113
NASHVILLE, TENN. — Clearview Realty Finance (CRF) has secured a $36.2 million construction loan for the conversion of a Class B office building in downtown Nashville into a four-star, boutique hotel. CRF arranged the LIBOR-based, floating-rate loan with 36 months of interest-only payments through a correspondent lender relationship on behalf of the borrower, a regional asset management and hospitality development group. A portion of the loan was used to refinance the existing acquisition financing that was provided by a regional bank. The remaining capital will be drawn to finance the total cost to repurpose and convert the property.