A six-story luxury condominium project rising on Nashville’s Music Row has locked in $23.6 million in construction financing, even as the city’s downtown condo market shows signs of strain. The loan for Mira Music Row, a 25-residence development at 1100–1102 16th Avenue South, closed on September 29, clearing the way for vertical construction after demolition and foundation work had already begun.
Arrow Real Estate Advisors arranged the financing on behalf of Eimi Norse, LLC, described as the project’s sponsor and a Nashville-based venture of developer Geofferson & Co., according to New York Real Estate Journal. The loan itself came from Urban Standard Capital. Arrow’s financing team on the deal included Morris Betesh, Justin Boruchov, Louis Halperin and Zach Strauss, the outlet reported.
Betesh said Urban Standard Capital understood the neighborhood, the project’s potential and the developer’s track record, adding that Arrow looked forward to seeing the finished building, per the same report. Arrow said it had sought a capital partner familiar with Music Row’s distinct positioning, the project’s luxury offering, and the sponsor’s experience with nearby residential development.
A Boutique Tower Replacing a Former Rehab Center
Mira Music Row is set to comprise 25 luxury condominium residences spread across six stories and roughly 75,000 square feet, aimed at buyers seeking what the developer calls a boutique residential experience. It marks the developer’s largest project to date, following a smaller nearby residential project that Geoff Sernyak previously completed and sold out, the New York Real Estate Journal noted.
The site itself has a layered history. The property was acquired for $3 million in February 2025, and according to Nashville Post, the Davidson County Register of Deeds shows Geoff Sernyak as the buyer of the 1100 and 1102 16th Avenue South parcels. The 1100 parcel includes a former residential building that opened in 1920 and later housed the Buffalo Valley Rehab Nashville Outpatient Center, while the 1102 parcel had been used as a surface parking lot, per the same report.
Timeline: Completion Targeted for 2027
Completion of Mira Music Row is anticipated in the third quarter of 2027, with full sellout targeted for the fourth quarter of 2028, according to the New York Real Estate Journal. A BDG Partners listing advertises Residence 201 in the building.
Condos Rising as the Broader Market Cools
The financing arrives amid a notably sluggish stretch for downtown Nashville’s condo market. Nashville Post has reported that the segment is saturated, with inventory reaching a 22-month supply, and that closings in that part of the residential market are down 9 percent year to date. Mira Music Row’s backers are betting that the project’s location and boutique scale will set it apart from that broader slowdown, though how the development performs against those headwinds remains to be seen.
