37 units located in the Rhythm Building on Demonbreun Street downtown are back on the market, now owned by two banks who have taken over possession of the units yet to sell.
The high-rise, located on Music Row downtown, has 105 units in total and cost $30 million to develop. Its developer, Rhythm Partners, defaulted on the construction loan of $29.1 million shortly after the building opened in 2009.
Pinnacle Bank bought 21 units at an auction earlier this week for a total of $4.9 million — an average of $233,000 for each unit, while Cadence Bank purchased 16 units for around $3.8 million for an average of $237,00 per unit. While the price of each unit will vary on the market, they will be offered at prices that, for some, may be hard to pass up; before the repurchase of the units, they ranged from $199,000 to $499,000. Prices have not been set yet but offers are being accepted from those highly interested.
If high-rise living in exciting downtown Nashville has always been of interest to you, be sure to check out the Rhythm Condos for this one-of-a-kind opportunity.