Gates Capital Resources provides $35.5 million financing for Nashville parking garage
Cleveland firm finances facility with 1,000 parking spaces, retail, business space
Cleveland-based Gates Capital Resources LLC announced Wednesday that it has provided $35.5 million of financing for a new downtown parking garage in Nashville, as part of a public-private partnership. The funding will be used for design, site acquisition, construction and equipping of the garage. Gates Capital Resources LLC is an affiliate of Gates Group Capital Partners LLC, a private Cleveland investment firm.
“This will deliver vital parking to the vibrant downtown Nashville area, which is enjoying phenomenal growth,” said Graham White, managing partner of Gates Capital Resources. “We are very pleased to provide the city with a flexible, private capital solution.”
The MDHA Downtown Parking Garage, owned by the city’s Metropolitan Development and Housing Agency, will contain 1,000 self-park spaces on 12 parking levels and 17,700 square feet of street-level retail and commercial space. EOA Architects and R.C. Mathews Contractor will provide design and construction services.
Construction on the parking facility commenced last year in mid-November, with completion scheduled for late 2016.
About Gates Capital Resources
Gates Capital Resources LLC (GCR) is an affiliate of Gates Group Capital Partners LLC. GCR advises governments, universities and colleges, health care systems and other institutions on monetizing the cash flow associated with their infrastructure assets, such as parking facilities.
About Gates Group Capital Partners
Founded in 2002, Gates Group Capital Partners is a Cleveland, Ohio-based private investment firm that invests in North American transportation-related service businesses through a family of independently operated investment funds. For more information on Gates Group Capital Partners, visit www.gatesgroupcom.