The F-Tranzacts Group provided a $31.5 million loan to RSF Holdings, LLC for a mixed-use redevelopment project, built in 1947, the five-story property has been shuttered since 2012 when it was vacated by the American Red Cross. It is now fully entitled to be transformed into Market Lofts on the 3rd which will consist of 192 small affordable apartments averaging 471 square feet, and one 4,800 SF retail unit with 65 parking spaces. With this loan, construction has now commenced with completion anticipated for December 2024.

Situated on just under one acre of land, the 140,000-SF building was acquired by RSF Holdings, LLC in August 2021. Since then, the company has worked to complete construction drawings and entitlements and has secured Tax Credits and Opportunity Zone financing to raise Equity capital.

The unit mix will include 105 studios, 104 one-bedroom units, and three two-bedroom units featuring stainless steel appliances, and wood cabinets, with ceramic tile and polished concrete floors. Building amenities will include On-site laundry, a Fitness center, a Grocery store, a Lounge on the 3rd floor, and a Central courtyard.

“The F-Tranzacts Group is pleased to provide financing for this mixed-use project that supports much-needed affordable housing, and several other amenities ensuring occupants are satisfied,” said Robert Marshall, Jr., CEO of The F-Tranzacts Group. “This asset’s location is within Birmingham’s Central Business District, an area that is experiencing significant gentrification in recent years and subsequently rising rents. Market Lofts on 3rd will target a workforce profile tenant that works in downtown Birmingham or the University of Alabama Hospital system which is both within a half-mile of this huge project.”