BETHESDA, Md.--(BUSINESS WIRE)--
Walker & Dunlop, Inc.
announced today that it arranged a $253 million construction loan to facilitate the development of the Pendry Nashville and Pendry Residences Nashville a soon to be 30-story hotel condominium tower located in Nashville's rapidly growing Paseo South Gulch district.
Photo Credits: SomeraRoad
The Walker & Dunlop New York Capital Markets team, led by
Aaron Appel,
Keith Kurland,
Jonathan Schwartz,
Adam Schwartz,
Michael Diaz,
Sean Bastian
and
Jackson Irwin
arranged the construction financing on behalf of SomeraRoad and Trestle Studio. Bank OZK and InterVest Capital Partners provided the financing package.
Jay Morrow
and
Carter Gradwell
of the Walker & Dunlop Hospitality team advised SomeraRoad throughout the process, working in collaboration with the New York Capital Markets team.
As Phase 3 of the Paseo South Gulch master-planned micro-neighborhood by SomeraRoad, the Pendry Nashville Hotel & Residences will feature 180 hotel keys and 146 Pendry-branded luxury condominiums. Upon completion, the development will offer a wide range of amenities, a variety of upscale food and beverage outlets, curated event spaces, and individual pools for both hotel guests and residents, among other offerings.
“Having worked with SomeraRoad to capitalize prior phases of their Paseo South Gulch master-planned development, we are firm believers in their long-term vision for the neighborhood,” said Aaron Appel, senior managing director and co-head of New York Capital Markets at Walker & Dunlop. “In a market where more and more capital providers are shying away from complex mixed-use developments, this transaction highlights the availability of liquidity for qualified Sponsors with unique projects.”
The project is expected to break ground immediately with opening scheduled for 2027.
In 2024, Walker & Dunlop’s Capital Markets team sourced over $16 billion from non-Agency capital providers. This vast experience has made them a top advisor on all asset classes for many of the industry’s top developers, owners, and operators. To learn more about Walker & Dunlop’s broad financing options, visit our
website.
About Walker & Dunlop
Walker & Dunlop
(NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States and internationally. Our ideas and capital create communities where people live, work, shop, and play. Our innovative people, breadth of our brand, and our technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.
Source: Walker & Dunlop, Inc.