Madison Realty Capital Lends $45M on Nashville Acquisition
By Andrew Coen November 17, 2021 12:02 pm
reprints
GBT Realty and Atalaya Capital have nabbed $45 million of acquisition financing for a planned mixed-use development in Nashville, Commercial Observer can first report.
Madison Realty Capital provided the loan for the joint venture’s River North project, situated on a 3.71-acre site along Nashville’s East Bank section. JLL (JLL) Capital Markets’ Bill Fishel and Matt Stewart along with Surya Capital’s Adi Chugh brokered the transaction.
The loan will cover acquisition and pre-development costs for the project, which will include new residential units, office, retail and parking. Brentwood, Tenn.- based GBT Realty and Atalaya Capital, a New York investment manager, also contributed “significant equity” to the project, sources said.
“Nashville is experiencing meaningful growth as a significant number of major technology, finance, manufacturing and e-commerce businesses expand to the metropolitan area,” Josh Zegen, managing principal and co-founder of Madison Realty Capital, said in a statement. “River North is a transformational Nashville project critical to strengthening the city’s rapid development and attractive job market and we look forward to supporting the project.”
The River North project is part of an overall planned redevelopment of a 120-acre district that includes $20.9 million in public infrastructure improvements. The area is located just outside of Downtown Nashville directly adjacent to Oracle‘s newly planned southeastern headquarters that is expected to eventually bring more than 10,000 new employees to the city by 2031.
Representatives for GBT Realty and Atalaya Capital did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
