Knighthead Funding in partnership with Speedwagon Capital Partners arranged a $27 million refinancing for Signature Music Row – a newly constructed 105-unit Class A multifamily property located at 1005 16th Avenue South in Nashville, Tennessee.

Preiss utilized the loan to refinance its construction loan. Preiss is a privately held student housing owner, developer, and operator. Located in Nashville’s Music Row neighborhood, the apartment complex is near Vanderbilt University, which is within walking distance.

Situated on a 0.64-acre site, the six-story midrise property features a mix of studio, one-, two- and three-bedroom apartment homes, as well as townhomes. Residences have private patios or balconies.

Amenities include an elevated outdoor pool, an outdoor grilling area, a resident clubroom, a sixth-floor sky lounge, and a fitness center. The property also includes a ground-level retail space occupied by Silver Fox Coffee Lounge.

Hotelier Rajesh Aggarwal is planning to build a hotel on 1407 Division St. adjacent to the Best Western Plus Music Row hotel. The project will include a 191,150-square-foot building with 222 hotel rooms.

Aggarwal owns the 1.27-acre property, which includes the existing Best Western Plus. The proposed hotel will rise on a portion of the 0.61-acre site, which currently holds a surface parking lot for the neighboring hotel.

The Nashville Business Journal reports that Nashville’s hotel market continues to boom, with the city second only to New York in the number of hotel rooms set to open in 2025. Of the 2,849 rooms set to open in Nashville this year, most fall in the upper midscale and upscale classes. Music City has been hit by a wave of luxury offerings, with the openings of hotels like the Four Seasons Hotel Nashville, SoHo House Nashville and 1 Hotel Nashville.

The project is seeking final site approval when the Metro Planning Department meets in April.