Financings Spur Value-Add Investment for Birmingham Apartments
BIRMINGHAM, Ala., March 30, 2017 – (RealEstateRama) — JLL’s Capital Markets experts today announced the firm provided financing for the acquisition of Goodall-Brown Lofts and Fix Play Lofts, two multifamily assets located in Birmingham, Alabama. Highland Real Estate Capital purchased the buildings.
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JLL secured an interest rate of 4.68 percent on the 10-year, $4,360,700 loan for Goodall-Brown and an interest rate of 4.68 percent on the 10-year, $2,933,300 loan for Fix Play. Both loans were made through the Fannie Mae DUS® lending program.
Executive Vice President Mark Brandenburg and Vice President CW Sheehan led the JLL team on the financing.
“The Birmingham metro multifamily market has benefitted from decreasing vacancy rates and increasing rents, which made this an even more valuable investment opportunity,” said Brandenburg.
Goodall-Brown Lofts is a five-story building that includes 36 units and 5,444 square feet of commercial space currently occupied by The Wine Loft. Following the purchase, Highland Real Estate Capital will make capital improvements including upgrading countertops, installing new appliances and adding a rooftop deck.
Fix Play Lofts has 23 units in three buildings and 15,133 square feet of commercial space. The new owners plan to refinish cabinets, upgrade signage and common areas and add a fitness center.
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