In 2013, Vintage Realty Company teamed up with SDS Group out of Los Angeles, CA to start the American South Real Estate Fund (ASREF) to provide funding for real estate projects located in emerging low- and moderate-income neighborhoods in 10 southern states.
Article by Candace Carlisle with CoStar
“With this redevelopment, we will give people in Selma the ability to witness and experience the history,” said Tyler Epps, a senior associate at American South Real Estate Fund, which helped underwrite the project.
American South Real Estate Fund, which recently funded a project in South Dallas for E Smith Communities, funded the $3.4 million acquisition loan for the hotel. The St. James Hotel LLC, an entity led by managing partner and Birmingham, Alabama-based developer Jim Lewis, purchased the hotel from the city of Selma. Lewis is chief executive officer of Birmingham-based Rhaglan Hospitality, which is the manager of the hotel and redevelopment project.
The deal, which the developer told CoStar News was completed Monday with a wire transfer, also puts one of Selma’s vacant properties back into action after sitting closed for more than a year and will employ more than 40 full-time workers. The $5 million redevelopment is slated to be complete by the end of the year.”