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| Daniel Kaufman |
CHICAGO, IL – Jan. 17, 2018 – Holliday
Fenoglio Fowler, L.P. (HFF) announces a $26.715 million construction loan for
the adaptive re-use of the former May Hosiery textile mill in Nashville,
Tennessee.
The HFF team worked on behalf of the borrower, Chicago-based AJ
Capital Partners, to secure the two-year, floating-rate loan through LoanCore
Capital. Loan proceeds will be used for the renovation and the remaining
lease-up of the property.
Originally built in 1909, the 120,000-square-foot facility was
home to May Hosiery, which made socks for most of the twentieth century.
The property was mostly vacant for the last three decades and is now being
redeveloped into a vibrant mixed-use property featuring 80,000 square feet of
creative office space and 40,000 square feet of retail and restaurant
space.
The project also includes a private rooftop
terrace and central outdoor spaces. At the time of closing, May Hosiery
was 47 percent pre-leased to Tuck-Hinton Architects, Southcomm Media, Dream
Technologies, Parson’s Chicken and Fish, and Blockhouse Barbers.
 |
| Christopher Knight |
The development is
located at 425-431 Chestnut Street and 510 Houston Street in the dynamic
Wedgewood Houston neighborhood, which has become one of Nashville’s fastest
growing mixed-use communities.
The HFF debt placement team representing the borrower included
managing director Danny Kaufman and director Christopher Knight.
“It was an absolute pleasure to work with the team at AJ Capital
and LoanCore on this financing,” said Kaufman. “AJ consistently creates
successful and totally authentic real estate projects that capture the spirit
of their locations. It is very special to be part of their creative process.”
“The May Hosiery project is well conceived and will satisfy
growing demand for innovative office and dynamic retail / entertainment space
in Nashville’s Wedgewood Houston neighborhood,” added Knight.
AJ Capital Partners is a
dynamic private equity investment and development organization with a portfolio
of lifestyle hotel, luxury resort, and mixed-use assets across North America.
Founded in 2008 by Ben Weprin, the
company’s core competency is the creation of distinctive, locally-inspired
properties set in high growth and high culture environments with diverse
demand generators.
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| Ben Weprin |
The company has specific expertise in the execution of major adaptive re-use projects with historical significance, repositioning of existing assets, and ground-up development in U.S cities and university towns.
This body of work includes The Chicago Athletic
Association, Calistoga Ranch, Soho House Chicago, Thompson Nashville, and
Graduate Hotels.
For more information on this release,
please contact:
KRISTEN
MURPHY
HFF
Director, Public Relations
(617)
338-0990
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