Nashville-based development company Giarratana announced Wednesday it has secured a $232.3 million construction loan for its future 750-foot-tall tower 1010. The funding will kick off development of 140 condominiums and 360 apartments in a 60-story, $390 million tower at 1010 Church Street.

According to a release, Little Rock-based BankOZK is providing a $172.3 million senior loan and New York-based Related Fund Management contributed a $60 million mezzanine loan for development of the $390 million mixed-use 1010 tower. Walker & Dunlop reports the deal is the fourth largest residential construction financing closed anywhere in the US during 2024.

The site is currently the home of the YMCA. As part of the deal, Giarratana will renovate and expand the downtown YMCA. The future Y building will offer about 60,000 square feet (with a replacement indoor swimming pool expected). The 2008-opened Y building will remain operational during construction. Giarratana paid $26 million for the Y property two years ago.