Parmenter Realty, the owner of the Nashville City Center, has teamed up with Gresham Smith & Partners and R.C. Mathews Contractor to start work on the 475-space underground parking garage adjacent to the downtown office tower. Work on the five-story project is expected to wrap up late next year. The street-level plaza near Sixth Avenue North and Union Street also will look a little different by then.

BB&T officials on Monday said their Grandbridge Real Estate Capital division recently brokered a deal to help fund the construction of the 475-spot parking garage being built next to the Nashville City Center by Parmenter Realty. Miami-based Parmenter last year committed to build the underground garage — it could eventually have up to 25 stories built on top of it — to help convince law firm Waller to renew its City Center lease. The terms of the deal handled by Grandbridge: Five years, 6 percent and 18 months of interest-only payments.