Construction is set to begin on what will eventually be Tennessee's tallest tower.

Downtown Nashville high-rise developer Giarratana has secured a $340 million financing deal for Paramount, a 60-story residential building planned for 1010 Church St., according to a news release. The tower is expected to cost $460 million in total.

The construction loan came from Benefit Street Partners, based in New York. Brasfield & Gorrie will manage construction on the mixed-use development, which is scheduled to begin September 15.

Construction on Paramount is expected to take just over two and a half years, with "substantial completion" by May 2028, according to the company. Plans for the building include 360 apartment units, 140 condos and 517 parking spaces.

The developer has also been offering condo units for pre-sale. According to the release, 38 units are under contract, totaling $117.6 million in sales. 'Pre-construction' pricing will be available through September 30.

Financing was a difficult process for the Paramount project, especially given the industry-wide slowdown in new project starts and high rates for borrowers. Giarratana closed on a $232.2 million financing deal last year but recently terminated that loan.

“I have a great deal of respect for BankOZK and Related Fund Management, but we could not get it done,” said Tony Giarratana in the release. “Benefit Street Partners subsequently offered to provide us the whole loan.”

Other investors have also been folded into the Paramount deal.

According to the release, Giarratana has raised $120 million in equity from a group of 76 investors and the sale of parking spaces to serve the Downtown YMCA, which is directly next to the future site of Paramount. The three largest investors were Joe Agresti, David Ingram and Tony Giarratana himself.

“It was a grueling process but rewarding to have so many fine people elect to invest their capital with us,” Giarratana said. “I am extremely grateful to each of them.”

Molly Davis covers growth and development in Nashville. You can email her with comments, questions and tips at mmdavis@tennessean.com.

This article originally appeared on Nashville Tennessean: Construction on Paramount set to begin after financing deal inked