BWE, a national commercial and multifamily mortgage banking firm, announced today that it has secured $42,500,000 to refinance the Baggage Building, a Class A mixed-use office and retail property that has an iconic place in Nashville’s storied history.
Nick Harb, Senior Vice President in BWE’s Nashville office, arranged the financing on behalf of the sponsor, DZL, a highly regarded local real estate firm with a focus on mixed-use properties. Sourced from a regional bank, the loan also features a meaningful interest-only payment period.
“As DZL sought refinancing solutions for this Nashville landmark and its associated parking lot, we knew they’d need capital for growth and flexibility as they execute their long-term business plan. To achieve that, we ran a fully exclusive marketed process and spoke with over 50 lenders to find the most competitive terms,” said Harb. “BWE approaches financing challenges creatively and comprehensively in order to tailor the ideal solutions for our partners, and we’re excited to see what the future holds for this exceptional Nashville property.”
The property, located at 111 10th Avenue South, consists of the 61,000 square-foot mixed-used Baggage Building with office and retail space, as well as its associated parking spaces.
Situated in the heart of Nashville’s fast-changing city center, the Baggage Building is located in Nashville’s Urban Core between Downtown and The Gulch, providing exceptional walkability and convenient access to the city’s business, dining, entertainment, and hospitality offerings.
“We are thrilled with BWE’s execution on this lending opportunity. In a time of rapidly changing capital markets conditions, BWE provided excellent options for DZL,” said Aaron Breeden, DZL’s Chief Investment Officer.