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JV Secures $39M Refi for 20 Midtown in Downtown Birmingham

HFF Places Loan with Square Mile
March 9, 2018
RGS Properties, Scott M. Bryant & Co. and Cyprus Partners secured a $39 million loan to refinance 20 Midtown, a two-building, mixed-use property in Birmingham, AL.

Jeremy Sain, director at HFF, placed the floating-rate loan with Square Mile Capital Management. The joint venture will use the financing to pay off the existing mortgage and preferred equity.

20 Midtown at 230 20th St. S. comprises 111, one-, two- and three-bedroom apartment units above a 35,000-square-foot Publix. Other tenants include Chipotle, Starbucks and AT&T. The mixed-use building was designed by Cohen Carnaggio Reynolds and delivered in 2017.

Matthew Drummond, principal of Square Mile, said, “Given the property’s location near the University of Alabama at Birmingham and Children’s Hospital of Alabama, 20 Midtown is well-positioned to fulfill demand as the market strengthens.”
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