Alabama Project Lands $29M Construction Loan for 2nd Phase
- Dec 19, 2019
JCF Residences has obtained a $29 million construction loan for the second phase of Virtuoso Living, a 398-unit multifamily project in Huntsville, Ala. The first phase of the project, which includes 178 single-story units, is nearing completion after receiving a $22.8 million revolving first mortgage construction loan that the developer secured through Eyzenberg & Co. in October.
Located at 1681 Old Dry Creek Road NW, the upcoming property will span across 80 acres. Plans call for walking trails and pedestrian access to nearby shops, restaurants, hotels and entertainment venues. JCF Residences’ community designs hold multiple U.S. patents. In this case, the company opted for rentals that function more like houses than traditional, multi-story apartment buildings. Virtuoso Living residents will have their own front and side door, yard, mailbox, patio, mudroom, private parking and no upstairs or downstairs neighbors.
Amenities are slated to include a swimming pool, a fitness center, a business center, bike rentals and a community room. Moreover, the low-density development is set to include three times more green space compared to conventional apartment developments.
In high demand
Eyzenberg & Co. Managing Director Gregg Delany and Analyst Farah Dagher closed the financing for the last phase of the project. According to Delany, rapid lease-up for the first phase of the project spurred the need for the second construction facility.
Hunstville’s high-tech hub includes major employers in aerospace, defense, medical, education and telecommunications. Demand for rentals in the city is on the upswing, as thousands of jobs are coming from a new Mazda-Toyota manufacturing plant, a YKTA auto supply facility and a new FBI center that will ultimately employ more than 4,000 people.