Jones Lang LaSalle Incorporated Arranges $135M Refinancing for Premier Adaptive Mixed-Use Project in Nashville
In a significant financing move, JLL Capital Markets has successfully arranged a $135 million refinancing package for one of Nashville’s distinguished mixed-use properties, Cummins Station. Located in the vibrant Gulch neighborhood, this landmark facility stands as a testament to the city’s architectural transformation and economic vitality.
Cummins Station, encompassing an impressive 408,000 square feet, benefits from a strategic position at 209 10th Avenue S., right at the heart of Nashville’s dynamic Gulch area. The Gulch is celebrated not just as the city’s leading office district, but also as a bustling live-work-play community. It boasts a rich assembly of Fortune 500 companies, reputable corporations, diverse residential options, premier hotels, and an expansive selection of dining venues. The project’s advantageous location is further underscored by its easy access to Downtown Nashville, I-40, and numerous nearby amenities.
The property, with roots stretching back to 1906, has seen extensive renovations over the years to emerge as a cutting-edge mixed-use site. Today, Cummins Station offers an array of high-end creative office spaces, retail outlets aggregating 46,000 square feet, and a variety of unique dining experiences. This blend of modern amenities with its historic facade makes Cummins Station a landmark destination in Nashville’s real estate landscape.
The refinancing, carried out on behalf of DZL Management, was secured through a five-year, fixed-rate loan. This financial maneuver is indicative of the confidence lenders and investors have in prime office locations, particularly those with a robust tenant base and excellent management, despite the broader challenges facing the office sector and economic fluctuations.
The successful financing underscores JLL Capital Markets’ expertise and its capability to navigate complex market dynamics to secure optimal outcomes for its clients. With a global presence and more than 3,000 specialists in Capital Markets across nearly 50 countries, JLL Capital Markets is well-positioned to leverage its deep market knowledge and extensive investor relationships to benefit real estate investors and occupiers alike. The firm’s comprehensive services span investment sales and advisory, debt advisory, equity advisory, and recapitalization efforts, ensuring a tailored approach to each client’s unique needs and circumstances.
This refinancing deal not only reaffirms the strength of Nashville’s real estate market but also highlights Cummins Station’s enduring appeal and economic viability as a premier mixed-use project. It serves as a compelling example of JLL Capital Markets’ commitment to fostering investment and growth in high-potential real estate ventures, thereby contributing to the vibrancy and resilience of communities like Nashville’s Gulch.
