HFF Secures $85M in Financing for Crosstown Concourse in Memphis
MEMPHIS, TENN. — HFF has arranged $85 million in permanent financing for Crosstown Concourse, a mixed-use development in Memphis. The borrower is a joint venture between Crosstown LLC, Crosstown Arts and Kemmons Wilson Cos. The 1.2 million-square-foot Crosstown Concourse is a historic adaptive reuse of the former Sears, Roebuck & Co. catalog order plant and retail store that originally opened in 1927. Situated on 12 acres, the property has been preserved and redeveloped into 645,704 square feet of commercial space, 65,000 square feet of retail space and 265 residential units, averaging 1,044 square feet each.
Brian Carlton and Jason Nettles of HFF secured the 20-year, fixed-rate loan through JP Morgan Asset Management on behalf of one or more of its investment advisory clients. At the time of financing, the property was 95 percent leased and has an average of 3,000 visitors per day. Current tenants include Methodist Le Bonheur Healthcare, ALSAC – St. Jude, Church Health, Crosstown Arts, Cristian Brothers University, Memphis Teacher Residency, Crosstown High School and Teach for America.