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Parkview Financial has provided a $22.5 million loan for the redevelopment of a mixed-use project located in Birmingham, Alabama. The five-story building, which has been empty since being vacated by the American Red Cross in 1999, will be developed into 192 affordable apartment units. In addition, the Market Lofts on 3rd development will include approximately 4,000 square feet of retail and 60 parking spots.
The apartment units will include 95 studios, 94 one bedrooms, and three two bedroom units. Amenities will include a fitness center, lounge, and courtyard.
The 140,000 square foot building was acquired by EPT Holdings in 2020. The project is scheduled for a December 2023 completion.
Hendon + Huckenstein is the architect for the project, while Wyatt is acting is general contractor.