Monday, November 16, 2015 09:00 AM

FINANCING IN PLACE FOR FIFTH + BROADWAY PROJECT

Developers planning a mixed-use redevelopment project for downtown's Nashville Convention Center site said they have equity funding needed to finance the $400 million project.

The disclosure puts OliverMcMillan and Spectrum | Emery on track to complete buying the 6.2-acre site from the city.

Spectrum | Emery's President Pat Emery expects closing on the purchase to occur around the second quarter, when the Nashville Convention Center would be demolished.

That means the OliverMcMillan-Spectrum | Emery team is likely to seek an extension of the year-end deadline to complete that purchase from Metro. Under their agreement with the city, the developers have four three-months extension opportunities that require paying $250,000 each time.

This rendering shows what the Nashville skyline could look like with the addition of Fifth + Broadway.  GenslerFullscreen 

Emery said the undisclosed equity partner will account for roughly half of the overall financing package. Work continues towards a construction loan, which he doesn't expect a problem securing.

On Thursday, the developers also unveiled new streetscape renderings for the redevelopment project being called Fifth + Broadway.

"Music City’s years of momentum have culminated in this, a mixed-use destination with office, residential, retail, entertainment and much needed parking all interconnected on a scale beyond anything else in the region," Emery said.

News source: http://www.tennessean.com/story/money/real-estate/2015/11/12/financing-place-fifth-broadway-project/75654242/

See also: Trauger