Hilco Global’s real estate capital practice has provided a $47.5 million loan to support the recapitalization and continued development of The Bend, a mixed-use riverfront project in Chattanooga, TN, sponsored by Urban Story Ventures (USV).
The financing supports the next phase of the Bend’s growth and provides USV with additional flexibility to advance the development plan for the site.
“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,” Michael Tsandilas, senior director at Hilco Global Real Estate Capital, said.
“The Bend represents a compelling recapitalization opportunity, and we are proud to support Jimmy White and Urban Story Ventures on a project with the potential to deliver long-term value for the Chattanooga community.”
The Bend is expected to play a meaningful role in Chattanooga’s continued growth, delivering new housing, employment opportunities, entertainment offerings and expanded public access to the riverfront, while reinforcing the city’s position as a dynamic destination for residents, businesses and visitors.
“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,” Jimmy White, managing partner for The Bend and president of Urban Story Ventures, said. “We have nearly $1 billion in potential investments we’ve been negotiating for multi-family, retail, office and entertainment uses, and the support of Hilco Global, an ORIX company, is exactly what we need to accelerate The Bend’s development.”
