Giarratana Lands Financing for Nashville’s Tallest Tower

Downtown Nashville’s skyline is set to climb higher than ever. Giarratana Development has locked down a $340 million construction loan for Paramount, a planned 60-story mixed-use tower that will become Tennessee’s tallest building.

The financing, provided by New York-based Benefit Street Partners, clears the way for construction to start Sept. 15 at 1010 Church Street. The $460 million project is slated for substantial completion in May 2028, with Brasfield & Gorrie as general contractor, the Tennessean reported.

Giarratana Lands Financing for Nashville’s Tallest Tower — Rendering of the planned Paramount tower in Nashville (Goettsch Partners)

Paramount will rise with 360 apartments, 140 condos and 517 parking spaces, along with ground-floor amenities. Giarratana has already begun pre-selling condo units, and the early response has been strong. So far there are 38 units under contract, representing $117.6 million in sales. Pre-construction pricing runs through the end of September.

The financing deal wasn’t straightforward. Giarratana initially closed on a $232 million package with BankOZK and Related Fund Management last year but later scrapped the arrangement. Benefit Street stepped in with a single-source loan covering the full amount.

Equity has also been cobbled together from a mix of local players. Giarratana raised $120 million from 76 investors, including himself, businessman Joe Agresti and philanthropist David Ingram. The developer also sold parking spaces tied to the neighboring Downtown YMCA to bolster the capital stack.

The deal positions Giarratana to deliver one of the most ambitious residential projects in the Southeast. The tower will add hundreds of luxury units to a downtown market that has seen a wave of high-rise construction but also faces headwinds from elevated borrowing costs and tighter capital markets. Construction starts have slowed across the country, making Paramount’s financing package all the more notable.

Tony Giarratana, long a fixture in Nashville’s development scene, called the fundraising process “grueling” but said he was gratified by the investor support. With financing in place and sales momentum underway, the Paramount now stands to redefine Nashville’s skyline: according to the Chicago architecture firm that designed the Paramount, Goettsch Partners, the 750-foot tower will eclipse the city’s current tallest building — the AT&T Building — by 133 feet. — Eric Weilbacher