Parkview Financial Provides $22.5M Loan for Multifamily Conversion Project in Birmingham
BIRMINGHAM, ALA. — Parkview Financial has provided a $22.5 million loan for the redevelopment of a former American Red Cross office building in Birmingham. Built in 1947, the five-story, 140,000-square-foot building has sat vacant since 1999. The borrower, EPT Holdings, plans to use the financing to convert the property into Market Lofts on 3rd, which will comprise 192 affordable housing units and a 4,000-square-foot retail unit with 60 parking spaces. The unit mix will include 95 studios, 94 one-bedroom units and three two-bedroom units featuring stainless steel appliances, wood cabinets, ceramic tile and polished concrete floors. Amenities will include onsite laundry services, a fitness center, lounge on the third floor and a central courtyard. Construction is underway, and EPT Holdings plans to open the property in December 2023. The project team includes Birmingham-based Wyatt General Contractor LLC and Birmingham-based Hendon + Huckestein Architects.