Walker & Dunlop announced it arranged a $253 million construction loan to facilitate the development of Pendry Nashville and Pendry Residences Nashville, a soon-to-be 30-story hotel-condominium tower located in Nashville’s Paseo South Gulch district.
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 during 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 would feature 180 hotel keys and 146 Pendry-branded luxury condominiums. Upon completion of the deal, the development will offer a wide range of amenities, various upscale food and beverage outlets, curated event spaces, and individual pools for hotel guests and residents.
Last year, Walker & Dunlop’s Capital Markets team sourced over $16 billion from non-Agency capital providers. And this experience has made them a top advisor on all asset classes for many of the industry’s top developers, owners, and operators.
The project is expected to break ground immediately, with an opening scheduled for 2027.
KEY QUOTES:
“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. 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.”
– Aaron Appel, senior managing director and co-head of New York Capital Markets at Walker & Dunlop
