Demolition looms of the three-building Louise Douglas Apartments on Elliston Place within the Rock Block, as the development company prepping to reinvent the site with a Holiday Inn Express has landed a construction loan.
Elliston Hospitality LLC, which is affiliated with Nashville-based SiLa Developments, has secured the $43.1 million loan from Dallas-based Hall Structured Finance. Mag Mile Capital Senior Vice President Francisco Nacorda sourced the financing for the project, according to a release from HSF and SiLa Developments.
Holiday Inn Express
Courtesy of SiLa, SEV
A March 2024 completion is slated, with the release noting Nashville-based Triumph Hospitality will manage the hotel.
The Holiday Inn Express will sit on a site with addresses of 2221 Elliston Place and 114 and 118 Louise Ave. No renters remain in the three old-school masonry apartment houses comprising Louise Douglas.
“SiLa Developments is excited to position this asset on the historic Rock Block of Nashville,” Janak “Jay” Patel, SiLa Developments principal, said in the release. “We are eager to deliver an exceptional asset that will create meaningful opportunities and positively impact our team and community. Collaborating with Hall Structured Finance has made the process easy. We are motivated to begin construction and deliver this exceptional asset to the Midtown/Vanderbilt market.”
This is the fifth loan that Hall Structured Finance has closed within the last month. The company expects to close more than $1 billion in new construction and bridge loans in 2022, largely targeting the multifamily and hotel sectors, according to the release.
Previously, and as the Post reported in June 2021, a first-quarter 2022 construction start and a late-2023 completion were targeted. Prior to that, the project had been slated to start in the fall of 2020. However, the coronavirus pandemic impacted that start, officials with the project said.
