River Bank & Trust Lends $20M on Alabama Mixed-Use Build
By Andrew Coen October 17, 2023 11:02 am
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Village Creek Development, a new development firm, has sealed $19.5 million of construction financing for a planned mixed-use development in suburban Birmingham, Ala., Commercial Observer can first report.
River Bank & Trust provided the loan on Village Creek’s first project at 195 Oxmoor Road in Homewood, Ala., that will consist of 98,000 square feet of residential and retail space. Village Creek is led by commercial real estate industry veterans Blake Berg and Sam Heide, who also hold principal roles at Crawford Square Real Estate Advisors and Wicker Park Capital Management.
“We seek out projects requiring a creative vision that bring value to both our investors and the communities where we engage,” Tom Walker, president and principal of Village Creek, said in a statement. “Village Creek Development is able to explore more unique development opportunities through affiliations with Crawford Square Real Estate Advisors and Wicker Park Capital Management.”
Walker assumed the president’s role at Village Creek in March 2022 after serving as chief operating officer at Sloss Real Estate in Birmingham for nearly five years.
The $32.5 million development just west of Interstate 65 will feature 10,000 square feet divided between local restaurants El Barrio and Paramount, with private event space sandwiched between the two. There will be 18 two-bedroom apartments for rent above the restaurants and 48 townhomes for rent on the property. The project is slated for completion in late 2024
Luke Kennedy, vice president and relationship manager at River Bank & Trust, said in a statement that the company “proudly partners with Village Creek Development to fuel their mixed-use project and community transformation in West Homewood.”
Andrew Coen can be reached at acoen@commercialobserver.com
