Rendering shows the proposed 750-foot Paramount tower with faceted glass exterior, crown and adjacent YMCA expansion; excavation and cranes are visible at the site.
Nashville, Tennessee, August 19, 2025
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.
Key takeaway: A Nashville developer has closed a $340 million construction loan to build a 60‑story, 750‑foot mixed‑use tower known as Paramount at 1010 Church St. Excavation and foundation work are already under way, and full‑scale construction is slated to start later this year.
Construction financing of $340 million was provided by an institutional lender to allow work to proceed on the Paramount tower, a project led by a Nashville development firm. The loan is reported as one of the largest U.S. construction loans of 2025 and likely the biggest outside New York, Florida and Texas for the year. The lender is part of a larger investment platform that manages tens of billions of dollars in assets.
The building will rise to 750 feet across 60 stories, making it the tallest structure forecast for Nashville and the state of Tennessee once complete. The tower is a mixed‑use residential project with 360 for‑rent apartments and 140 condominiums for sale. Amenities planned include fitness centers, lounges, co‑working spaces and a pool with terrace. The design includes a top four‑floor “crown” and a faceted glass façade meant to catch light from multiple angles. A new five‑story, 60,000‑square‑foot addition to the neighboring downtown YMCA is also part of the plans.
The tower is designed by a Chicago architectural firm known for high‑rise work. Construction management will be handled by the Nashville office of a large regional builder with prior partnerships with the developer on other downtown projects. One report also names another large national contractor as the general contractor on the project, reflecting some variation in reporting on the construction team.
The recent loan replaces an earlier financing package that had included a regional bank senior loan and a mezzanine loan from a fund manager. That earlier package was terminated at a reported cost of about $3 million, leaving the project temporarily debt free before the current lender offered to provide a single whole loan. After adjustments to the mix of debt and equity, total equity raised for the project is reported at $120 million, with two billionaire investors among the participants and a total of 76 investor entities
Earlier reporting had described alternative project totals, with development budgets cited at both $390 million and $460 million in different updates. An earlier plan showed a $360 million loan paired with $100 million of equity; the final structure reduced the loan to $340 million and increased equity to $120 million to allow the developer to be the sole guarantor.
Marketing and presales are being managed by an entity fully owned by the developer. A sales team made up of several local brokers and agents has been tapped to handle condominium sales. To date, 38 condominiums have been presold under contract, representing roughly $117.63 million in sales and an average unit price of about $3.1 million (approximately $1,637 per square foot). Presales require a 10 percent nonrefundable1 percent reservation5 percent at structure top‑off for a combined 15 percent deposit at top‑off. The company extended a pre‑construction pricing window through Sept. 30, 2025, with an expectation of additional condo contracts before pricing steps up.
Excavation and foundation work have begun and full‑scale construction is expected to start later in the year, with one reported target date of Sept. 15, 2025. Completion targets vary across reports: the developer now cites a goal of completing construction in mid‑May 2028, though earlier timelines aimed for the end of 2027. These differences reflect shifting schedules that often occur in large high‑rise projects.
The project occupies a downtown site adjacent to a YMCA expansion. Parking figures have been reported differently in separate updates, listed as either 505 or 517 spaces. If the Paramount tower were standing today, it would rank among the tallest buildings in the Southeastern United States.
Prior to the current loan, the developer closed a reported $232.3 million financing package in 2024 made up of a regional bank senior loan and a mezzanine loan from a fund manager; that package was later terminated. The developer also recently closed bridge financing totaling $205 million on two other residential towers on Church Street.
Multiple updates over time have contained slightly different figures for parking, total cost and completion timing. Renderings and design releases show the tower’s faceted geometry, crown and art‑deco‑influenced touches. The developer has emphasized downtown living experience and past projects in the area as context for this tower.
Excavation and foundation work are under way and full‑scale construction is expected to begin later in the year, with one reported start date in mid‑September 2025.
The planned tower is 750 feet tall with 60 stories, including a four‑floor crown at the top.
The project is mixed‑use residential with 360 rental units, 140 condominiums, common amenities such as fitness centers, lounges, co‑working space and a pool with terrace, plus a YMCA addition next door.
A single institutional construction lender provided a reported $340 million loan. Equity raised for the project is reported at $120 million, supplied by a group of investor entities including two large individual investors and others.
Thirty‑eight condominiums have been presold for roughly $117.63 million total. Average presale price is shown at about $3.1 million per unit. A refundable 1 percent reservation deposit is offered, with a 10 percent nonrefundable contract deposit due after disclosure and an additional 5 percent at structure top‑off.
Completion targets vary in reporting; the developer now lists a goal of mid‑May 2028, while earlier estimates projected late 2027.
| Feature | Detail |
|---|---|
| Project name | Paramount (working name previously referred to as 1010) |
| Address | 1010 Church St., Nashville, Tennessee |
| Height / Stories | 750 ft / 60 stories |
| Unit mix | 360 apartments; 140 condominiums |
| Construction loan | $340 million whole loan |
| Equity raised | $120 million from 76 investor entities |
| Projected cost (varied reporting) | Reported as $390M and $460M in different updates |
| Parking | Reported as 505 or 517 spaces in separate updates |
| Architect | Chicago firm known for high-rise design (faceted glass façade; four-floor crown) |
| Construction manager / GC | Nashville office of a regional builder to manage construction; another national GC named in one report |
| Presales | 38 condos presold totaling approx. $117.63M; average price about $3.1M |
| Schedule notes | Excavation under way; full-scale start expected later in the year; completion targets range from late 2027 to mid-May 2028 |
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