The 600, Birmingham, AL

Octagon Finance funded A $11 million historic tax credit bridge loan to The 600 project in Birmingham, Alabama to convert the former Bell South tower into 404-unit multifamily units with complimentary amenity spaces, and 10,000 square feet of retail space. The loan is guaranteed by federal tax credits with a 23-month term.

Completed in 1972, the building possesses late mid-century modern design. During an abatement and update in the 1990s, the ground floor lobby was spared from demolition and it possesses the majority of the building’s extant interior historic features including dark pearl granite flooring and white marble walls. Two historic design features are found in the lobby: a large square-shaped metal and dark pearl granite desk and a dynamic statue, “Momentum,” a contributing resource to the property. The walkway connecting the garage to the main building features a large mosaic mural original to the initial construction.