A mixed-use riverfront development in Chattanooga, Tennessee, has secured new financing as it moves into its next phase of development.
Hilco Global, a financial services firm, has provided a $47.5 million USD loan to support the recapitalisation and continued development of The Bend, a large-scale project sponsored by a commercial real estate developer, Urban Story Ventures. The financing was arranged through Hilco Global’s Real Estate Capital practice and is intended to support ongoing progress at the site.
The Bend is located next to downtown Chattanooga along more than 3,000ft (914 metres) of the Tennessee River. Spanning over 100 acres, the site has been designed as a walkable district with residential, commercial, hospitality and waterfront uses.
Plans for the site include approximately 1,700 residential units, 10.2 hectares of office space, 11.1 hectares of retail, 600 hotel rooms, entertainment and cultural venues, and a 300-slip marina. Public infrastructure investment supports the project through a public-private partnership structure.
Hilco Global said the loan reshapes the project’s financing in a way that allows greater flexibility as development continues. This includes the ability to sell individual parcels to vertical developers and to bring in additional equity partners as the project advances.
Michael Tsandilas, senior director at Hilco Global Real Estate Capital, said: “The Bend reflects the type of large-scale, well-positioned development projects we seek to support and underscores our ability to deliver strategic capital solutions across the real estate lifecycle.”
Jimmy White, managing partner for The Bend and president of Urban Story Ventures, said: “The future of The Bend has never been brighter. The capital and advisory solutions deployed by Hilco Global will be instrumental to The Bend’s vertical development.”
