Construction financing and equity secured for 20-Midtown

DALLAS, December 10, 2020 – JLL Capital Markets announced today that it has arranged construction financing and equity for the Phase II development of 20-Midtown, a mixed-use property consisting of residential and ground floor retail in Birmingham, Alabama.  

JLL worked on behalf of the borrower, a group of local developers and investors, to secure a construction loan through Bank OZK and equity investment from New York Mortgage Trust (NYMT).

Phase II of the 20-Midtown development will include 312 apartment units in micro, studio, one-, two- and three-bedroom layouts, with one-bedroom units available in multiple floorplan options. Phase I, which was completed in 2017, consists of 111 apartment units and retail space, including Publix, Starbucks and Chipotle. Similar to Phase I’s amenities, apartments will include 10’ ceilings, stainless-steel kitchen appliances, granite countertops, in-unit washer and dryer, a stunning full height window wall, 24/7 recirculating hot water and covered balconies. Community amenities will be best-in-class and including a rooftop pool with private terrace-sundeck, indoor/outdoor gathering areas with TVs and barbecues, state-of-the-art fitness center, a dog park and pet washing area.

The property is located in the Parkside District of Downtown Birmingham, a burgeoning urbanset recently experiencing a revitalization. Nearby is the top-ranked University of Alabama at Birmingham, with over 21,000 students and 20,700 faculty members; Regions Field, home of the Birmingham Barons; the Medical District, which is home to prominent research and clinical institutions; and Railroad Park, an artistic eight-block downtown area that hosts events, festivals, concerts and more.

Phase I of the development touted immense success, with sustained strong occupancy and a significant waitlist for when units become available. The development was also celebrated for its walkability, providing residents with the only major grocery store, positioned in its ground-floor retail, in the downtown area, among other easily accessible retail options.

The JLL Capital Markets team representing the borrower was led by Managing Director Jeremy Sain and Director Lauren Dow.  

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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