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 clears major financing hurdle for 1010 Church St. in Nashville
A $340 million construction loan from an institutional lender has been completed to fund the next phase of a planned 60‑story, 750‑foot tower at 1010 Church St. in downtown Nashville. The project, now called Paramount, is led by a Nashville developer and is planned as a mixed‑use residential skyscraper with both for‑sale condominiums and for‑rent apartments.
What the loan means for the project
The new loan covers a large share of the construction costs and follows earlier financing moves that were replaced. The developer terminated an earlier financing package that had included a senior loan and a mezzanine loan, paying a fee to end that deal and leaving the site without debt before the new loan. Equity investors now provide a larger portion of capital so the developer can act as the only guarantor.
Basic project facts
The tower will rise to 750 feet and will have 60 stories, making it the tallest building planned in Nashville and the tallest in Tennessee, surpassing a nearby 617‑foot building. The building will contain 360 for‑rent apartments and 140 condominiums for sale. Parking plans list roughly 505 to 517 spaces in a garage tied to the development.
Design, architecture and site
A Chicago architecture firm designed the tower, which is shown in released renderings as a faceted glass form with angles meant to catch light from many directions. The design closes with a top element described as a four‑floor crown. The developer noted subtle art deco influences in the styling and has tied the name to the tower’s status as the city’s planned tallest structure. The site sits adjacent to a YMCA project and the developer is contributing to a five‑story, 60,000‑square‑foot addition to that facility.
Construction team and current status
A regional office of a national builder will manage construction, and another national firm is listed in some materials as general contractor. Excavation and foundation work are already underway at the Church Street site according to project updates, with full‑scale vertical construction expected to begin later in the year. Completion targets vary across recent reporting: the developer now cites a mid‑May 2028 opening goal, while earlier information pointed to a 2027 finish.
Costs, financing and investors
Total development cost figures reported for the tower vary by source and timing, appearing as both $390 million and $460 million in earlier coverage. The most recent structure of the capital stack shows the $340 million construction loan combined with about $120 million in equity from a broad group of investors. More than 70 investor entities participated, with three individual investors providing the largest shares of the equity pool. Earlier in the financing timeline a different lender and a mezzanine fund had been part of a roughly $232.3 million financing package that was later terminated.
Presales and condo marketing
Sales and marketing for the condominiums are being handled by a company owned by the developer and local agents have been tapped to support presales. To date, 38 condominiums have been reported as presold under contract, representing about $117.63 million in value and an average price north of $3 million per unit. The initial for‑sale offering is the first 25 percent of the 140 units and includes a full range of the project’s 11 floor plans. Reservation and deposit steps are staged: a refundable reservation deposit, a purchase contract with a nonrefundable 10 percent deposit after disclosure, and an additional 5 percent due at structure top‑off.
Amenities and neighborhood
Planned amenity spaces include fitness centers, lounges, co‑working areas, and a pool with terrace. The tower is located in a busy downtown setting near other large developments and office projects. The developer has experience with other downtown towers and has worked with the construction manager on prior projects in the same neighborhood.
Numbers to watch
- Height: 750 feet
- Stories: 60
- Units: 360 apartments + 140 condominiums
- Parking: 505–517 spaces reported
- Construction loan: $340 million
- Equity raised: $120 million from 76 investor entities
- Presold condos: 38 units, about $117.63 million total
FAQ
What is Paramount?
Paramount is the name for a planned 60‑story, 750‑foot mixed‑use residential tower at 1010 Church St. in downtown Nashville.
Who is developing the project?
The tower is being developed by a Nashville developer and a company that also manages condominium sales for the project.
How is the project being financed?
Construction is backed by a $340 million construction loan and about $120 million in equity raised from multiple investors. Earlier financing arrangements were replaced before the current loan closed.
How many homes and parking spaces will the tower have?
The building will offer 360 rental apartments and 140 condominiums for sale. Reported garage capacity ranges from about 505 to 517 spaces.
When will construction and opening take place?
Excavation and foundation work are underway, with full‑scale construction slated to start later in the year. Completion targets have varied; a mid‑May 2028 opening has been cited in the latest schedule, while earlier targets showed 2027.
Who designed and who will build the tower?
A Chicago architecture firm designed the tower. A national builder’s regional office is managing construction, and another national firm is listed in some materials as the general contractor.
Key project features
| Feature | Detail |
|---|---|
| Project name | Paramount (working name previously 1010) |
| Address | 1010 Church St., Nashville, TN |
| Height / Floors | 750 feet / 60 stories |
| Units | 360 apartments + 140 condominiums |
| Parking | Reported 505–517 spaces |
| Construction financing | $340,000,000 construction loan |
| Equity | $120,000,000 from 76 investor entities |
| Architect | Chicago architecture firm (design released) |
| Construction | Regional office of a national builder managing construction; additional general contractor named in some materials |
| Amenities | Fitness centers, lounges, co‑working spaces, pool with terrace |
| Site status | Excavation and foundation work underway; full construction to begin later in the year |
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
