Cushwake, Greystone Team Up on $15M Multifamily Acquisition in Birmingham
A joint venture team of Cushman & Wakefield and Greystone has arranged the sale of and provided acquisition financing for City Heights Hoover, a 160-unit multifamily community located in the Hoover suburb of Birmingham, AL.
Cushman & Wakefield’s Andrew Brown, Craig Hey and Jimmy Adams represented the seller in the $15.4 million transaction. Greystone’s Steven Vainer originated an $11.6 million bridge loan featuring interest-only payments. The multifamily property was sold by SB Pacific Group; the buyer is a joint venture between 3MC Partners and Hinze Real Estate Partners.
“The property is poised for unparalleled growth in the coming years due to restrictions on new multifamily developments in the area and with current market rents well-below its nearby competitive set,” said Brown.
The 1975-constructed City Heights Hoover has top five ranked school system nearby and is proximate to 10,000 jobs and 5.5 million square feet of retail amenities.
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.
CRE courses for CE credits
Get CE course credits, centered around all things CRE. View our courses today!