SunTrust Commercial Real Estate Wins National Award for Community Investment
Staff Report From Metro Atlanta CEO
Monday, October 5th, 2015
SunTrust Banks, Inc. has won the 2015 Community Development QLICIs of the Year Award for its leadership in financing of one of the largest historic adaptive reuse projects in Tennessee’s history – the Crosstown Concourse in Memphis. This national honor, awarded by The Novogradac Journal of Tax Credits, recognizes community development entities that made exceptional QLICs in the past year.
SunTrust Commercial Real Estate led an $80.5 million bank syndication in the $200 million transformation of the former Sears Crosstown building in Memphis. The redevelopment includes the historic building, a 1,150-car parking garage and the surrounding 19-acre site. Through its subsidiary SunTrust Community Capital, the bank also led the $56 million New Markets Tax Credit transaction, participated as an investor in the amount of $18.3 million and provided $10 million of its own allocation.
“Crosstown Concourse will be a shining example of urban revitalization and serve as a catalyst for further economic development,” said Walt Mercer, head of SunTrust Commercial Real Estate. “Participating in this historic preservation project is an excellent example of how SunTrust delivers on its purpose of Lighting the Way to Financial Well-Being by igniting growth and advancing opportunity within communities.”
Opening in 2017, Crosstown Concourse is a mixed-use redevelopment dedicated to the cultivation of health and well-being. Tenants will include restaurants and retail, a small grocery, a fitness center, health clinics, a charter high school, a contemporary art center, commercial offices and 265 loft-style apartments.