LG Development Group has secured a $100 million contract to construct a 20-story tower at 1711 Broadway in Nashville. The financing for the project was provided by Sumitomo Mitsui Banking Corp. The property, located near the intersection of Broadway and Division Street, was purchased by LG for $14.1 million.
The tower will feature 396 units and include a branch of U.S. Bank as well as design work from Norr Design Inc. and Kimley-Horn & Associates based in Raleigh.
According to reports from the Nashville Business Journal, this is not Sumitomo Mitsui Banking Corp.’s first large construction loan in recent years; they also provided a $113 million loan for the Modera SoBro apartment development project. LG’s new tower will be situated within walking distance of several major projects currently underway in Nashville, including Broadwest development and auto dealership developments owned by GBT Realty Corp.and Hines.
