Financings Spur Value-Add Investment for Birmingham Apartments

BIRMINGHAM, Ala., Marchttp://alabama.realestaterama.com/wp-admin/users.phph 30, 2017 – (RealEstateRama) — JLL’s Capital Markets experts today announced the firm provided financing for the acquisition of Goodall-Brown Lofts and Fix Play Lofts, two multifamily assets located in Birmingham, Alabama. Highland Real Estate Capital purchased the buildings.

JLL secured an interest rate of 4.68 percent on the 10-year, $4,360,700 loan for Goodall-Brown and an interest rate of 4.68 percent on the 10-year, $2,933,300 loan for Fix Play. Both loans were made through the Fannie Mae DUS® lending program.

Goodall-Brown Lofts is a five-story building that includes 36 units and 5,444 square feet of commercial space currently occupied by The Wine Loft. Following the purchase, Highland Real Estate Capital will make capital improvements including upgrading countertops, installing new appliances and adding a rooftop deck.

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