LG Obtains $100M Construction Loan for Nashville Apartments

LG Development Group has locked up a $100 million construction contract for a 20-story tower at 1711 Broadway in Nashville. Sumitomo Mitsui Banking Corp. provided the financing. The LG paid $14.1 million for the Midtown property near the intersection of Broadway and Division Street.

The building will consist of 396 units as well as a U.S. Bank branch. Norr Design Inc. and Raleigh-based Kimley-Horn & Associates are involved in the project.

The Nashville Business Journal reports that it’s the bank’s second nine-figure construction loan in as many years, joining a $113 million loan provided for the Modera SoBro apartment development. LG Development’s proposed tower will rise within walking distance from some of Nashville’s largest and most prominent projects: the Broadwest development and the auto dealership development sites that belong to GBT Realty Corp. and Hines.