Canyon Partners Provides $174.6 Million Senior Loan for Recapitalization of Nashville Office Tower

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Canyon Partners Real Estate and J.P. Morgan have co-originated a $174.6 million senior construction loan for the recapitalization of One22One, a trophy office tower in Nashville. The 24-story building offers 373,232 square feet of office space, 16,938 square feet of retail space, and 930 parking spaces. It features amenities such as a conference center, outdoor terrace, tenant lounge, and fitness center. The property has post-pandemic safety features like individual HVAC systems and touchless technologies.

NASHVILLE, Tenn., Aug. 30, 2023 /PRNewswire/ -- Canyon Partners Real Estate LLC ("Canyon") and J.P. Morgan today announced they have co-originated a $174.6 million senior construction loan to a joint venture between GBT Realty Corporation and Koch Real Estate Investments for the recapitalization of One22One, a recently completed trophy office tower in Nashville, Tennessee.

One22One is a Class A, 24-story office building with 373,232 square feet of office space, 16,938 square feet of retail space, and 13 stories of parking totaling 930 spaces. The state-of-the-art tower has a wide range of amenities, including a conference center, outdoor terrace overlooking Downtown Nashville, tenant lounge, port cochere, and fitness center. The property features various post-pandemic safety features, including individual HVAC systems on each floor to enhance quality air circulation and touchless technologies such as keyless access to tenant suites and elevators.

"As Nashville continues to climb the ranks in growth and business demand, there is increasing appetite for well-located, modern office space in the market," said George Tomlin, President and CEO of GBT Realty Corporation. "We look forward working with Canyon Partners and J.P. Morgan on the recapitalization of One22One, positioning the property to take advantage of rising demand and provide the workspaces and amenities that today's companies are seeking in a post-pandemic environment."

"One22One demonstrates that new vintage state-of-the-art office continues to outperform and drive tenant and capital demand. We are pleased to have represented and advised GBT and Koch on this assignment and a special thank you to the Canyon and JPM teams on their ability to navigate a challenging capital markets environment," said Managing Director Matt Stewart of JLL's Capital Markets group.

Constructed in July 2022, the property is leased to major tenants, including Bradley Arant Boult Cummings LLP, a national law firm, FirstBank, the third largest Tennessee-based bank which will also relocate its headquarters to One22One, and Slalom, a global management consulting company. Located in Nashville's Gulch neighborhood, One22One is conveniently near Music Row, the epicenter of Nashville's music industry scene, and Midtown, the home of Vanderbilt University. The property is adjacent to Interstate 40, providing easy accessibility for commuters.

Canyon has been an active provider of debt and equity in the Southeast and continues to invest in real estate projects in primary and secondary markets across the United States. Since its inception, Canyon has invested ~$2.0 billion in debt and equity to capitalize ~$6.2 billion of total projects in the Southeast.

About Canyon Partners LLC
Founded in 1991, Canyon Partners Real Estate LLC ("Canyon") is the real estate direct investing arm of Canyon Partners, LLC, a global alternative asset manager with approximately $24.5 billion in assets under management. Over the last ten years, Canyon has invested approximately $5.6 billion of debt and equity capital across over 200 transactions capitalizing approximately $21.3 billion of real estate assets, focusing on debt, value add, and opportunistic strategies. With 30+ years of experience, Canyon has established a broad menu of investment capabilities spanning property types, US regions, and project stages (including development, transitional, and distressed/workouts). For more information visit: www.canyonpartners.com.

About GBT Realty Corporation
Founded in 1987, GBT Realty Corporation develops virtually all types of retail and mixed-use developments throughout the United States from its headquarters in Brentwood, Tennessee, a suburban Nashville community.  Since inception, GBT has been involved with the development, construction, leasing and management of over $8 billion of real estate totaling 40 million square feet of grocery-anchored, neighborhood and single-tenant retail; regional power centers; and mixed-use developments in 30 states.  Currently, the company has $3 billion of commercial development in the pipeline or under construction by its shopping center, net lease, multifamily and diversified development platforms. 

For more information visit gbtrealty.com.

About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 103,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY^SM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

Media Contacts
Kris Cole
Prosek Partners
(310) 614 9208
pro-canyon@prosek.com

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SOURCE Canyon Partners LLC

FAQ

Who co-originated the construction loan for One22One?

Canyon Partners Real Estate and J.P. Morgan.

What is the total loan amount for the recapitalization?

$174.6 million.

What are the key features of One22One?

It is a 24-story office building with office and retail space, parking, conference center, outdoor terrace, tenant lounge, and fitness center.

What are some post-pandemic safety features of the property?

Individual HVAC systems on each floor and touchless technologies like keyless access to tenant suites and elevators.

Who are some major tenants of One22One?

Major tenants include Bradley Arant Boult Cummings LLP, FirstBank, and Slalom.

Where is One22One located?

It is located in Nashville's Gulch neighborhood, near Music Row and Midtown.

What is Canyon's investment focus?

Canyon invests in real estate projects in primary and secondary markets across the United States.