Parkview Financial announced today it has provided a $22.5 million loan to EPT Holdings, LLC for a mixed-use redevelopment project located at 2225 3rd Avenue North in Birmingham, AL. Built in 1947, the five-story property has been shuttered since 1999 when it was vacated by the American Red Cross. It is now fully entitled to be transformed into Market Lofts on 3rd which will consist of 192 small affordable apartments averaging 438 square feet (sf), and one 4,000-sf retail unit with 60 parking spaces. With this loan, construction has now commenced with completion anticipated for December 2023.
Situated on just under one-acre of land, the 140,000-sf building was acquired by EPT Holdings in August 2020. Since then, the company has worked to complete construction drawings and entitlements and has secured tax credits and Opportunity Zone financing to raise equity capital.
The unit mix will include 95 studios, 94 one-bedroom units and three two-bedroom units featuring stainless steel appliances, wood cabinets, with ceramic tile and polished concrete floors. Building amenities will include on-site laundry, a fitness center, a lounge on the 3rd floor and a central courtyard.
“Parkview is pleased to provide financing for this mixed-use project that supports much-needed affordable housing,” said Paul Rahimian, CEO and Founder of Parkview Financial. “This asset’s location is within Birmingham’s Central Business District, an area that is experiencing significant gentrification in recent years and subsequently rising rents. Market Lofts on 3rd will target a workforce profile tenant that works in downtown Birmingham or the University of Alabama Hospital system which are both within a half-mile of this project.”
Market Lofts on 3rd is in the heart of the historic Loft District, a designated Opportunity Zone. The once
depleted area has been seeing a trend with older building renovations, residential conversions, repurposing of existing buildings, and new construction of multifamily housing downtown, and in the Southside District. A renaissance of sorts has increased the downtown residential population with the completion of several multifamily projects there and in the Southside area. The trend that started with the Thomas Jefferson Tower and the Pizitz Building is expected to continue with several other older office building rehabs including the former AT&T building, Brown Marx Tower, Commerce Tower, and the Frank Nelson Building (another Parkview loan).
The project’s general contractor is Birmingham-based Wyatt, General Contractor, LLC, and the architect of record is Birmingham-based Hendon + Huckestein Architects, PC.
About Parkview Financial
Parkview Financial is a direct private lender specializing in ground up commercial and residential real estate financing. Through a private real estate debt fund, we provide short-term bridge and construction loans secured by first trust deeds to developers throughout the United States. Since launching the Fund in 2015, Parkview has successfully executed more than $3 billion in financing for multifamily, retail, office, industrial and mixed-use projects with executed loans ranging from $5 million to $300 million.
With offices in Los Angeles, New York, Denver and Atlanta, our firm has grown exponentially since it was founded in 2009 by Paul Rahimian, its CEO. Parkview has earned an unparalleled reputation within the commercial real estate industry as one of the most respected private construction lenders in the nation. This has been accomplished through our proven ability to provide fast, creative financing solutions to borrowers who need more leverage and certainty of execution. Fortified with an experienced team of in-house experts, Parkview is able to be nimble and creative even when it comes to some of the most challenging projects.