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AJ Capital closes $475M loan for Belle Meade Village

Source: bizjournals.com

TL;DR

AJ Capital Partners closed a $475 million construction loan for Belle Meade Village, a mixed-use project in Nashville's Belle Meade area.
The loan from Barings funds a 15.5-acre redevelopment with luxury condos starting at $3 million and over 40 retail storefronts.
This large financing advances site prep and construction toward a 2028 completion, transforming an old shopping plaza.

The story at a glance

AJ Capital Partners, a Nashville-based real estate firm, closed a $475 million construction loan from Barings for Belle Meade Village. The project redevelops a 15.5-acre site at the entrance to Belle Meade, formerly the Belle Meade Plaza shopping center. Lenders arranged through Raymond James Real Estate Investment Banking. The news broke January 23, 2026, as construction site work ramps up after prep starting in late 2025.

Key points

Loan covers construction of retail and residential buildings plus leasing and tenant improvements; one of Nashville's largest construction financings.
Site bought in stages: $87 million for 10.1-acre Belle Meade Plaza parcel in July 2023, plus $1 million for adjacent 5 acres.
Residential component at 1 Iris Lane includes two 46-unit buildings with 3,200 sq ft average homes; 40% pre-sold in under three months.
Retail village features seven buildings around a courtyard with antique carousel, over 40 storefronts, restaurants, wellness spots, boutique hotel, and members' club.
Amenities cover 16,000 sq ft: pool, cabanas, fitness, spa, golf simulator, wine and cigar rooms.
Construction began October 2025; excavation and blasting wrapped recently, with completion set for 2028.
Partners include Brasfield & Gorrie (general contractor), Hartshorne Plunkard and Hastings (architects).

Details and context

Belle Meade Village replaces an underused shopping plaza on Harding Pike with a walkable village blending 60% green space, including parks, Richland Creek activation, and greenway links to nearby neighborhoods. The design nods to local equestrian history, with interiors by Meyer Davis.

Site work hit milestones like deep excavation 50 feet below grade for a 900-space garage and crane setup by late 2025. This loan follows years of planning, including resident feedback on earlier designs.

Key quotes

None reported in accessible coverage.

Why it matters

The project signals strong investor confidence in Nashville's west side luxury market amid ongoing growth. Local developers and retailers gain a high-end destination; residents see more green space but watch traffic and density changes. Track construction progress and pre-sales, as delays could shift the 2028 target.