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News release


Giarratana Moves Forward with High Profile Nashville High-Rise

Giarratana Nashville, LLC secures $47.5M in financing commitments for multifamily development, ‘505’

NASHVILLE, Tenn., April 7, 2015 - It’s not only jobs and residents flocking to Nashville: lenders are competing to back multifamily developments in the Music City. JLL today announced that it has secured $47.5 million in key financing commitments on behalf of Giarratana Nashville, LLC to allow the company to move forward with its latest development, to be called 505. Located at the corner of 5th Avenue and Church Street in the heart of downtown Nashville, the multifamily property will be developed through a public/private partnership with the Metropolitan Development & Housing Agency (MDHA).

“The 505 apartment high-rise is facilitated by our public/partnership with MDHA, which includes a 99-year lease on 500 spaces in its garage and air rights for a rooftop amenity deck,” said Giarratana. “We are pleased to be developing this extraordinary tower together with MDHA, LaSalle and First Advantage Bank.”

The prime, 505 development site, which Giarratana is contributing to the project, is valued at more than $12.5 million. JLL secured $35 million in mezzanine financing on behalf of Giarratana from Chicago-based LaSalle Investment Management. MDHA has committed an additional $12.5 million in tax increment financing (TIF), which TIF is to be financed by Nashville-based First Advantage Bank. In addition to the mezzanine financing, JLL’s Capital Markets experts, led by Managing Director David Hendrickson, are currently sourcing a $90 million construction loan to complete the project’s $150 million in financing.

"Giarratana and his partners continue to make significant contributions to the economic growth and development of Nashville. First Advantage Bank is excited to be among the partners facilitating the 505 development" says Earl Bradley, CEO, First Advantage Bank.

Designed by Chicago based Solomon Cordwell Buenz, 505 will feature 45 floors with a total of 500 units, the upper third of which are designed to be potentially be sold as condominium residences. Both 505 and the adjacent, MDHA garage will be delivered by late-2017.

“We’re proud to be working with Giarratana to design this exciting, landmark project that will be a striking addition to downtown Nashville’s skyline,” says Gary Kohn, Managing Principal at Solomon Cordwell Buenz.

This partnership follows several Giarratana collaborations with the MDHA, including The Cumberland, Viridian, Encore and The SoBro. Last year, Giarratana sold the south portion of its prime downtown site to MDHA to develop the 972-space parking garage, retaining the corner portion to develop the residential tower.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2014 alone, JLL Capital Markets completed $118 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 1,700 specialists, operating all over the globe.

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About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $53.6 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Giarratana
Giarratana Nashville, LLC is a Nashville-based real estate development company focused on the Core, SoBro, and Midtown Districts. Giarratana has extensive experience with pioneering mixed-use developments such as The Cumberland–the first high-rise apartments in the Core; Viridian–the first high-rise condos in the Core which featured the first urban grocery since 1967: the HG Hill Urban Market; Encore–the first high-rise condos in SoBro; and The SoBro–the first high-rise apartments in SoBro.

About Metropolitan Development and Housing Agency
The Metropolitan Development and Housing is Nashville’s largest provider of affordable housing and seeks to create quality affordable housing opportunities, support neighbourhoods, strengthen communities and help build a greater downtown. MDHA administers a variety of urban and community development projects, works to increase the availability of affordable housing and leads and supports revitalization efforts in downtown and neighbourhoods throughout the city.

About First Advantage Bank
First Advantage Bank (FABK) was founded in 1954. As an independent community bank, First Advantage Bank has the strength and capacity to support the financial needs of our business clients and communities across the state with a broad range of financial products and services. First Advantage Bank, a wholly owned subsidiary of First Advantage Bancorp OTCQB: FABK, is an Equal Housing Lender and Member FDIC.

About Solomon Cordwell Buenz
Solomon Cordwell Buenz (SCB) is an architecture, interior design, and planning firm that has made a lasting impact on the nation’s skyline and neighbourhoods since 1931. Practicing from offices in Chicago and San Francisco, SCB’s diverse body of work includes multi-family residential, urban planning, commercial, hospitality, retail, corporate office, higher education, laboratory, and transportation projects.