Nashville, Tennessee, August 19, 2025
News Summary
A Nashville developer closed a $340 million construction loan to advance Paramount, a planned 750-foot, 60-story mixed-use tower at 1010 Church St. Excavation and foundation work are already under way, with full-scale construction slated to begin later in the year. The project will deliver 360 for-rent apartments and 140 condominiums, plus amenities and a four-floor crown. Equity raised totals about $120 million from 76 investor entities, and 38 condos have been presold for roughly $117.63 million. Projected completion targets vary as schedules shift during high-rise development.
Major construction loan closes for downtown Nashville skyscraper
A Nashville developer has closed a $340 million construction loan to build a new 60‑story tower at 1010 Church Street. The project, now branded Paramount, will rise to about 750 feet and is planned as a mixed‑use residential skyscraper containing both condominiums for sale and apartments for rent. If built to plan, the tower will become the tallest building in Nashville and Tennessee, surpassing the existing 617‑foot landmark downtown.
What the financing covers and how the deal changed
The construction loan was provided by an alternative asset manager. The lender is a large investment firm with significant assets under management and is a corporate affiliate of a global investment company. Market data cited with the financing noted the loan ranks among the largest U.S. construction loans of the year and is one of the biggest outside a few large states.
The financing follows an earlier arrangement announced in spring 2024 that combined a senior bank loan and a mezzanine piece totaling about $232.3 million. That earlier package was terminated at a cost of roughly $3 million, leaving the site free of that debt before the current loan closed. The capital plan also shifted during negotiations: an earlier scenario called for a larger loan and smaller equity take, while the final structure pairs the $340 million loan with about $120 million in equity.
Equity and investor facts
The equity round for the project reached about $120 million and includes investments from dozens of entities. Two billionaire investors were among backers. The largest individual equity contributor was one investor, followed by the developer as the second‑largest contributor and a local entrepreneur as the third. In total, 76 investor entities took part in the equity pool.
Project size, units and amenities
The tower is planned at 60 stories with a unit mix of 360 for‑rent apartments and 140 condominiums for sale. Amenities described for residents include fitness centers, lounges, co‑working spaces and a pool with terrace. Plans also include a parking garage reported with either 505 or 517 spaces in different updates.
Design and site details
The design comes from a Chicago architectural firm and uses a faceted glass façade intended to reflect light in varied directions. The top four floors form a defined “crown” at the tower’s peak. A new five‑story, roughly 60,000‑square‑foot addition to a neighboring YMCA is also part of the broader site work.
Construction teams and schedule
A regional construction office will manage the build for the developer, and another large general contractor was named in a separate update. The management firm has worked with the developer on prior downtown projects and reports offices across multiple states and sizable projected revenue for the year.
Site work has begun with excavation and foundation activity reported. The developer indicated that full‑scale construction is expected to begin in mid‑September of the coming year, although other reporting described construction as having officially started in a recent month. Completion targets vary across updates: the developer later adjusted the goal to the middle of May 2028, while earlier projections showed an opening by the end of 2027.
Sales, presales and pricing mechanics
Sales and marketing for the condominiums are being handled by an in‑house condo sales arm fully owned by the developer, with a family member serving as lead listing agent through an affiliated brokerage. A small set of partner agents are supporting presales and marketing.
To date, 38 condominiums have been presold under contract, with a combined value of about $117.63 million. That equates to an average unit price near $3.1 million and an average of roughly $1,637 per square foot for those presold units. Presold buyers put down nonrefundable 10 percent deposits. The sales process offers a refundable 1 percent reservation deposit, followed by a nonrefundable 10 percent contract deposit within 30 days of disclosures, and an additional 5 percent due at structural top‑off for a 15 percent total deposit by that milestone. The initial for‑sale offering comprises 35 units — 32 on levels 41–44 and three on level 57 — representing the first 25 percent of the condo inventory and covering every floor plan type.
Costs and budget variance
Total development cost figures have appeared in different updates. Earlier reporting cited a budget near $390 million, while later material referenced a roughly $460 million total development budget. The final capital stack reflects the revised loan and equity balance described above.
Name and context
The project name was chosen for its intent to signal prominence as the tallest tower in the city and to echo historical design influences. The developer noted subtle art‑deco references in the tower’s design and linked the name choice to past local building history.
Reporting notes
Multiple updates over time have produced small differences in reported numbers and dates, including parking counts, total budget figures and completion timelines. Those variances reflect separate finance and construction announcements made as the project moved from early financing to construction readiness.
Frequently asked questions
What is Paramount and where will it be built?
Paramount is a planned 60‑story mixed‑use residential tower to be built at 1010 Church Street in downtown Nashville.
How tall will the building be?
The tower is planned to rise about 750 feet and would be the tallest building in Nashville and Tennessee if completed as designed.
How is the project being funded?
Construction is backed by a roughly $340 million construction loan and about $120 million in equity raised from many investor entities.
Who is the developer and who is handling condo sales?
The developer is a Nashville‑based company. Condominium sales and marketing are managed by an entity fully owned by the developer, with an affiliated brokerage handling listings and presales.
When does construction start and when will the building open?
Excavation and foundation work have begun. Full‑scale construction was scheduled to start in mid‑September of the next calendar year, with completion targets reported as late 2027 in earlier updates and mid‑May 2028 in a later schedule.
How many units and what amenities are planned?
The plan calls for 360 rental apartments and 140 condominiums, with amenities including fitness centers, lounges, co‑working spaces and a pool with terrace.
Are there any unusual guarantees or funding conditions?
The loan structure was adjusted so the developer could serve as the sole guarantor, which led to an increased equity contribution compared with an earlier plan.
Key project features
| Feature | Detail |
|---|---|
| Project name | Paramount (working name previously shown as 1010) |
| Address | 1010 Church St., Nashville, TN |
| Height / stories | Approximately 750 ft / 60 stories |
| Units | 360 apartments; 140 condominiums |
| Parking | Reported as 505 or 517 spaces (varies by update) |
| Architect | Chicago-based firm; faceted glass façade and four‑floor crown |
| Construction manager / GC | Regional construction manager named; another large contractor listed in separate update |
| Primary construction loan | Approximately $340 million |
| Equity | About $120 million from 76 investor entities; top three contributors identified |
| Estimated total cost | Reported figures vary: about $390M in earlier updates and about $460M in later materials |
| Site status | Excavation and foundations underway; full-scale start planned in September (varies by update) |
| Presales | 38 condos presold for roughly $117.63M; average price near $3.1M; deposit schedule in place |
| Additional site work | Five‑story, ~60,000‑sq‑ft addition to adjacent YMCA included |
Deeper Dive: News & Info About This Topic
Additional Resources
- Nashville Post: Giarratana closes on $340M loan for Paramount skyscraper project
- Wikipedia: Nashville, Tennessee
- Nashville Post: Giarratana eyes July closing on $360M construction loan
- Google Search: Paramount 1010 Church St Nashville
- Nashville Post: City’s future tallest building given official name
- Google Scholar: Paramount Nashville skyscraper
- FOX17: Paramount tower will surpass Nashville’s Batman Building as tallest skyscraper
- Encyclopedia Britannica: Nashville skyscrapers
- Archinect: Goettsch Partners unveils renderings of Nashville’s tallest tower
- Google News: Paramount tower Nashville
Author: Construction NY News
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