Somera Road Secures $71M Construction Loan For Paseo South Gulch Mixed-Use Development In Nashville
620 8th Avenue South, Nashville, Tennessee 37203, United States
$71,000,000
$306/SF
Building Size
231,723 SF
Asset Type
Mixed-use
Closing
Feb 6, 2022
About this deal
AI
The Paseo South Gulch in The Gulch, Nashville is a mixed-use property with a total area of 231,723 square feet. The address of the property is 620 8th Avenue S.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $71,000,000
- Lender: S3 Capital Partners - Robert Schwartz
- Ground Lessor: Safehold
- Developer / Ground Lessee: Somera Road – Ian Ross, Jon Reeser & Andrew Donchez
- Brokers: Aaron Appel, Michael Diaz & Michael Ianno - Walker & Dunlop
- Loan Type: Construction Loan
The loan for the Paseo South Gulch property was provided by S3 Capital Partners, with Robert Schwartz representing the lender. The ground lessor is Safehold, and the developer/ground lessee is Somera Road. The deal was brokered by Aaron Appel, Michael Diaz, and Michael Ianno from Walker & Dunlop. The loan amount for the deal was $71,000,000 and it is a construction loan. It is worth noting that Paseo South Gulch will feature 278 multifamily units with ground floor retail.
Players
Nashville-Davidson Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.22%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93