UB Community Development Announces $5.5 Million in New Markets Tax Credit Funds to NEXTEC, LLC
Atmore, AL – UB Community Development, LLC (UBCD), a community development partner of United Bank, announced today the closing of a $5.5 million New Markets Tax Credit (NMTC) allocation for the renovation of the historic 90-year-old Edward’s Motor Company building in downtown Birmingham, Alabama. The building is owned by NEXTEC, LLC, which will lease space to small business startups and non-profit organizations, including a health care clinic serving the local community. A locally owned and operated coffee shop will open a new location offering coffee, food, and a community gathering space.
“Saving a historic building and seeing it help revitalize a community is the purpose of the NMTC program,” stated Alex Jones, President of UB Community Development. “UBCD looks forward to seeing the new businesses and non-profits expand the impact of this project across Birmingham.”
Michael Mouron of Capstone Real Estate Investments is the project sponsor and has headquarters in Birmingham. CREI employs over fifty professionals in Birmingham plus 186 professionals who operate its twenty-two owned and managed properties. CREI repositions existing properties to become attractive, modern student housing facilities in more than seventeen university markets from Texas to Florida, as well as Illinois, Indiana, and Ohio. Mr. Mouron is currently restoring the Greyhound Bus terminal in downtown Birmingham after preserving the historic Federal Reserve Building in Birmingham, completing that restoration in 2017.
The Edwards Motor Building is a 2-story commercial building located on the corner of 16th Street and 3rd Avenue North in the Fountain Heights area of Birmingham. Construction of the building began in 1927and it served as an auto dealership until 1944. The 64,000-square-foot building has also been the location of two furniture companies. Renovations will include a full remodel of the interior and preservation of the historic façade of the facility, replacement of windows and spandrels, repair and repoint the brickwork and repair or replace the roof.
The building is located a block from Innovation Depot, a tech accelerator and business incubator which is home to approximately 110 startup companies. The new facility will serve as a base for the small businesses and non-profits that have ‘graduated’ from the business incubation space.
About UB Community Development
UB Community Development’s strong history and experience in New Markets Tax Credit transactions, coupled with our passion for improving the communities around us, make UBCD Alabama’s premier financial partner for economic and community development. Through our NMTC projects, Community Facilities Lending Program and Community Housing Capital Fund, UBCD is working with community development partners in the fields of healthcare, education, manufacturing, public works, affordable housing and more. For more information about UB Community Development, visit our website at www.UBCommunityDevelopment.com.