Unwinding Crowd Funded Deal: Nightingale Under Pressure

Unwinding Crowd Funded Deal: Nightingale Under Pressure

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.

About the Publisher:
Steve Griffin is based in sunny Palm Harbor, Florida. He’s an accountant by profession and the owner of GRIFFIN Tax and REVVED Up Accounting. In addition, Steve founded Madison Avenue Technology. With a strong passion for commercial real estate, he’s also dedicated to keeping you up to date with the latest industry news.

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