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| Planned Mercantile on Morris, 2209-2215 1st Avenue North, Downtown Birmingham, AL |
Birmingham, Al and Palm Beach, FL — An Alabama developer
received an $11.227 million loan fromTrez Forman
Capital to fund redevelopment of a prime piece of property in downtown
Birmingham, Alabama.
Orchestra Partners is planning a four-story condominium
building and 14,170 square feet of retail/restaurant space at 2209-2215 1st Avenue
N., where three older and smaller residential buildings currently exists.
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| Brett Forman |
The loan, which closed August 6, was arranged by Brett Forman,
president/CEO of Trez Forman and Russ Holland,
a Trez Forman managing director who oversees the
lender’s Atlanta office.
Trez Forman has a relationship with
the borrower who successfully built and sold out another residential community
in downtown Birmingham called Founder’s Station.
This new adaptive reuse project, named Mercantile on Morris, is
located on an iconic downtown street in a highly walkable neighborhood.
Orchestra Partners plans on bringing in boutiques,
restaurants and bars to the ground-floor retail space.
The community boasts 47 condominium units ranging in size
from 289 square feet micro-units to 2-bedroom/2-bath residences of 994 square
feet. Nearly half have been pre-sold.
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| Russ Holland |
Prices range from $99,000 to $329,900 and the developer will
arrange financing on purchases up to 100 percent of the cost.
All of the units will feature historic elements and building materials
with modern finishes. Residents will have views of either the Morris Avenue, 1st Street
or a courtyard and have access to a terrace that overlooks a pedestrian plaza.
“Based on the success our borrower had with their first residential
building in the area, we anticipate they will hit another home run with
Mercantile on Morris,” said Forman.
“It’s a quality
project in a popular part of the downtown. It’s priced right for working
professionals in the central business district who desire a live, work, play
lifestyle.”
CONTACT:
Todd Templin
Executive Vice President
BoardroomPR
O 954-370-8999
C 954-290-0810
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