off the construction of the impressive 60-story residential tower known as Paramount. The initial deadline for this financing deal was set for the end of July, but with various complexities arising, the timeline remains uncertain.
In recent efforts to fund its ambitious projects, Giarratana has successfully closed bridge loans totaling $205 million for two of its other residential towers, Alcove and Prime, both located on Church Street. As the company pushes forward with Paramount, it has raised approximately $92.7 million of the $100 million equity required for the project, leaving them in need of the remaining $7.3 million to finalize the loan.
Once the outstanding equity is obtained, Giarratana plans to finalize the construction loan with a subsidiary of a large, undisclosed firm boasting a total capitalization of $1.6 trillion. This lending strategy was necessitated by a previous arrangement that was terminated, which involved a $172.3 million senior loan through Bank OZK and a $60 million mezzanine loan with Related Fund Management. Termination of this existing deal cost the company $23 million; however, it positioned Giarratana and its equity investors as debt-free owners of the Paramount site.
As of June, interest in the project has been considerable, with reservations in place for 40 future condominiums at Paramount, generating over $120 million in total pre-sales. The anticipated completion of the project, initially slated for late 2027, has been revised to summer 2028.
When completed, the Paramount tower will rise to a height of 750 feet, claiming the title of Nashville’s tallest building. The estimated total cost for the development has been pegged at around $460 million, reflecting the scale and ambition of this striking new addition to the Nashville skyline.
Giarratana noted a convoluted capital structuring process that involved discussions with 69 lenders. Despite significant interest from various financial institutions, challenges arose due to the multi-tiered capital structure, which has complicated securing funding for the project. As part of the restructuring of finance, Giarratana opted to pursue alternative options after realizing that the previous loan arrangement was not viable.
Strategically located at 1010 Church Street, the Paramount skyscraper will find itself nestled in downtown Nashville, adjacent to the upcoming Nashville Yards development. Ongoing construction work has already begun, focusing on excavation and foundational elements necessary to support the towering structure. Additionally, the project includes a planned new five-story, 60,000-square-foot addition to the neighboring Downtown YMCA, which will enhance fitness amenities and community spaces for local residents.
The design of the Paramount tower promises a modern aesthetic characterized by multiple angles of glass, emphasizing its striking base, shaft, and crowning elements. The tower is set to feature a wealth of amenities, including fitness centers, lounges, co-working spaces, a pool with a terrace, private dining areas, and even a dog spa. These features aim to create a sophisticated living experience for future residents.
As Giarratana pursues this significant funding, Nashville eagerly anticipates what will soon become a landmark in its evolving skyline, reflecting both growth and innovation in one of America’s most vibrant cities.
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Additional Resources
- Nashville Post
- The Tennessean
- Dezeen
- Architect’s Newspaper
- Building Design+Construction
- Wikipedia: Nashville
- Google Search: construction loans
- Google Scholar: high-rise construction
- Encyclopedia Britannica: tallest skyscrapers
- Google News: paramount tower nashville
Author: Construction CA News
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