Dealmaker: Cushman & Wakefield, Greystone Close Alabama Multifamily Sale, Financing
Cushman & Wakefield and Greystone arranged provided acquisition financing for City Heights Hoover, a 160-unit multifamily community in suburban Birmingham, Ala.
Cushman & Wakefield’s Andrew Brown, Craig Hey and Jimmy Adams represented the seller in the $15.3 million transaction. Greystone’s Steven Vainer originated an $11.6 million interest-only bridge loan.
SB Pacific Group sold the property to a joint venture between 3MC Partners and Hinze Real Estate Partners.
Brown said the property is poised for growth due to restrictions on new multifamily developments in the area and with current market rents well-below its nearby competitive set.
“Strong market fundamentals certainly support favorable financing for this property,” Vainer said.
Built in 1975, City Heights Hoover is in a top-five ranked school system and is visible from Lorna Road. The property is minutes from more than 10,000 jobs and 5.5 million square feet of retail in the surrounding area.