Cole Schotz Advises Westside Capital Group in $100 Million Acquisition of Alabama Multifamily Property

March 18, 2021Attorneys: Jordan J. Metzger, Eric J. Reisman, Matthew S. Schneid, Jennifer L. Horowitz, Robyn A. Pellegrino, Rimma Tsvasman and Isabelle R. Jacobs
Cole Schotz P.C. represented Westside Capital Group in a $100.75 million acquisition of a 1,060-unit multifamily complex on over 100 acres of land located in Hoover, Alabama, a suburb of Birmingham.

The property, known as The Park at Hoover, also includes a commercial building and is located within two adjacent parcels at 2135 Centennial Drive and 7050 Rime Village Drive. Westside intends to invest in common areas and conduct targeted capital improvements to turn the entire property into a more urban-like district.

Cole Schotz handled the acquisition, the financing from Berkadia Commercial Mortgage, LLC and Freddie Mac, and investor documents in connection with Westside’s equity raise. Westside purchased the development from Magnolia Birmingham, LLC.

The Cole Schotz team was led by Jordan Metzger and consisted of members Eric Reisman, Matthew Schneid, Jennifer Horowitz and Robyn Pellegrino, associates Rimma Tsvasman and Isabelle Jacobs, and paralegals Kim McEllen and Sandra Csaposs.

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