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.
Paramount tower advances after $340 million construction loan closes for 1010 Church St., Nashville
What happened first: A $340,000,000 construction loan provided by an institutional lender closed to finance the mixed‑use skyscraper now branded as Paramount at 1010 Church St. The loan clears a major hurdle for the project and enables full‑scale vertical construction on a site already under excavation.
Key project facts up front
The development is led by a local developer operating under the name GIARRATANA. The planned tower will rise to 750 feet and contain 60 stories, which would make it the tallest building in both Nashville and Tennessee upon completion. The building will include 360 for‑rent apartments, 140 for‑sale condominiums, and an amenity program with fitness centers, lounges, co‑working spaces and a pool with terrace. Site work is underway with excavation and foundation work reported as started; full construction activity is expected to ramp later this year.
Financing and capital structure
The most recent financing round is led by Benefit Street Partners with a $340 million construction loan. This lender is part of a larger asset management group and the loan ranks among the largest U.S. construction loans closed in 2025 based on third‑party market data. Earlier financing arrangements included a senior loan and a mezzanine loan that totaled $232.3 million; those earlier loans were terminated and the developer paid an approximate $3 million termination cost before securing the current whole‑loan facility.
Equity for the project totals approximately $120 million, raised from 76 investor entities. Three principal investors together supplied more than half of that equity, with the developer among the top contributors. An earlier capital plan envisioned a larger construction loan and lower equity, but the debt‑equity mix shifted so the developer could stand as sole guarantor.
Timeline and construction status
Excavation and foundation work have begun at the Church Street site. Multiple project updates place the start of full construction later in the calendar year, with one timeline indicating construction to commence on September 15 and another reporting that construction officially began the prior month. Target completion dates differ across updates; the developer currently states a new goal around mid‑May 2028 while earlier schedules cited openings in late 2027.
Costs, scope and design
Reported total development costs vary across releases, with figures of approximately $390 million and $460 million appearing in public materials. The tower design is by a Chicago‑based architecture firm and is described as a contemporary high‑rise with subtle art deco influences. The facade is planned as a set of faceted glass surfaces that will reflect light at multiple angles and the tower will be topped by a defined four‑floor crown.
Team handling construction and sales
Construction management and general contracting roles are split in public filings. A national construction manager with a local office will oversee the build, with a separate national general contractor named in some reports. The developer has engaged an internal sales and marketing unit to run condominium presales, with a local real estate brokerage affiliate and several area brokers participating in marketing and agent support.
Presales, pricing and deposit structure
The developer reports 38 condominiums presold with total presale value exceeding $117 million and an average presold unit price around $3.1 million. The first public offering comprises about 25 percent of the 140 condos, with units across the 41st through 44th floors and a limited offering on the 57th floor, and one or more examples of each of the tower’s 11 floor plans. Reservation mechanics include a refundable 1 percent reservation deposit, followed by a purchase contract with a 10 percent nonrefundable deposit within 30 days of disclosures, and an additional 5 percent due at structural top‑off for a 15 percent total deposit at that milestone. The developer has extended preconstruction pricing through September 30, after which prices are set to increase as construction advances.
Parking, amenities and neighborhood additions
Parking counts vary slightly in reporting, with figures of 505 and 517 parking spaces cited. The project includes resident amenities such as fitness centers, lounges, co‑working spaces and a pool with terrace. The overall site work also includes a five‑story, roughly 60,000‑square‑foot addition to a neighboring YMCA building, funded in part through developer contributions.
Market context and ranking
At 750 feet, the tower would surpass the city’s current tallest structure, which measures 617 feet, to become the tallest building in the city and state. Market commentary places the building among the taller towers in the Southeast in comparison with high‑rise concentrations in Atlanta, Miami and Charlotte.
Notes on numbers and reporting variance
Public materials and media updates over time have recorded slightly different figures for total project cost, parking capacity and completion timing. Those differences reflect evolving financing structures, changes in capital allocation, and updated construction schedules as the project advances from preconstruction into full build‑out.
FAQ
What is the Paramount project?
The project is a mixed‑use residential skyscraper at 1010 Church St. featuring for‑rent apartments, for‑sale condominiums and resident amenities.
How tall will the tower be and how many floors?
The tower is planned at 750 feet tall with 60 stories.
Who is developing the project?
The developer is a Nashville‑based firm operating as GIARRATANA.
Has construction started?
Excavation and foundation work have begun and full‑scale construction is expected to ramp later in the year; some reports indicate construction activity has already commenced.
What financing was used?
A $340 million construction loan from a large institutional lender was recently closed, paired with approximately $120 million in equity from dozens of investors.
How many homes will the building include?
The tower will include about 360 apartments and 140 condominiums.
What are condominium presale and deposit terms?
Initial reservations require a refundable 1 percent deposit. Purchase contracts call for a 10 percent nonrefundable deposit within 30 days of disclosure, plus an additional 5 percent at structural top‑off.
When is the project expected to open?
Target completion dates vary; the developer has cited a current goal around mid‑May 2028 while earlier schedules listed late 2027.
Key features at a glance
| Feature | Detail |
|---|---|
| Project name | Paramount (working name formerly 1010) |
| Address | 1010 Church St., Nashville, Tennessee |
| Developer | GIARRATANA (local developer) |
| Height | 750 feet |
| Stories | 60 |
| Units | 360 apartments; 140 condominiums |
| Construction loan | $340,000,000 |
| Equity raised | Approximately $120,000,000 from 76 investor entities |
| Architect | Chicago-based firm (design features faceted glass and four-floor crown) |
| Construction team | Local construction manager office of a national firm; national general contractor named in project materials |
| Parking | Reported between 505 and 517 spaces |
| Amenities | Fitness centers, lounges, co-working spaces, pool with terrace |
| Neighboring addition | Five-story, ~60,000 sq ft addition to adjacent YMCA |
| Target completion | Current target around mid-May 2028 (previous estimates late 2027) |
| Reported total cost | Figures vary: approximately $390M to $460M across different updates |
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 TX News
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