AJ Capital Seals $475M Construction Loan for Nashville-Area Mixed-Use Project
By Andrew Coen January 23, 2026 3:13 pm
reprints
AJ Capital Partners has orchestrated the growth of Nashville through multiple mixed-use projects and is now singing a new tune in the Music City suburbs.
The Nashville-based real estate and hospitality firm has landed $475 million of construction financing to build retail and condominium development at a former 15.5-acre shopping plaza in Belle Meade, Tenn., Commercial Observer can first report.
Barings supplied the loan for AJ Capital’s planned Belle Meade Village project seven miles southwest of Downtown Nashville. Located at 4525 Harding Pike, Belle Meade will consist of 92 condos, 16,000 square feet of amenity space and a retail town square. The deal, which was negotiated by Raymond James Real Estate Investment Banking, closed Friday afternoon.
“Belle Meade Village will redefine the gateway to one of Nashville’s most established neighborhoods, turning an underutilized site into a community-driven destination that will become part of our city’s fabric for years to come,” Ben Weprin, CEO of AJ Capital Partners, said in a statement. “True to our approach, we are using the neighborhood’s history as our guide to create an authentic destination that both enhances the surrounding area and becomes a meaningful part of its future.”
The component of the project known as 1 Iris Lane, The Residences at Belle Meade Village will feature two 46-unit buildings with units ranging from one to four bedrooms. The condos start at $3 million each and have been 40 percent pre-sold, according to AJ Capital.
Community amenities will include a fitness center, a saltwater pool with cabanas, a library, a screening room, a golf simulator, a wine room and entertainment spaces.
The retail town square will feature seven buildings with 40 storefronts and a boutique hotel within a central courtyard area that will include an antique carousel. The mixed-use project, which was designed by Hartshorne Plunkard Architecture and Hastings Architecture, is slated for completion in 2028. The site previously housed Belle Meade Plaza Shopping Center before it was torn down in 2023.
“We are excited to collaborate with AJ Capital Partners to support the development of this transformational project as we continue to leverage our in-house expertise in construction lending,” Ryan Naumes, managing director at Barings, said in a statement.
The Belle Meade Village development adds to AJ Capital’s Nashville-area footprint on the heels of producing a 18-acre mixed-use project in the city’s Wedgewood Houston area with office, retail and multifamily.
Andrew Coen can be reached at acoen@commercialobserver.com.
