rhythm…and blues: impending “friendly foreclosure” on local high rise

nashville business journal reported over the weekend that the developer of the high rise condominium rhythm at music row is filing for a “friendly foreclosure.”  according to the article, the developer, rhythm partners, llc, which developed the 14-story condo project will file a quit claim deed that would convey interests and control of the 43 remaining unsold units back to the development’s lender.

what does this mean for a consumer or investor?  a prime opportunity to get a great deal when the time is right.  according to the listing agent, in the last two weeks they have already contracted five units with two more offers they are working since all of the rumblings began.  whether the rhythm misses a beat remains to be seen.

interested in a tour or more information on the building? email me at ispeaknashville@gmail.com.  i worked at the building the first two years after it was completed and happy to answer any questions or help if i can.

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