Last summer, Nightingale Group agreed to purchase the Atlanta Financial Center for $182 million. To fund this deal, CrowdStreet offered investors a chance to join in and raised more than $76 million from 772 individuals. However, the shortfall of funds has prevented the closing of this 915,000-square-foot Buckhead office complex.
CrowdStreet is now urging Nightingale to unwind the deal and return all money collected from investors. In response, Nightingale has proposed negotiating a reduced price with Sumitomo until month’s end while also appointing an independent manager – Anna Phillips – who was approved by fund’s investors and is currently reviewing financials.
