October 23, 2018 Comments Off on Memphis’ Historic Sears Adaptive Reuse Receives $85M Financing Views: 2796 National News, Southeast, Tennessee

Memphis’ Historic Sears Adaptive Reuse Receives $85M Financing

Crosstown Concourse, a 1.2-million-square-foot premier mixed-use development in Memphis, has received $85 million in permanent financing. HFF 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 investment advisory clients.

The adaptive reuse transformed the former Sears, Roebuck & Company catalog order plant and retail store that originally opened in 1927. The historic 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. Crosstown Concourse is the largest historic adaptive reuse LEED Platinum redevelopment in the world.

HFF’s debt placement team representing the borrower included Brian Carlton and Jason Nettles.

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