Birmingham, Alabama, July 26, 2025
News Summary
Northmarq has successfully secured $19.5 million in refinancing for Market Lofts on Third, a mixed-use multifamily housing community in Birmingham, Alabama. The financing package, structured over a 10-year term, reflects the growing demand for urban mixed-use developments. Originally built in 1923, the renovated property offers a blend of historical value and modern living amenities, making it an attractive option for potential residents.
Birmingham, Alabama – Northmarq has successfully secured $19.5 million in refinancing for the Market Lofts on Third, a mixed-use multifamily housing community situated at 2225 3rd Ave N. This financing was orchestrated by Northmarq’s Nashville Debt and Equity team, led by Jesse Lemos and William Rhett, representing EPT Holdings LLC.
The refinancing package amounts to $19.588 million, structured on a 10-year term that includes 5 years of interest only. Northmarq utilized its in-house Fannie Mae DUS platform to facilitate the funding. The financing marks a significant milestone for the property, which was originally a historical office building that opened as Birmingham’s Municipal Market in 1923.
Over the years, the building has seen various transformations, having previously functioned as an automobile equipment company and a bowling alley before undergoing extensive renovations in 2023 to transition into a mixed-use redevelopment. The redevelopment has yielded 140,000 square feet of living space and an additional 8,000 square feet of commercial space.
Key features of the Market Lofts include a diverse range of units comprising studio, one-, and two-bedroom apartments equipped with modern amenities. Residents can enjoy features such as white cabinetry, stainless steel appliances, and quartz countertops. Furthermore, the community amenities are designed for an enhanced living experience, featuring a rooftop deck, a courtyard gathering space, a fitness center, an app-managed laundry center, a residential lounge, and a pet park.
The location of Market Lofts plays a crucial role in its appeal, being situated near prominent entertainment venues such as the Alabama Theatre, Legacy Arena, and Coca-Cola Amphitheater. It also boasts convenient access to Interstates 20 and 65, as well as U.S. Highway 280, making it an attractive option for residents and businesses alike.
The refinancing of Market Lofts is part of a broader trend towards revitalizing historical buildings while creating naturally affordable multifamily housing options. The historic designation of the property has been instrumental in the project’s development, with the effective utilization of Opportunity Zones and Historic Tax Credits praised by insiders like Rhett.
Northmarq has established itself as a leading capital markets resource for commercial real estate investors, boasting a loan servicing portfolio exceeding $78 billion and a robust three-year transaction volume of $69.5 billion. This refinancing is not only a testament to Northmarq’s prowess in the financial sector but also reflects the ongoing demand for mixed-use developments in urban areas.
FAQ Section
What is Market Lofts?
Market Lofts is a mixed-use multifamily housing community located in downtown Birmingham, offering 192 residential units along with commercial space.
How much refinancing did Northmarq secure for Market Lofts?
Northmarq secured $19.588 million in refinancing for the Market Lofts project.
Who financed the Market Lofts redevelopment?
Northmarq financed the redevelopment through its in-house Fannie Mae DUS platform on behalf of EPT Holdings LLC.
What amenities can residents expect at Market Lofts?
Residents at Market Lofts can enjoy various amenities including a rooftop deck, fitness center, pet park, and modern apartment features such as stainless steel appliances and quartz countertops.
What is the historical significance of the Market Lofts building?
The building, originally opened in 1923 as Birmingham’s Municipal Market, has served many purposes over the years before its recent redevelopment into housing and commercial spaces.
Key Features of Market Lofts
| Feature | Details |
|---|---|
| Location | 2225 3rd Ave N, Birmingham, Alabama |
| Refinancing Amount | $19.588 million |
| Property Type | Mixed-Use Multifamily Community |
| Total Units | 192 |
| Square Footage | 140,000 sq ft living space; 8,000 sq ft commercial space |
| Term Structure | 10 years with 5 years of interest only |
| Amenities | Rooftop deck, fitness center, pet park, app-managed laundry, etc. |
| Historical Significance | Originally opened as Birmingham’s Municipal Market in 1923 |
Deeper Dive: News & Info About This Topic
HERE Resources
Additional Resources
- Northmarq – Market Lofts Refinancing
- Wikipedia: Birmingham, Alabama
- RE Journals – Multifamily Demand
- Google Search: Multifamily Housing Trends
- Yield Pro – Ridge Crossings
- Encyclopedia Britannica: Multifamily Housing
- Birmingham Times – Bankhead Towers
- Google News: Birmingham Apartment News
- AL.com – Shooting in Senior Living Facility
- Google Scholar: Birmingham Real Estate
- Rebusiness Online – Birmingham’s Multifamily Market
- Google Search: Urban Redevelopment Birmingham
Author: STAFF HERE BIRMINGHAM WRITER
The BIRMINGHAM STAFF WRITER represents the experienced team at HEREBirmingham.com, your go-to source for actionable local news and information in Birmingham, Jefferson County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Sidewalk Film Festival, Sloss Music & Arts Festival, Magic City Classic, and civil rights commemorations. Our coverage extends to key organizations like the Birmingham Business Alliance and the Birmingham Civil Rights Institute, plus leading businesses in healthcare, finance, and manufacturing that power the local economy such as UAB Medicine, Regions Bank, and Encompass Health. As part of the broader HERE network, including HEREHuntsville.com, we provide comprehensive, credible insights into Alabama's dynamic landscape.
