Location: Birmingham, AL
The Challenge: Highland was commissioned to provide a construction loan for the adaptive reuse of the historic PIZITZ building located in the heart of Birmingham, AL. This blighted and vacant property was in need of substantial updates and new use opportunities. The subject financing needed to include Federal and State Historic Tax Credits, New Market Tax Credits and a Community Development Block Grant.
HCM Solution: Highland was able to provide a section 220 loan to facilitate the revitalization and redevelopment of the building. This loan was used to create a Class A mixed-use property which included 143 upscale residential units and approximately 32,757 SF of commercial use space.
Community Effect: The new Pizitz building created countless job opportunities, brought space for a local theatre which hosts the annual Sidewalk Film Festival, provided a walkable community environment and a trendy food court. This property development was initiated by the city of Birmingham and was a catalyst for redevelopment in the area.
Loan Amount: $27 million
Loan Details: Section 220