A rendering of the vibrant mixed-use property featuring 80,000 sq. ft. of creative office space and 40,000 sq. ft. of retail and restaurant space.
(Dryden Architecture and Design rendering)
Holliday Fenoglio Fowler L.P. (HFF) announced a $26.715 million construction loan for the adaptive re-use of the former May Hosiery textile mill in Nashville, Tenn.
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-sq. ft. 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 sq. ft. of creative office space and 40,000 sq. ft. 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 St. and 510 Houston St. 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,” said Knight.