BIRMINGHAM, Ala.--(BUSINESS WIRE)--Thomas Jefferson Tower, a UC Funds $10.4 million adaptive re-use project, was recognized by the City of Birmingham’s Mayor William A. Bell and REV Birmingham as an iconic redevelopment in the heart of the city. UC Funds provided redevelopment capital to convert the 1929 historic hotel into a mixed-use development consisting of 96 residential units and 22,000 SF of retail space.
Upon completion, the Class A multifamily units will boast amenities including a movie theater, fitness center, storage units, game room and pool. The first and second floors of the tower will contain retail and event space. The property is located within walking distance to the three largest employment drivers in Birmingham and will provide desirable downtown housing for the growing city population.
“UC Funds is privileged to be a part of this exciting development in another up-and-coming market. We were able to leverage our highly experienced underwriting team to ascertain the value in the TJ Tower transaction which included a complex tax incentive structure to provide our partners with fast, flexible, reliable capital,” commented Jeffrey Weingart, UC Funds’ Senior Vice President.
“UC Funds is very excited about being part of the development of this unique project that enhances a historical asset and brings vibrancy to the community. UC Funds continues to deploy redevelopment capital, revitalizing downtowns around the country,” added Dan Palmier, UC Funds’ President & CEO.
UC Funds is a national balance sheet provider of both debt and equity capital solutions, that has closed in excess of $1 billion in real estate investments over the last 48 months.
UC Funds provides quick financial solutions throughout the entire capital stack, including joint venture equity. UC Funds is one of the nation’s most entrepreneurial lending institutions, focused on Multifamily, Retail, Office, Hotel, Industrial/Warehouse, Adaptive Reuse and Construction assets nationwide. For more about the UC Funds’ commercial real estate platform, visit (www.ucfunds.com).