SomeraRoad, Trestle Studio Secure $253M to Build Nashville Hotel-Condo Tower

Developers SomeraRoad and Trestle Studio have secured a $253 million construction loan to build a 30-story hotel-condominium tower in Nashville, Tenn., according to a Wednesday announcement.

Bank OZK (OZK) and InterVest Capital Partners provided the loan for the developers’ project at 701 Seventh Avenue South in the Paseo South Gulch neighborhood south of Downtown Nashville, the announcement said. Called the Pendry Nashville & Pendry Residences Nashville, the project is slated to open in 2027.

“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,” Walker & Dunlop’s Aaron Appel, who arranged the financing along with Keith Kurland, Jonathan Schwartz, Adam Schwartz, Michael Diaz, Sean Bastian and Jackson Irwin, said in a statement.

“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,” Appel added.

Jay Morrow and Carter Gradwell from Walker & Dunlop’s hospitality team also advised SomeraRoad in the transaction, according to the announcement.

The developers’ project will feature 180 hotel rooms and 146 luxury condos operated under the Pendry Hotels & Resorts brand. Amenities will include “upscale food and beverage outlets, curated event spaces, and individual pools for both hotel guests and residents,” the release said.

“Pendry is going to be a game-changing addition to Nashville’s hospitality and residential offerings,” Ian Ross, founder and managing principal of SomeraRoad, said in a statement. “We couldn’t have found a better partner to usher in an unmatched luxury hotel and residential experience to the heart of the Paseo South Gulch.”

The project will be designed by Nashville-based architecture firm Earl Swensson Associates and Brooklyn-based interior design studio Post Company, according to a release from Pendry.

“We are honored to bring Pendry to [Nashville] and look forward to creating something spectacular that pays respect to Southern hospitality and features our unique perspective on contemporary luxury,” Michael Fuerstman, co-founder and creative director of Pendry, said in a statement.

Bank OZK declined to comment, while spokespeople for Trestle and InterVest did not immediately respond to requests for comment.

Isabelle Durso can be reached at idurso@commercialobserver.com.