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| Crosstown Concourse, Memphis, TN |
DALLAS, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announces $85 million
in permanent financing for Crosstown Concourse, a
1.2-million-square-foot premier mixed-use development in Memphis, Tennessee.
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| Crosstown Concourse interior, Memphis, TN |
The HFF team worked on behalf of the borrower, a joint venture between
Crosstown, LLC, Crosstown Arts, and Kemmons Wilson Companies, LLC, to secure
the 20-year, fixed-rate permanent loan through JP Morgan Asset Management on
behalf of one or more of its investment advisory clients.
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| Crosstown Concourse before and after redevelopment |
Crosstown Concourse is a historic adaptive reuse of the former Sears,
Roebuck & Company catalog order plant and retail store that originally
opened in 1927.
The 12-acre property
has been preserved and redeveloped into a “vertical urban village” comprising
645,704 square feet of commercial space, 65,000 square feet of retail space and
265 residential units averaging 1,044 square feet each.
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| Brian Carlton |
Distinctive features include repurposed 1920’s architectural
pieces, multi-story atriums and windows drawing natural light, two acres of
public plazas, a performing arts theatre and a 25,000-square-foot fitness
facility.
Crosstown Concourse
has a diverse group of tenants, including Methodist Le Bonheur Healthcare,
ALSAC – St. Jude, Church Health, Crosstown Arts, Cristian Brothers University,
Memphis Teacher Residency, Crosstown High School, Teach for America and many
others.
The 95-percent-leased property has an average of 3,000
visitors per day and connects the residents, tenants and visiting public
through ongoing events and programming in shared spaces and common areas akin
to a neighborhood.
Additionally,
Crosstown Concourse serves as the anchor and a catalyst of the revitalization
and economic development of the surrounding Crosstown neighborhood, which is in
the heart of Midtown Memphis just two blocks from the intersection of
Interstates 40 and 240 and just two miles from downtown.
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| Jason Nettles |
Crosstown Concourse is the largest historic adaptive reuse
LEED Platinum redevelopment in the world.
The HFF debt placement team representing the borrower included senior
managing directors Brian Carlton and Jason Nettles.
CONTACTS:
BRIAN CARLTON
HFF Senior Managing Director
(214) 265-0880
KRISTEN MURPHY
HFF Director, Public Relations
(617) 338-0990
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