Hospitality

NASHVILLE, TENN. — The Pizzuti Cos. has received financing for the development of The Joseph Nashville, a 297-room hotel that will be located in Nashville’s SoBro neighborhood. Development costs for the Luxury Collection Hotel, part of Marriott International, total $168 million. MSF Real Estate Capital arranged construction financing for the development, which included an $83.5 million senior construction loan from Centennial Bank NA, a $42 million mezzanine construction loan provided by Brevet Capital Management and project equity from Pizzuti alongside institutional and private investors. Additionally, the project financing included a $4.5 million Tax Increment Financing Package with capital commitments made by Marriott and the Convention Center Authority. Located at the corner of Korean Veterans Boulevard and Fourth Avenue South, The Joseph Nashville will feature a restaurant and bar offering Italian cuisine, 18,000 square feet of banquet and meeting space, elevated outdoor terrace, full-service spa, fitness center and a pool deck with a bar. In addition, the hotel will include a 180-space parking garage dedicated to the exclusive use of the Nashville Symphony. The original Joseph Hotel opened in downtown Columbus, Ohio, in 2015. A construction timeline for the Nashville location was not disclosed.