HFF Secures $85 Million Financing for Mixed-Use Development in Memphis

Crosstown Concourse, located in Memphis, is home to 645,704 square feet of commercial space, 65,000 square feet of retail space and 265 residential units. Crosstown Concourse, located in Memphis, is home to 645,704 square feet of commercial space, 65,000 square feet of retail space and 265 residential units.

Memphis, Tenn. — HFF has secured $85 million in permanent financing for Crosstown Concourse, a 1.2 million-square-foot mixed-use development located in Memphis.

The development is a historic, adaptive reuse of the former Sears, Roebuck & Co. catalog order plant and retail store, which 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. The property also includes two acres of public plazas, a performing arts theatre and a 25,000-square-foot fitness facility.

Office tenants at the mixed-use center 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. Brian Carlton and Jason Nettles of 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 one or more of its investment advisory clients.

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