HFF announces $26.715M construction loan for adaptive re-use project in Nashville, Tennessee
CHICAGO, IL – January 17, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces a $26.715 million construction loan for the adaptive re-use of the former May Hosiery textile mill in Nashville, Tennessee.
The HFF team worked on behalf of the borrower, Chicago-based AJ Capital Partners, to secure the two-year, floating-rate loan through LoanCore Capital. Loan proceeds will be used for the renovation and the remaining lease-up of the property.
Originally built in 1909, the 120,000-square-foot facility was home to May Hosiery, which made socks for most of the twentieth century. The property was mostly vacant for the last three decades and is now being redeveloped into a vibrant mixed-use property featuring 80,000 square feet of creative office space and 40,000 square feet of retail and restaurant space. The project also includes a private rooftop terrace and central outdoor spaces. At the time of closing, May Hosiery was 47 percent pre-leased to Tuck-Hinton Architects, Southcomm Media, Dream Technologies, Parson’s Chicken and Fish, and Blockhouse Barbers. The development is located at 425-431 Chestnut Street and 510 Houston Street in the dynamic Wedgewood Houston neighborhood, which has become one of Nashville’s fastest growing mixed-use communities.
The HFF debt placement team representing the borrower included managing director Danny Kaufman and director Christopher Knight.
“It was an absolute pleasure to work with the team at AJ Capital and LoanCore on this financing,” said Kaufman. “AJ consistently creates successful and totally authentic real estate projects that capture the spirit of their locations. It is very special to be part of their creative process.”
“The May Hosiery project is well conceived and will satisfy growing demand for innovative office and dynamic retail / entertainment space in Nashville’s Wedgewood Houston neighborhood,” added Knight.
About AJ Capital Partners
AJ CAPITAL PARTNERS is a dynamic private equity investment and development organization with a portfolio of lifestyle hotel, luxury resort, and mixed-use assets across North America. Founded in 2008 by Ben Weprin, the company’s core competency is the creation of distinctive, locally-inspired properties set in high growth and high culture environments with diverse demand generators. Its experienced team leverages their hospitality-centric approach to design, programming, and place-making to drive long-term value creation in timeless real estate. The company has specific expertise in the execution of major adaptive re-use projects with historical significance, repositioning of existing assets, and ground-up development in U.S cities and university towns. This body of work includes The Chicago Athletic Association, Calistoga Ranch, Soho House Chicago, Thompson Nashville, and Graduate Hotels.
HFF and its affiliates operate out of 25 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.