$23M Redev Loan Breathes New Life into Former Red Cross Building in Birmingham
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 3rd 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.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.