Construction on Tennessee’s tallest tower will commence next month.
The Tennessean reports developer Sam Giarratana secured a $340 million financing deal for Paramount, a 60-story residential building planned for 1010 Church St. The tower is expected to cost $460 million in total. Giarratana has raised $120 million in equity from a group of 76 investors.
Benefit Street Partners, based in New York, provided the construction loan. Brasfield & Gorrie will manage construction on the mixed-use development.
Construction on Paramount is expected to take just over two and a half years. Plans call for the building to include 360 apartment units, 140 condos and 517 parking spaces.
Giarratana has built more downtown condos and apartments than any other developer in Nashville — Paramount is his largest yet and is also slated to be the tallest building in Music City at 750 feet.
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