NEW YORK—The LCP Group, L.P. (LCP), a vertically integrated private real estate investment firm, announced it originated a $45,250,000 construction loan to Sun Development & Management Corp. (Sun) to develop The Printing House, a Tapestry by Hilton located in Nashville, Tennessee. LCP partnered with Safanad Limited on the loan origination and syndicated a senior tranche to Knighthead Funding, LLC.
The 11-story, 180-room hotel and retail development will have ground-floor retail, three parking levels, an elevated lobby check-in, and guestrooms with views of the Nashville skyline. The hotel’s restaurant and lounge, The Local Kitchen & Tap, will feature an outdoor rooftop pool with a sundeck.
“This is a critical milestone for LCP as it marks our first financing transaction under our new debt platform,” said Francis Lively, president and CEO of LCP. “We see tremendous opportunities to provide creative financing to hotel sponsors and developers as the market recovers from the COVID-19 pandemic. Under Peter Guilfu, our head of debt strategies leadership, we are confident that this is the first of many opportunities for LCP’s debt platform to provide financing solutions for high-quality sponsors in growth markets across the United States.”
Ratio Architects will design The Printing House, located on the former Johnstone Supply building site. The growing SoBro District of Downtown Nashville contains many of the city’s shops, the Country Music Hall of Fame, the Bridgestone Arena, the Nashville Convention Center, and local restaurants within walking distance of The Printing House.
Indianapolis-based Sun, a hotel developer with Hilton Hotels across the United States, will develop The Printing House. Sun currently operates 14 properties with over 1,898 rooms across seven states and has developed over 60 hotels.
Tapestry Collection by Hilton is a portfolio of upscale hotels that offer guests style and personality and encourages them to explore the local destination.