The development company fully underway on construction of the first tower of a three-building development in Midtown has secured a loan for $208.4 million.

IPB Properties, a subsidiary of Seattle-based Bosa Properties Inc., began work a few months ago on the structural frame of what is loosely referred to as the north tower. Vancouver-based construction company Axiom Builders is serving as general contractor, with a recently issued permit valued at approximately $39 million.

Montreal-based Otera Capital provided the loan, according to a Davidson County Register of Deeds document.

Otera, which offers a New York offices, specializes in financing North American multifamily, office, industrial and life sciences developments.

To be called The Motley, the development will sit at the southeas

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