Eastern Union closes $7 million loan for Birmingham shopping center

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Verstandig said that CityWide plans to invest $1.5 million in capital within the coming months to enhance the property’s façade and parking lot, as well as improvements in overall aesthetics and other ameliorative measures. 

“When CityWide Properties assumed ownership of the site last month, the property had 15 vacancies,” Eastern Union said in a statement. “Mr. Verstandig reports that three of those spaces had been filled within 30 days of taking possession of the venue. He also said CityWide Properties is in ‘serious talks’ with a local grocery store chain over potential occupancy of 20,000 square feet of space.”

Founded in 2001, CityWide manages and leases more than 75 properties in seven states. It specializes in value-add assets that have been impacted by vacancies or mismanagement.

The closing of the multimillion-dollar financing was credited to Eastern Union managing director Marc Tropp. He secured a five-year mortgage with a fixed interest rate of 4.6%. The funding allows for one year of interest-only payments.