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| 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.
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| 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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