Ray and VeLa are again combining on a multifamily community, this one in Nashville. The 32-story, 367-unit Ray Nashville project will be valued at $211 million.  Construction financing for Ray Nashville was provided by J.P. Morgan and Monroe Capital and arranged by Walker & Dunlop. Ray Nashville is designed by architectural firm Johnston Marklee & Associates in partnership with Lamar Johnson Collaborative. Layton is the contractor.

Located in the Pie Town neighborhood at 601 Lafayette Street, the 32-story tower will encompass 575,000 square feet of developed space. Units will range from studios to three bedrooms. Amenities will include an indoor-outdoor fitness center, yoga studio, spa, lounge, outdoor pool, dog wash stations, coworking spaces and public and private parking. The project will include 4,700 square feet of retail and a public gallery on the ground floor that will showcase pieces from Nashville-based artists. Estimated completion is 2027.  The two firms recently broke ground on Ray Phoenix in Arizona.

Notwithstanding a volatile commercial lending market, particularly relating to office buildings, Del Ray Realty founder Ray Rowshankhah secured a favorable loan structure at 85% LTV for the acquisition of 501 S. Beverly, a three-story office property in Beverly Hills. The sale price was $21.3 million.

Rowshankhah said the majority of 501 S. Beverly will be converted to a Class A medical office & surgery center which will be 51% operated by Dr. Barrett Plastic Surgery, PC, which is opening a second location. Additionally, the new ownership will maintain 49% of the building as tenant occupied, generating strong cash flow and an upside in rents.

Del Ray Realty secured SBA 504 financing of $18.1 million for the acquisition. Built in 1991, the 23,112-square-foot property was renovated in 2021.