RCP Cos. and Spring Bay Property Co. have received $51.9 million in financing for the development of ECLIPSE at CityCentre, a 278-unit multifamily project in Huntsville, Ala. Walker & Dunlop arranged the HUD 221(d)(4) loan consisting of a two-year construction term followed by a 40-year, fixed-rate financing with a declining prepayment schedule for the first 10 years post-construction.
ECLIPSE will be part of CityCentre at Big Spring, the $100 million mixed-use development underway near Big Spring International Park. The developers broke ground on the residential component in December, with Wakefield Beasley & Associates serving as architect and Doster Construction as general contractor. The community is scheduled for delivery in late 2021.
Located in downtown Huntsville at the intersection of Monroe Street SW & Williams Avenue SW, the development site is within a designated Opportunity Zone. Upon completion, the five-story building will feature more than 18,000 square feet of restaurant and retail space and a 480-space parking garage. The community will have a mix of studio, one- and two-bedroom units. Amenities will include a heated pool, fitness center and conference room, as well as electric car charging stations.
The property is close to U.S. Route 431 and Interstate 565, surrounded by shopping, dining and cultural venues. The future community will be less than 10 miles southeast of another Huntsville development that received a $29 million construction loan for its second phase in December.
Walker & Dunlop’s Keith Melton, David Strange, Livingston Hessam and Jeremy Pino led the financing team that worked on behalf of the borrowers.