Developers Surrender CrowdStreet-Funded Buckhead Hotel To Lender
Developers Surrender CrowdStreet-Funded Buckhead Hotel To Lender
Atlanta developers Loudermilk Cos. and Regent Partners broke ground on the 201-room Thompson Buckhead hotel in March 2020, raising millions from internet investors through crowdfunding platform CrowdStreet.
Despite somehow opening on schedule and under budget in December 2021, and after capital calls to investors and a cash infusion from Hyatt Hotels Corp., the project never turned a profit. Now it is in the hands of its lender, leaving its investors high and dry.
Atlanta developers Loudermilk Cos. and Regent Partners broke ground on the 201-room Thompson Buckhead hotel in March 2020, raising millions from internet investors through crowdfunding platform CrowdStreet.
Despite somehow opening on schedule and under… Read MoreBisnow News Feed
Atlanta developers Loudermilk Cos. and Regent Partners broke ground on the 201-room Thompson Buckhead hotel in March 2020, raising millions from internet investors through crowdfunding platform CrowdStreet.
Despite somehow opening on schedule and under…
Disgraced Nightingale CEO Elie Schwartz Begs For Leniency After $63M CrowdStreet Fraud
Disgraced Nightingale CEO Elie Schwartz Begs For Leniency After $63M CrowdStreet Fraud
The disgraced CEO of Nightingale Properties says he “learned a valuable lesson” about how he shouldn’t be trusted with other people’s money after admitting to a $63M fraud scheme.
Elchonon “Elie” Schwartz is hoping to avoid jail time after pleading guilty to one count of wire fraud in February, which carries a maximum 20-year sentence. Federal prosecutors are seeking a prison term less than half that length.
Schwartz raised $63M via CrowdStreet in 2022 to fund the planned acquisition of the Atlanta Financial Center office complex and a recapitalization of a Miami Beach office building he already owned. He never closed on…
The disgraced CEO of Nightingale Properties says he “learned a valuable lesson” about how he shouldn’t be trusted with other people’s money after admitting to a $63M fraud scheme.
Elchonon “Elie” Schwartz is hoping to avoid jail time after pleading… Read MoreBisnow News Feed
The disgraced CEO of Nightingale Properties says he “learned a valuable lesson” about how he shouldn’t be trusted with other people’s money after admitting to a $63M fraud scheme.
Elchonon “Elie” Schwartz is hoping to avoid jail time after pleading…
This Week’s Atlanta Deal Sheet: High Street Lands 2025’s Biggest Lease So Far
This Week’s Atlanta Deal Sheet: High Street Lands 2025’s Biggest Lease So Far
A West Coast human resources provider is leasing 150K SF at GID’s High Street project in Dunwoody.
A West Coast human resources provider is leasing 150K SF at GID’s High Street project in Dunwoody. Read MoreBisnow News Feed
A West Coast human resources provider is leasing 150K SF at GID’s High Street project in Dunwoody.
‘It’s Flat-Out Fraud’: Victims Slam Elie Schwartz’s Probation Bid After $63M CrowdStreet Scam
‘It’s Flat-Out Fraud’: Victims Slam Elie Schwartz’s Probation Bid After $63M CrowdStreet Scam
Dr. Padma Sripada doesn’t buy the story that the person who took $75K from her is a changed man.
The 56-year-old primary care physician from Albany, New York, is one of more than 800 victims defrauded by Nightingale Properties CEO Elchonon “Elie” Schwartz, who is set to be sentenced for his crime Monday afternoon in an Atlanta courthouse.
Prosecutors recommended that a judge sentence him to roughly seven years in prison, saying he has been cooperative after admitting to embezzling $63M raised from crowdfunding investors and meant for two commercial real estate deals, instead spending most of it on watches, art and…
Dr. Padma Sripada doesn’t buy the story that the person who took $75K from her is a changed man.
The 56-year-old primary care physician from Albany, New York, is one of more than 800 victims defrauded by Nightingale Properties CEO Elchonon “Elie”… Read MoreBisnow News Feed
Dr. Padma Sripada doesn’t buy the story that the person who took $75K from her is a changed man.
The 56-year-old primary care physician from Albany, New York, is one of more than 800 victims defrauded by Nightingale Properties CEO Elchonon “Elie”…
Elie Schwartz Sentenced To 7 Years For Defrauding CrowdStreet Investors
Elie Schwartz Sentenced To 7 Years For Defrauding CrowdStreet Investors
Nightingale Properties CEO Elie Schwartz has been sentenced to 87 months in prison after orchestrating what prosecutors called the biggest fraud in real estate crowdfunding history.
U.S. District Judge Steven Grimberg handed down the sentence in Atlanta, also ordering three years of supervised release. Schwartz had pleaded guilty in February to one count of wire fraud after raising $63M from investors on the CrowdStreet platform in 2022, then diverting roughly $54M to personal luxuries — including a Miami condo, art, payroll at other properties and high-end watches.
Nightingale Properties CEO Elie Schwartz has been sentenced to 87 months in prison after orchestrating what prosecutors called the biggest fraud in real estate crowdfunding history.
U.S. District Judge Steven Grimberg handed down the sentence in Atlanta,… Read MoreBisnow News Feed
Nightingale Properties CEO Elie Schwartz has been sentenced to 87 months in prison after orchestrating what prosecutors called the biggest fraud in real estate crowdfunding history.
U.S. District Judge Steven Grimberg handed down the sentence in Atlanta,…
E-Commerce Startup Takes Aim At Amazon With Purchase Of UPS Subsidiary
E-Commerce Startup Takes Aim At Amazon With Purchase Of UPS Subsidiary
Logistics company Stord is beefing up its e-commerce footprint in a bid to compete with Amazon, buying a UPS subsidiary it says enhances its partnership with the shipping giant.
Logistics company Stord is beefing up its e-commerce footprint in a bid to compete with Amazon, buying a UPS subsidiary it says enhances its partnership with the shipping giant. Read MoreBisnow News Feed
Logistics company Stord is beefing up its e-commerce footprint in a bid to compete with Amazon, buying a UPS subsidiary it says enhances its partnership with the shipping giant.
Investors And Lenders Want Office Again
Investors And Lenders Want Office Again
The U.S. office market has struggled to find favor among investors as occupancy shrank and valuations plummeted coming out of the pandemic.
But now valuations are getting to a place where investors and lenders are interested in office again — if tariff uncertainty doesn’t derail things.
“You may not believe this, but I’ve been underwriting a lot of office,” The Graham Group Managing Partner Jeffrey Graham said during Bisnow’s Atlanta State of the Market event on May 13. “So I guess at some point there is a price point that people believe is low enough that they can make it make sense.”
The U.S. office market has struggled to find favor among investors as occupancy shrank and valuations plummeted coming out of the pandemic.
But now valuations are getting to a place where investors and lenders are interested in office again — if tariff… Read MoreBisnow News Feed
The U.S. office market has struggled to find favor among investors as occupancy shrank and valuations plummeted coming out of the pandemic.
But now valuations are getting to a place where investors and lenders are interested in office again — if tariff…
AT&T Scouting Central Perimeter For Large Call Center
AT&T Scouting Central Perimeter For Large Call Center
Telecommunications giant AT&T is scouting the Central Perimeter submarket for office space to house a call center.
AT&T, which expanded its office presence in Metro Atlanta last year, is seeking up to 100K SF, mainly in the Central Perimeter area that is the nexus of Dunwoody, Sandy Springs and Brookhaven, a CRE executive with knowledge of the search told Bisnow.
No specific location has been selected yet, according to the source.
An AT&T spokesperson told Bisnow it wouldn’t comment “on rumors and speculation.”
CBRE Executive Vice President Mark Davenport is representing AT&T in the office search, according to the source, but Davenport declined to comment when reached…
Telecommunications giant AT&T is scouting the Central Perimeter submarket for office space to house a call center.
AT&T, which expanded its office presence in Metro Atlanta last year, is seeking up to 100K SF, mainly in the Central Perimeter… Read MoreBisnow News Feed
Telecommunications giant AT&T is scouting the Central Perimeter submarket for office space to house a call center.
AT&T, which expanded its office presence in Metro Atlanta last year, is seeking up to 100K SF, mainly in the Central Perimeter…
Mercedes Eyeing New Atlanta R&D Facility As It Fills Out Its Sandy Springs HQ
Mercedes Eyeing New Atlanta R&D Facility As It Fills Out Its Sandy Springs HQ
Automotive maker Mercedes-Benz USA is boosting its corporate presence in Atlanta, moving up to 500 jobs to its existing Sandy Springs headquarters and planning to invest in a research and development facility nearby.
Georgia Gov. Brian Kemp announced the plan Thursday morning, saying Mercedes has not identified a specific site for its “multimillion-dollar” R&D facility, but it will be near Sandy Springs.
Financial services teams and corporate functions in Farmington Hills, Michigan, will be moved to Atlanta, adding to the 800 employees already in the city, Mercedes said in a press release. The German auto company opened its U.S. headquarters in Sandy Springs in 2018.
“This strengthens our…
Automotive maker Mercedes-Benz USA is boosting its corporate presence in Atlanta, moving up to 500 jobs to its existing Sandy Springs headquarters and planning to invest in a research and development facility nearby.
Georgia Gov. Brian Kemp announced… Read MoreBisnow News Feed
Automotive maker Mercedes-Benz USA is boosting its corporate presence in Atlanta, moving up to 500 jobs to its existing Sandy Springs headquarters and planning to invest in a research and development facility nearby.
Georgia Gov. Brian Kemp announced…
Federal Buildings Board Calls For Disposing Of 7M SF Of Properties
Federal Buildings Board Calls For Disposing Of 7M SF Of Properties
The congressionally created entity tasked with recommending federal property disposals has unveiled the next round of buildings it says the government should get rid of.
The Public Buildings Reform Board is recommending that the government offload a dozen properties across eight states that it estimates would save $5.4B over 30 years and generate $346M in sale proceeds.
The congressionally created entity tasked with recommending federal property disposals has unveiled the next round of buildings it says the government should get rid of.
The Public Buildings Reform Board is recommending that the government offload a… Read MoreBisnow News Feed
The congressionally created entity tasked with recommending federal property disposals has unveiled the next round of buildings it says the government should get rid of.
The Public Buildings Reform Board is recommending that the government offload a…