T2 Capital Management, a fully integrated, private equity real estate investment firm with $1.4 bn+ AUM, has acquired the property at 160 2nd Avenue North, a vacant, 4-floor, 50,000 square foot building that was damaged by the 2020 Christmas bombing.
T2 plans to restore and convert the building, previously home to “The Old Spaghetti Factory,” into 50+ residential condominiums, each of which can be used as short-term rental units, as well as reactivating the 10,000 square foot Second Avenue retail space. Upon completion, the centrally located property – which overlooks the Cumberland River, is across from Nissan Stadium and adjacent to Broadway’s famous restaurants and bars – is anticipated to consist of six floors totaling 70,000 square feet.
“This property is immensely important to not only the T2 team but the city of Nashville,” said Tom Lowe, Director of Acquisitions at T2 Capital Management. “Following the tragic events of 2020, we feel privileged to be restoring the 160 Lofts property and playing a central role in revitalizing such a storied and important part of downtown Nashville.”
Following completion of the acquisition, T2 anticipates breaking ground on property renovations in mid-2025 and completing the project in 2026. The existing, underground 19-stall parking structure is intended to remain intact and be available to condominium buyers.
Over the past 10 years, T2 invested in multiple projects throughout Nashville totaling more than $100 million in value. The proposed 160 Lofts project was advanced in strong coordination with the city council and Mayor’s office as well as T2’s valued investment partners.
“Nashville has been a welcome home to T2 for many years and it’s an honor to be playing a role in rebuilding such a significant property in the heart of Music City,” said Jeff Brown, Founder and CEO of T2. “Given Nashville’s persistent growth and the prime location of the 160 Lofts project, as a leading commercial real estate investor, we believe T2 is well positioned to shepherd this project and help activate Second Avenue into an integral part of downtown.”
About T2 Capital Management: Headquartered in Wheaton, Illinois with locations in Nashville and Tampa, T2 was founded in 2011 in the aftermath of the great financial crisis. T2 serves as a balance sheet lender that has financed projects nationally, including current projects in over 15 states. T2 considers a wide array of credit investments in property types including multi-family, student housing, retail and more. In addition to strategic lending opportunities, T2 actively pursues acquisition and development opportunities in the student housing, multifamily, and for sale residential space.