Muse developer lands $15.5M loan

The development team behind Muse, a five-story building to offer 51 residences and a corner retail space facing Lindsley and Hermitage avenues in Rutledge Hill, has landed a $15.5 million loan related to the project.

This comes shortly after the Metro Development and Housing Agency Design Review Committee approved the design plan for the mixed-use building.

Jim Jacobs created Muse Nashville LLC for the $2.15 million October purchase of the property, located at 4 Berrien St., just off Hermitage Avenue.

Centric Architecture (design), Catalyst Design Group (engineering and land planning) and Cherry and Associates (a commercial estate services company at which Jacobs serves as a principal) are involved. Each is locally based.

Read more here.

SR Residential Partners preps start of Lebanon project

Nashville-based SR Residential Partners has announced it will break ground next week on a 240-unit multifamily multi-building residential project to be located in the Lebanon Marketplace development in Lebanon.

Relatedly, SR announced FirstBank will provide financing for the project, which will be situated on 17 acres along Aviation Way.

The overall price tag of the development and the dollar value of the loan were not disclosed in the release.

Construction is anticipated to be completed in August 2021, with move-ins expected as early as this December.

Nashville-based BACAR Constructors Inc. will serve as general contractor. Architectural and design services will be provided by JHP Architects, and Catalyst Design Group will provide engineering and landscape architectural services.

The eight-building project will feature a “resort-style pool,” fitness center, residents’ lounge, dog park and pet washing facilities, common gathering spaces and outdoor kitchens and grills.

“We are excited to begin construction on this project and to be a part of the growing Lebanon community through the expansion of the successful Lebanon Marketplace,” SR Residential partner Ben Schaedle (who teams with Peter Ripley) said in the release.

The Lebanon Marketplace houses Home Depot, Chili's Grill & Bar, Wilson County Motors and a Twice Daily market with future plans for approximately 75,000 square feet of additional retail and restaurant offerings.

SR Residential also is planning a major mixed-use project with a roughly $85 million price tag for a site near Marathon Village, with the project to include residential and retail spaces (read here).

Novel Edgehill development team lands $51.4M loan

The development team behind Novel Edgehill, a mixed-use building to offer apartments and a café and to sit just south of the inner-interstate loop from The Gulch, has landed a construction loan valued at about $51.4 million.

According to a Jan. 30 release, construction is scheduled to begin “in the coming weeks,” with the first residences coming available in late 2021. The 2.7-acre property at 801 12th Ave. S. sold for $13.5 million in early January.

Citizens Bank provided the loan, according to a Metro document.

Crescent and Pearl Street Partners of Brentwood will co-develop the site, which was last home to mental illness and substance abuse recovery services business Park Center. The Novel (stylized as “NOVEL”) building will feature four- and five-story components. It will comprise 270 studio, one- and two-bedroom apartment units and 6,000 square feet of retail space, including a café from Land of a Thousand Hill Coffee and dedicated co-working space.

Other project partners include Hawkins and Partners as the land planner and landscape architect, KTGY as the architect, Manual Zeitlin Architects as the local design architect, Kimley Horn as the civil engineer and CID as the interior design firm.

Read more here.

Boutique hotel company eyes Nashville

Sixty Collective, a luxury hotel company operating businesses only in New York and Los Angeles, is eyeing Nashville for a location, Nashville Business Journal reports.

In addition to Nashville, Sixty Collective has announced that it is expanding to Miami, Dallas, San Francisco, Charleston and Washington, D.C., among other cities, the Sixty Collective (stylized as “SIXTY”) website notes.

Parent company Sixty Hotels will use a $35 million investment from The Silverstein Cos. for the expansion, according to a release.

The Sixty Collective website does not provide details regarding any future Nashville hotel.   

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