JLL arranges $310M financing for landmark riverfront mixed-use development in Nashville

• JLL’s Capital Markets group arranged $310 million in bridge financing for Peabody Union, a recently completed mixed-use development
• BREDS provided the three-year bridge loan with two one-year extension options for the partnership of PGIM and Stiles Corporation and Hensler Development
• The project comprises 355 luxury residential units, 249,988 square feet of trophy office space and 52,735 square feet of experiential retail on Nashville's Cumberland River

ATLANTA, Nov. 4, 2026 – JLL’s Capital Markets group announced today that it has arranged $310 million in bridge financing for Peabody Union, a landmark, 665,000-square-foot mixed-use development along the banks of the Cumberland River in downtown Nashville's South Bank district.

JLL worked exclusively on behalf of the borrower, a joint venture between PGIM and Stiles | Hensler, to secure the three-year bridge loan with two one-year extension options through Blackstone Real Estate Debt Strategies (“BREDS”).

Completed in 2025, Peabody Union comprises a 27-story, 355-unit luxury residential tower, 249,988 square feet of Class A office space and 52,735 square feet of curated experiential retail and restaurant space.

The office component at 50 Peabody is a trophy-quality asset 100% leased to Starbucks Corporation, who will take occupancy in 2027 as its Eastern Headquarters. The building offers an unparalleled amenity package, including two 2,000-square-foot outdoor terraces on the sixth floor, a 4,500-square-foot state-of-the-art wellness facility with full locker rooms, a 4,000-square-foot club room on the second level, 1,000 square feet of conditioned bike storage, dedicated VIP parking and extensive EV charging infrastructure.

Olive at Peabody Union, the residential component of the project, delivers a new standard of luxury living in downtown Nashville with unparalleled view profiles, thoughtful contemporary design and market-leading amenities. The 27-story tower features 355 units averaging 1,020 square feet across studios, one-bedroom, two-bedroom and penthouse layouts.

Residential amenities include the Six15 Club sky lounge on the 26th floor, a comprehensive amenity deck featuring a resort-style pool with cabanas and hot tub, cold plunge, infrared sauna, outdoor grill stations and fireplace, state-of-the-art fitness center, wellness lounge, co-working spaces, dog run and pet spa, state room with movie lounge and pool table, resident marketplace, gated parking, private storage and bike storage. Unit features include quartz countertops, built-in closet systems, kitchen islands, private balconies, stainless steel appliances, full-size washers and dryers, semi-frameless showers, electronic entry locks and smart thermostats.

The retail component comprises 52,735 square feet of experiential retail and restaurant space curated to activate the riverfront location and create a dynamic mixed-use environment. The property is currently 49.9% leased with first-generation restaurants, including upscale casual eatery Moxies, upscale “Tex-Mexeria” Ometeo, and Jeni's Splendid Ice Creams, all scheduled to open in 2027.

The development serves as the anchor of Nashville's South Bank district, featuring a greenspace-focused design with significant integration into the Cumberland River Greenway trail system and a $3 million public infrastructure investment, including Bluff Landing, a one-acre civic landscape improvement.

JLL's Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Directors Ed Coco and Paul Stasaitis, Managing Director Matt Casey, Director Anthony Sansone, Vice President Kelsey Bawcombe and Associate Streeter Simmons.

"Peabody Union represents one of the most compelling mixed-use financing opportunities in the Southeast, combining trophy-quality construction, an exceptional sponsorship team and a transformational office lease commitment from Starbucks Corporation," said Coco. “We had a significant amount of interest from a variety of lender types.”

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. JLL Capital Markets has more than 3,000 specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom. 

JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 112,000 as of September 30, 2026. For over 200 years, clients have trusted JLL, a Fortune 500^® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.

PGIM is the global asset management business of Prudential Financial, Inc. (NYSE: PRU), with $1.5 trillion in assets under management.¹ PGIM offers clients deep expertise across public and private asset classes, delivering a diverse range of investment strategies and tailored solutions—including fixed income, equities, real estate and alternatives. With 1,500+ investment professionals across 40 offices in 20 countries, we serve retail and institutional clients worldwide. For more information, visit pgim.com.

Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com.
¹As of Jun. 30, 2026. Assets are rounded to the nearest full number.

Established in 1951, Stiles is recognized for developing more than 54 million square feet of award-winning office, retail, industrial, mixed-use and residential projects throughout the Southeast.  A family-ownedfull-service commercial real estate firm, Stiles’ mission is clear: Invest. Build. Manage. Core services include development, construction, tenant project management, brokerage, property management, architecture, asset management, acquisition, and financing.

Founder Ray Hensler’s notable projects in Nashville include the Adelicia, Twelve Twelve and Wrenstone. Prior to that, Hensler was President of the Nashville Division of Stiles, a Florida-based real estate development company.