Walker & Dunlop Inc. has 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 Paseo South Gulch district.
Hotel Business first reported on the development of the property on March 14.
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 range of amenities, a variety of food and beverage outlets, curated event spaces and individual pools for both hotel guests and residents.
“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 Appel, senior managing director/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 the opening scheduled for 2027.
