Bank OZK has provided a loan of $278.9 million to the developer of the Broadwest project under construction in Midtown, Nashville Business Journal reports.
Huntsville, Alabama-based Propst Development is undertaking the project, which will include a 21-story office tower (pictured), 42,000 square feet of retail and a 34-story skyscraper with a Hilton Conrad hotel and 196 luxury condominiums (the latter being co-developed with Franklin-based Chartwell Hospitality.
NBJ reports that, to date, the Propst family has been funding construction with its own money. Work started at the 3.9-acre site, located within the 1600 block of West End Avenue, with no announced tenants but has since landed future users.
The overall project could carry a roughly $540 million price tag.
About 21 percent of the office tower is preleased to law firm Baker Donelson, financial planning company Robert W. Baird Co. and ServisFirst Bank, NBJ reports.
Company eyeing fairgrounds-area project secures $27.7M+ loan
The company looking to develop a 4.95-acre lot near The Fairgrounds Nashville with a multi-family building has landed a loan for about $27.76 million, according to a Metro document.
Atlanta-based Westplan Investors, which paid $7.15 million for the property in December 2019, is eyeing a 236-unit project in two four-story buildings and with a name of Accent.
The address is 2165 Nolensville Pike.
Catalyst Design Group is believed to be the project‘s architect.
Read more about Westplan here.
Two local companies involved in Cincinnati deal
An affiliate of Nashville-based real estate private equity firm Excelsior Capital purchased a suburban Cincinnati office building for $12.75 million, Cincinnati Business Journal reports, citing public records.
Smith/Hallemann Partners, which is co-based in Cincinnati and Brentwood, was the seller.
Kemper Pointe, the just-purchased building, has an address of 7870 E. Kemper Road. It offer 96,500 square feet, CBJ reports.
Excelsior Capital owns buildings in five Midwest and Southeast markets, including in Richmond, Kansas City and Nashville, with more than 540,000 square feet of office space, according to CBJ.