Nightingale Group agreed to purchase the Atlanta Financial Center last summer for $182 million. To finance a portion of the deal, CrowdStreet offered small investors an opportunity to become part of it and raised more than $53 million from 772 individuals. However, due to an investment shortfall, closing on the 915,000-square-foot Buckhead office complex has been delayed.
CrowdStreet is now urging Nightingale to unwind the transaction and return money collected from investors as a result. In response, Nightingale informed its stakeholders that it is attempting to negotiate a reduced price with seller Sumitomo and requested until month’s end for setting up such sale agreement.
To ensure transparency in this process Anna Phillips was appointed as independent manager by Nightingale after approval by fund’s investors; she is currently reviewing all financials related with this matter
