Northmarq’s Atlanta office arranges acquisition financing of $40.85 million for The Brookwood in Homewood, Alabama
ATLANTA, GEORGIA (October 27, 2021) – Faron Thompson, regional managing director of Northmarq’s Atlanta-based regional office, secured acquisition financing of $40.85 million for The Brookwood. The 274-unit class B+ multifamily property (originally built in 1968) is located at 3450 Manor Drive in Homewood, Alabama. The transaction was structured with a 3-year interest-only term. Northmarq arranged the bridge loan for the borrower through its relationship with an institutional portfolio lender.
The property is located in college town just five miles south of Downtown Birmingham. Homewood is home of Samford University, a private institution of more than 5,000 students and hundreds of faculty and staff. Residents will live out the best of both worlds: small town living while only being minutes away from Birmingham’s entertainment and retail opportunities. Park and recreational attractions are available such as Homewood Forest Preserve (0.8 miles), Birmingham Zoo (1.7 miles), Birmingham Botanical Gardens (2.0 miles), Vulcan Park and Museum (2.0 miles) and McWane Science Center (4.0 miles).
Community amenities include: Wi-Fi at pool and clubhouse, online services, planned social activities, pet play area, pet washing station, clubhouse, lounge, fitness center, spa, pool, playground and grill. Apartment amenities include: High-speed internet access, in-unit washer/dryer, washer/dryer hookup, air conditioning, heating, ceiling fans, cable ready and tub/shower.
“Northmarq secured the best lender for the transaction due to top-tier pricing, Northmarq’s servicing platform and the borrower preferring a portfolio lender,” said Thompson.
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