#United States #Chattanooga #Hilco Global #The Bend

Hilco Global's Financial Leap in Chattanooga

In a significant move that promises to reshape the Chattanooga skyline, Hilco Global has announced a major financing initiative. The company's Real Estate Capital division has extended a loan of $47.5 million to facilitate the recapitalization of The Bend, a groundbreaking mixed-use riverfront development orchestrated by Urban Story Ventures (USV). This loan not only propels the project forward but also highlights the strategic partnership between Hilco and Urban Story Ventures, aimed at creating a vibrant community hub.

Understanding The Bend

Spanning over 100 acres along the scenic Tennessee River, The Bend is poised to become a centerpiece for both residents and visitors. With over 3,000 linear feet of prime riverfront, this project aims to blend residential, commercial, hospitality, and leisure spaces into one cohesive environment.

The development plan currently envisions approximately 1,700 residential units, alongside 1.1 million square feet of office space and 1.2 million square feet dedicated to retail. In addition, the project includes provisions for 600 hotel rooms, diverse entertainment venues, cultural attractions, and a 300-slip marina, ensuring that the site will cater to various needs and preferences.

To realize this ambitious vision, USV's development strategy will be significantly bolstered by this recent financing, allowing the company the necessary flexibility to market individual parcels to vertical developers and explore new equity partnerships.

Economic Impact and Future Prospects

According to an independent economic analysis performed by Younger Associates, The Bend has the potential to evoke approximately $1 billion in new economic investments over the next three decades. Such growth promises to bolster job opportunities and attract further investments into Chattanooga, thereby enhancing the local economy.

Michael Tsandilas, Senior Director of Hilco Global Real Estate Capital, emphasized the importance of this project, stating, “The Bend reflects the type of large-scale, well-positioned development projects we seek to support.” He added that the recapitalization aligns strategic capital solutions with the overarching real estate lifecycle, underlining Hilco's continuous commitment to fostering community growth and development.

The project is not merely a business venture; it embodies a transformation within Chattanooga. With an influx of housing options, employment opportunities, and enhanced waterfront access, The Bend is set to affirm Chattanooga’s emerging identity as a thriving destination. Jimmy White, the Managing Partner for The Bend and President of Urban Story Ventures, expressed optimism regarding the project’s momentum, noting that they are in discussions for nearly $1 billion in potential investments spanning various sectors.

Hilco Global’s backing stands as a testament to the project's viability and its potential societal contributions. White stated, “The support from Hilco Global is precisely what we need to accelerate The Bend’s development.”

About Hilco Global

Based in Northbrook, Illinois, Hilco Global operates as a subsidiary of ORIX Corporation USA. The diversified financial services firm specializes in delivering innovative capital solutions and professional services across several sectors, including retail, real estate, and manufacturing. With a robust team of over 810 professionals across four continents, Hilco Global aims to maximize value for clients facing complex challenges.

About Urban Story Ventures

Urban Story Ventures is a commercial real estate development group headquartered in Chattanooga. Led by industry veteran Jimmy White, the firm focuses on maximizing the potential of mixed-use, office, industrial, and retail spaces. Their strategy involves not only development but also property management and leasing, contributing to the revitalization of the urban landscape in the Southeast.

The Bend is not just a construction initiative; it’s a symbol of growth, resilience, and a promising future for Chattanooga. As the eco-system of this area evolves, The Bend will serve as an exemplar of how real estate development can profoundly impact the community.