Giarratana scores $232M financing for Nashville’s tallest tower

Nashville’s skyline is poised to reach new heights as developer Tony Giarratana just secured $232 million in construction financing.

Giarratana received a $172 million senior loan from Arkansas-based Bank OZK and a $60 million mezzanine loan from New York-based Related Fund Management, propelling the developer’s planned 60-story condo and apartment tower near downtown’s YMCA, the Nashville Business Journal reported. 

The tower, at 1010 Church Street, is set to become the tallest structure in Nashville, topping a record that Giarratana has held since 2018, when he completed the 45-story apartment and condo high-rise at 505 Church Street. Bank OZK provided financing for that project, as well.

The upcoming development, dubbed 1010, will feature 360 apartments and 140 condos, along with 121 parking spaces reserved for the YMCA that Giarratana is building next door. The 1010 tower is slated for completion in 2027.

Securing funding for such projects has become increasingly difficult amid rising interest rates and a tight lending climate. However, Giarratana’s track record of successful developments has earned him the trust and confidence of lenders and investors alike.

“To emphasize the scale of 1010, the $232.2 million in construction financing is the fifth-largest residential construction financing closed in the U.S. over the past 12 months outside of Florida or New York, and the fourth-largest residential construction financing closed anywhere in the U.S. during 2024,” Dave Hendrickson of Walker & Dunlop told the outlet.

Giarratana’s decision to focus on Church Street for his recent developments stems from its strategic proximity to Nashville Yards, a massive entertainment district that he believes will “shift the epicenter of downtown.” 

Despite challenges facing commercial real estate, including potential oversupply in Nashville’s multifamily sector, Giarratana remains optimistic about 1010.

“We believe 1010’s timing is about perfect and will deliver its condos and apartments in high demand/low supply environment,” said Jacob Chapman, Giarratana’s chief investment officer. “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.”

—Quinn Donoghue 

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