October 22, 2018 – 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.
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.
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. 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. 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.