Wednesday, February 27, 2019

Arbor Funds $61.2 Million Bridge Loan in Birmingham, AL


  
Joseph Charneski
UNIONDALE, NY – Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently funded a bridge loan in Birmingham, AL. AT&T City Center, a 30-story Class A office building, received $61.2M in bridge funding. The loan will cover acquisition costs as well as significant capital improvements.

Joseph Charneski of Arbor’s New York City office originated the loan.

AT&T City Center, Birmingham, AL

 “This bridge loan will allow our borrower to execute a major repositioning of a prominent downtown building and take advantage of the strong Birmingham fundamentals,” said Charneski.

“The significant renovations planned for the property will include a demolition of existing components as well as remodeling of the building interior and other site improvements.”

The 390-foot tower, originally known as the South Central Bell Building, opened in 1972. It includes 617,453 square feet of space and is considered to be an iconic part of the Birmingham skyline.

The borrower plans to convert the property into a mixed-use building, consisting of rental units as well as office and retail space. Added amenities will include a rooftop turf area, interior wet bar/kitchen, media room and fitness center.

Contact:

Bina Handa
Tel: 516.506.4229


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