Blue Owl, Tishman Speyer Supply $64M Refi for Nashville Office Building

A joint venture between Hines and Peakline Partners has sealed a $63.5 million debt package to refinance a newly built Nashville office building, Commercial Observer can first report.

Blue Owl Capital supplied a $46 million senior loan and Tishman Speyer provided $17.5 million of mezzanine financing for the sponsorship’s T3 Wedgewood Houston property, completed in 2023. Loan proceeds will be used to retire a previous construction loan and fund leasing costs, according to Tishman Speyer, which recently launched a debt platform.

“T3 Wedgewood Houston presents an attractive opportunity to bring our expertise to bear on a newly delivered, best-in-class office property supported by strong market fundamentals and an investment-grade anchor tenant,” Randall Rothschild, senior managing director at Tishman Speyer, said in a statement. 

The Nashville loan marks the second for Tishman Speyer’s newly established debt platform after closing a $25.2 mezzanine loan in August to refinance a life sciences building in East Watertown, Mass. 

CBRE arranged the transaction with a team consisting of Mike Ryan, Brian Linnihan and JP Cordeiro.

Located at 1234 Martin Street in Nashville’s Wedgewood Houston neighborhood, T3 Wedgewood Houston is anchored by Capitol Christian Music Group, a subsidiary of Universal Music Group that signed an expansion in the 197,000-square-foot office building this year. 

The T3 Wedgewood Houston property is across the street from another office building at 1231 Martin Street that Hines sold for $9.1 million to Holder Properties, the Nashville Business Journal previously reported.  

Blue Owl, Hines and Peakline Partners did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.