Gulch high-rise near STK Steakhouse secures $130M+ construction loan – The Business Journals

See Correction/Clarification at end of article
A Miami development company has secured the funding needed to build a new residential tower near the Gulch’s main retail strip.
Property Markets Group secured $130 million from New York City’s Square Mile Capital, according to newly filed Davidson County records.
The company also received a $32 million Square Mile Capital mezzanine loan, a Property Markets Group spokesperson told the Business — a hybrid of debt and equity financing that accompanies the prime construction mortgage — as well as $35 million through CrowdStreet, an online real estate investment platform, according to a news release.
The funds will go toward building Society Nashville, a 16-story, 502-unit residential high-rise at 915 Division St., adjacent to STK Steakhouse. It’s expected to open in 2024.
​​“The premise of PMG’s Society Living platform is to provide attainably priced and community-driven rental housing in vibrant growing cities, and with that, we believe Society Nashville will be an ideal addition to the neighborhood,” managing director Evan Schapiro said in the release.
Property Markets Group spent $22 million on its project site last November, buying it from MarketStreet Enterprises, which is credited with creating much of the modern-day Gulch neighborhood.
Gulch land is some of the city’s most expensive, partly because it’s dwindling quickly as developers flock to cash in on the neighborhood’s growth and youthful, vibrant brand. The area used to encompass just the narrow pocket on 11th Avenue South beneath the train tracks, but has since expanded in all directions.
Society Nashville will sit at the intersection of Division Street and 12th Avenue South, just steps away from retailers like Urban Outfitters and Lululemon, as well as restaurants and bars like Milk & Honey, Bar Louie and Carne Mare in the W Nashville hotel.
The tower is set to include around 8,400 square feet of retail, as well as amenities like a pool deck, gym and coworking space, according to the release.
Miami-based New Valley LLC — a subsidiary of Vector Group Ltd. (NYSE: VGR) — and New York City investment advisor RMWC are listed as partners in the development.
Project team:
Developers: Property Markets Group (Miami) New Valley LLC (Miami), RMWC (New York City)
Architect: Baker Barrios Architects (Orlando)
General contractor: TBA
This story has been updated to reflected that Property Markets Group is developing Society Nashville with 502 residential units at 915 Division St.
© 2022 American City Business Journals. All rights reserved. Use of and/or registration on any portion of this site constitutes acceptance of our User Agreement (updated January 1, 2021) and Privacy Policy and Cookie Statement (updated July 1, 2022). The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of American City Business Journals.

source

Join The Discussion

Compare listings

Compare