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.