Local developer Giarratana has closed on construction financing for Tennessee’s Tallest Tower, 1010 Church Street. The $232.3 million in construction financing stack included Little Rock, AR based BankOZK providing a $172.3 million senior loan and New York-based Related Fund Management providing a $60 million mezzanine loan for development of the $390 million mixed-use 1010 tower. The project is located on the site of the Downtown YMCA which will also receive a new addition.
“I’ve been working with Tony Giarratana on his Nashville developments for 20 years and his work on transforming the city has been nothing short of breathtaking,” said Dave Hendrickson of Walker & Dunlop. “To emphasize the scale of 1010, the $232.3 million in construction financing is the 5th largest residential construction financing closed in the U.S. over the past 12 months outside of Florida or New York, and the 4th largest residential construction financing closed anywhere in the U.S. during 2024.”
Shown for context only.
BankOZK (formerly Bank of the Ozarks) teamed up with Giarratana in 2015 as construction lender for its highly successful 505 and, last year, closed construction loans for several projects in the adjacent Nashville Yards development across the street. This is Giarratana’s first venture with Related Fund Management, but Tony has admired Related for decades and admits to drawing inspiration from Related’s developments in Chicago and its Hudson Yards in New York.
1010 is the firm’s most ambitious skyscraper to date and will achieve its longtime goal of adding a high rise over 200 meters to Nashville’s skyline. “We believe 1010’s timing is about perfect and will deliver its condos and apartments in high demand/low supply environment,” said Jacob Chapman, CIO. “Tony often commented that what we were attempting to do with 1010 was impossible in the current market, but that we should do it anyway. We are thankful that our team’s track record of on time/on budget development has earned us the trust and confidence of our lenders and investors.”
Giarratana modeled its upcoming 750-foot tall, 60-story tower on the 525-foot tall, 45-story 505 in which the firm completed in 2018. “505 essentially served as our ‘proof of concept’ and informed the design of every aspect of 1010,” said Tony Giarratana. “505 has 178 condos atop 350 apartments and 187 parking spaces, while 1010 features 140 condos atop 360 apartments and 500 parking spaces. We’re also including 121 parking spaces for the new YMCA that we’re developing next door!”
The Nashville developer pioneered downtown living in Nashville with its Cumberland apartments in 1998 and Viridian condos in 2006 and has since completed 1,000 condos and over 3,000 apartments. According to the release 1010 will benefit from lessons-learned on the firm’s prior condo developments and will be Giarratana’s first new condos in a decade when completed in 2027.
The Giarratana team is known for being meticulous and demanding. “We began working on design and engineering for 1010 more three years ago, in early 2021,” said Morgan Stengel, VP of Development for Giarratana. “Our architects at Goettsch Partners, our engineers at DeSimone, Bala, and Barge Design, and our general contractor, Brasfield & Gorrie, are all ‘best-in-class’ and share our commitment to excellence; and Metro and Mayor O’Connell have also been great.”
Because of his decades of work on Church Street, Giarratana has become synonymous with the Church Street Corridor. Tony refers to Church Street as “downtown’s street for locals”. The developer selected this location for his firm’s next generation of apartment and condo towers because of Nashville Yards – which he believes will shift the epicenter of downtown and make downtown Nashville an even more “walkable” and exciting place for his tower’s residents to live, work and play.
Marc Stengel and his family’s Ridgefield Properties have been investing with Giarratana for over 30 years, including the firm’s 505, Alcove, Prime, and 1010. “Being able to contribute to the contours of the Nashville’s skyline through an investment in 1010 is a literal ‘topping off’ event for Ridgefield Properties.
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