Parkview Financial has provided a $22.5-million loan to EPT Holdings, LLC, for a mixed-use redevelopment project at 2225 3rd Avenue North in Birmingham, AL.

The five-story property, built in 1947, been shuttered since 1999 when it was vacated by the American Red Cross. The 140,000-square-foot building was acquired by EPT Holdings in August 2020 and will be transformed into Market Lofts on 3^rd with 192 small, affordable apartments and one 4,000-square-foot retail unit.

Market Lofts on 3rd is on just under one-acre of land in Birmingham’s Loft District, a designated Opportunity Zone. The once depleted area has been seeing a trend with older building renovations, residential conversions and repurposing of existing buildings.

“Market Lofts on 3rd will target a workforce profile tenant that works in downtown Birmingham or the University of Alabama Hospital system, both within a half-mile of this project,” said Paul Rahimian, CEO and founder of Parkview Financial.