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.