Nashville-based development company Giarratana announced it has secured a $232.3 million construction loan for its future 750-foot-tall tower 1010. The funding will kick off development of 140 for-sale condominiums and 360 for-rent apartments in a 60-story, $390 million tower at 1010 Church Street.
According to a release, Little Rock-based Bank OZK is providing a $172.3 million senior loan and New York-based Related Fund Management contributed a $60 million mezzanine loan for development of the $390 million mixed-use 1010 tower. Walker & Dunlop reports the deal is the fourth largest residential construction financing closed anywhere in the US during 2024.
The Church Street building site is currently the home of the YMCA. As part of the deal, Giarratana will renovate and expand the downtown YMCA. The future Y building will offer about 60,000 square feet (with a replacement indoor swimming pool expected). The 2008-opened Y building will remain operational during construction. Giarratana paid $26 million for the Y property two years ago.
“505 has 178 condos atop 350 apartments and 187 parking spaces, while 1010 features 140 condos atop 360 apartments and 500 parking spaces,” said Giarratana. “We’re also including 121 parking spaces for the new YMCA that we’re developing next door!”
Giarratana said 1010’s location was selected for it’s proximity to Nashville Yards, which he believes will shift the epicenter of downtown for tower residents to live, work, and play. The Giarratana team said the 60-story tower has been in the works for years.
Over 30 years of focus, passion, and enthusiasm for Downtown Nashville has produced numerous firsts- the first high-rise apartments, the first condominiums, and the first modern urban grocery store since 1967. Giarratana and its partners have overseen historical preservation and developed thousands of residential units. Giarratana includes Giarratana Development, Giarratana Realty, Giarratana Management, and Giarratana Restaurant Group.
