BNA Associates LLC



“Reimagining Real Estate Development”

About Us

BNA Associates is a Nashville, TN based real estate development company founded in 2009 that targets real estate projects that have unique competitive advantages in their respective markets.  BNA focuses on hotels, restaurants, multifamily, retail, and mixed use projects. What makes BNA successful is the level of creativity and practicality brought to meet market demand.  By identifying both social and economic objectives, BNA strives to develop properties that standout and outperform the market.  Our niche is to find unique opportunities whether that be first to market, low basis acquisitions, value add opportunities, or great brand partnership.

In addition to finding diamonds in the rough, BNA regularly employs alternative financing opportunities outside of traditional debt and equity. We are well versed in the world of SBA, NMTC, FHTC, SHTC, and PILOT programs, which in today’s complex real estate world are critical to reduce risk and increase returns.

Here is a short interview that sums up a bit more of who we are.


Acquisition & Management Profile


We seek out underperforming and value-add 50-250 unit multifamily properties located east of the Mississippi. We specialize in value add and opportunistic opportunities both on the management and renovation side.


Our management arm, Oliver Hospitality, seeks out 3rd party management opportunities in the hospitality and multifamily space. If you have a property that you would like to discuss with us, please contact Ethan Orley at


We seek out hotel opportunities in the following categories: 20-100 unit multifamily buildings in highly desirable locations that have the ability to be converted to short term rentals; 30-200 key hotel assets with the ability to upgrade management, branding, programming or physical characteristics to improve overall cash flow.


BNA has a strong background and executive team to execute ground-up and redevelopment projects. We seek out joint ventures, partnerships and acquisitions. If you have a property in mind, please contact Philip Welker at

Representative Investments


OLIVER ROYALE RESTAURANT | 5 Market Square Knoxville, TN

In 2015, BNA developed Oliver Royale, an 81-seat New-American Restaurant located on historic Market Square. The restaurant is one of the top dining establishments in Knoxville having won multiple awards for its seasonal cuisine.

TUPELO HONEY RESTAURANT | 1 Market Square Knoxville,TN

In 2012, BNA partnered with Tupelo Honey to develop one of the most exciting restaurants to open on Knoxville’s Market Square. The 140-seat restaurant is one of the highest performing restaurants in the city.


FAIRLANE HOTEL | 401 Union Street Nashville, TN

BNA opened The Fairlane Hotel in 2018, an award winning luxe 81-key midcentury style boutique hotel anchored by the lobby’s popular NYC-based Mile End delicatessen, along with Union Teller Coffee Counter. Ellington’s Mid Way Bar & Grill, a cultural outpost located on the 4th floor of the hotel, serves casual, all-American classics for lunch and dinner, and features a beautiful wraparound terrace with plush seating and cozy fire pits that beckon both views and vibe.

HOTEL CLERMONT| 789 Ponce De Leon Ave NE Atlanta, GA

BNA opened the Hotel Clermont in 2018, an iconic and historic 94-key hotel that includes bespoke rooms, a popular rooftop bar, swanky lobby bar, Tiny Lou’s an award winning french restaurant, and the Clermont Lounge, voted one of the best bars in the country. The project was financed through a combination of equity, debt and historic tax credits.

THE OLIVER HOTEL | 407 Union Ave Knoxville, TN

The Oliver Hotel is an original expression of the city. Originally built in 1876 as the Peter Kern Bakery, the hotel was thoughtfully restored in 2010 as a 28-key boutique hotel featuring the well known watering hole Peter Kern Library, Oliver Royale and Tupelo Honey restaurants.

STATION HOUSE INN | 901 Park Ave South Lake Tahoe, CA

The Station House Inn is a 96-key motel and restaurant that BNA acquired in 2019 for the purpose of renovating and repositioning as a boutique independent property.


THE PENN WARREN APARTMENTS | 300 Greenwood Ave Clarksville, TN

The Penn Warren is a boutique 65-unit apartment property set in the original 1906 Clarksville High School.  BNA renovated and rebranded it in honor of its most famous student, Robert Penn Warren. It stands alone as the most creative and distinctive multifamily property in Clarksville.

THE RESIDENCES AT STONEBROOK | 121 Hickory Trace Dr, Nashville, TN

The Residences at Stonebrook is a 246 unit garden style apartment property located Nashville, TN. In partnership with a New York private equity group, BNA fully renovated and rebranded the property. The property was sold in 2013.

PRINCETON GREENS APARTMENTS | 302 Princeton Rd Johnson city, TN

Princeton Greens is a 1970’s era 30-unit garden style apartment community located in Johnson City. BNA fully renovated all units in 2012 and sold the property in 2014.

MCMILLAN FLATS 105-107 TOWNHOMES | 105-107 W 5th Ave Knoxville, TN

McMillan Flats are two townhomes that are part of a 1929 row of elegant townhomes. The project is a historic tax-credit redevelopment in the emerging N. Central corridor between the Old City and Fourth & Gill neighborhoods.  BNA was able to acquire the property, which had sat vacant for over 10 years, and continue an investment in an area started by Partner, Philip Welker, 13-years ago. The townhomes were completely restored and fully leased in 2014.



1123 North Central is 5,000 SF retail development at the corner of North Central and Anderson road in Knoxville’s Happy Holler neighborhood. In 2015, BNA acquired the underutilized property from a long-term owner using a combination of equity and a facade grant, restored the interior and facade, and then sold the property in 2016.

2300 NORTH CENTRAL AVE RETAIL | 2300 North Central Ave Knoxville, TN 

2300 North Central Ave is a proposed 5,000 SF retail development in Knoxville’s North Central district. BNA acquired the property in 2015 after it had sat vacant for a number of years. The property was sold in 2017.

Invest with Us

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Contact Us


Home Office:
BNA Associates
401 Union Street FL 2
Nashville, TN 37219

General Inquiries:
1 (615) 669-6390

Other points of contact:

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