NASHVILLE, Tenn. — Lenders have lined up a major refinance in Nashville for Peabody Union, the riverfront mixed-use tower that now anchors a stretch of the South Bank district along the Cumberland River.
A partnership of PGIM, Stiles Corp. and Hensler Development locked in $310 million of short-term debt from the Blackstone real-estate debt unit. The facility runs three years and can be stretched with two separate one-year extensions.
Brokerage bankers at JLL arranged the debt for the ownership group, describing the asset as one of the stronger mixed-use credit stories in the Southeast because of its finished construction and a large corporate office commitment.
Finished in 2025, the project covers about 665,000 square feet in a 27-story stack that pairs 355 apartments under the Olive at Peabody Union brand with nearly 250,000 square feet of top-tier offices and more than 52,000 square feet of storefronts and restaurants.
Starbucks Corp. has leased the entire office block at 50 Peabody and plans to move into the space in 2027 as an East Coast headquarters. Amenities for those floors include twin outdoor terraces of about 2,000 square feet each, a 4,500-square-foot wellness suite, a club room, bike storage and electric-vehicle chargers.
Apartment homes average roughly 1,020 square feet, spanning compact studios through larger two-bed units and penthouses, with a pool, fitness rooms, coworking space and pet amenities on the residential side.
Retail space was about halfway leased when the loan closed, with several food-and-beverage leases already inked, including a full-service restaurant and a scoop shop set to open next year. The complex sits at 30-50 Peabody Street.
Hensler’s earlier Nashville credits include The Adelicia tower and the Twelve Twelve condominium project, giving the venture a local track record beside PGIM’s and Stiles’ national portfolios.
Section: More Nashville TN business news
Nashville business profiles
Filed under: Nashville TN Business News
