Investors Demand Refunds As Crowdfunded Deal For Huge Buckhead Office Property Falls Apart When New York-based Nightingale Group agreed to buy the iconic Atlanta Financial Center complex in Buckhead from Sumitomo Corporation of America last summer for $182M, it planned to raise more than $76M from small-dollar investors through real estate crowdfunding platform CrowdStreet. Nightingale pitched the deal — which would amount to a $78M loss from the price Sumitomo paid to acquire the complex — as a "rare opportunity to acquire a trophy office at a steep discount" because Sumitomo "needs to transact regardless of market conditions." When it closed the fund in June 2022, Nightingale raised more than $53M from 772 individual investors, according to CrowdStreet's website. But more than a year later, the deal still hasn't closed, and CrowdStreet has told investors pushing to get their money back that it can't verify the availability of the funds, according to documents obtained by Bisnow. 
Nightingale had told investors it is trying to get Sumitomo to agree to a reduced price for the 915K SF, glass-encased office complex straddling Georgia 400, according to investor messages shared with Bisnow.But in a May 31 letter to investors in the Atlanta Financial Center fund, CrowdStreet investor…  Read the full story here. | 
