BIRMINGHAM, AL / ACCESSWIRE / May 16, 2022 / The joint venture team of Cushman & Wakefield and Greystone announced that they arranged the sale of and provided acquisition financing for City Heights Hoover, a 160-unit multifamily community located in the Hoover suburb of Birmingham.
Cushman & Wakefield's Andrew Brown, Craig Hey and Jimmy Adams represented the seller in the $15.37 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. New ownership has plans for an extensive rehab to the asset's unit interiors, common areas and amenities," said Brown, Managing Director at Cushman & Wakefield.
"Strong market fundamentals certainly support favorable financing for this property," added Steven Vainer, Managing Director at Greystone. "Additionally, Greystone's close relationship with Cushman & Wakefield as a joint venture partner ensures we have an acquisition financing solution that can fit the client's needs. We are thrilled to have helped 3MC Partners and Hinze Capital add this quality asset to their portfolio."
Built in 1975, City Heights Hoover offers is in a highly desirable location with a top five ranked school system nearby along with strong visibility and frontage on Lorna Road. The property is also minutes from more than 10,000 jobs and 5.5 million square feet of quality retail amenities that are available in the surrounding area. Amenities on-site at City Heights Hoover include a fitness center, pool, grill and on-site laundry facilities.
"We are excited to add another Birmingham asset to 3MC's multifamily portfolio in partnership with Hinze Capital. This is a great property and we look forward to creating an even better community for the residents who live here as we make further improvements to the property," said Matt Bodnar, one of 3MC's founding partners. "In partnership with Hinze Capital, we can further 3MC's mission to invest in quality multifamily assets across the Southeast," Bodnar continued.
Cushman & Wakefield's Sunbelt Multifamily Advisory Group is an 85-person investment sales team covering 11 states with No. 1 multifamily market share in that region based on sales volume and transactions reported to CoStar. Per Cushman & Wakefield, in 2021, the group closed $13.8 billion in sales volume through 429 deals and nearly 85,000 units. For more information about the Sunbelt Multifamily Advisory Group, visit https://multifamily.cushwake.com.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and approximately 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com.
About 3MC Capital Partners
3MC Capital Partners is a real estate private equity firm that focuses on multifamily acquisitions, development, and management throughout the Southeast and has a growing portfolio of multifamily assets across Tennessee and Alabama. For more information about 3MC Partners visit: https://3mcpartners.com/
About Hinze Real Estate
Hinze Real Estate Partners is a real estate private equity firm, based in Dallas, TX that focuses on multifamily acquisitions and development in top MSAs throughout the U.S.
SOURCE: Greystone & Co