RCP Cos. Obtains Financing for $108M Project
The multifamily development is located in Huntsville’s MidCity District.
RCP Cos. has received a $62.1 million construction loan for The Wellory, a 328-unit multifamily development in Huntsville, Ala.
A Northmarq team led by Senior Vice President Randy Wolfe and Vice President Drew Markley secured the financing. Northmarq has also recently arranged a $25 million construction loan for a 151-unit project in Newington, Conn.
RCP Cos. partnered with Pinnacle Financial Partners and Grounded Capital Partners to develop the $108 million project. ARCO Murray is the general contractor and Lord Aeck Sargent is the lead architect. Construction on the property officially began in January, with an expected completion in the summer of 2025.
RCP plans to establish a net zero energy status and reduced carbon footprint for the building, seeking LEED Platinum certification. The six-story project will be an all-electric development featuring technology to achieve zero energy operations, Energy Star appliances, high performing HVAC systems, reduced air and waste leakage, reflective roofing and solar cell photo-voltaic panels.
The Wellory will also include approximately 13,582 square feet of retail on the ground floor. The property will encompass one-, two- and three-bedroom apartments with washers and dryers, stainless steel appliances and high-end fixtures. Residents at The Wellory will have access to a swimming pool, a club room, a resident lobby, a fitness center, a rooftop terrace, a courtyard and coworking spaces.
Huntsville is home to NASA Marshall Space Flight Center, Cummings Research Park, RedStone Arsenal and University of Alabama Huntsville. The 4.2-acre development site is located at Old Monrovia Road and Stax Street, in Huntsville’s MidCity District. Upon completion, the mixed-use district will comprise approximately 1,600 residential units, 350,000 square feet of retail space, 400,000 square feet of office space, 120,000 square feet of innovation space and 650 hotel guestrooms.
Situated at the center of University Drive Corridor, MidCity District will feature walkable streets, vibrant neighborhoods, recreation and gathering areas, a 40-acre public park with a functional lake system, as well as a 1-mile biking and running trail.
Currently, there are four residential projects under construction in MidCity District.