RCP Cos. Receives Refi for New Alabama Asset
Part of a $1 billion mixed-use development, Metronome at MidCity debuted last year.
RCP Cos. has secured a $47.5 million refinancing loan for Metronome at MidCity, a 296-unit community in Huntsville, Ala. Greystone Servicing Co., an affiliate of Greystone Monticello, provided the financing, public records show, with Northmarq representing the borrower in the negotiations.
The 24-month note carries a floating rate with extensions available and full-term interest-only payments. The purpose of the bridge loan is to retire a previous $37.4 million construction note issued by Renasant Bank in 2021, Yardi Matrix data shows.
RCP tapped ARCO Murray National Construction as general contractor, while Looney Ricks Kiss provided architectural and multifamily interior design services for the construction of Metronome at MidCity, which debuted last year. The community is part of a $1 billion, 140-acre mixed-use development known as MidCity District.
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The five-story building encompasses studio and one- to three-bedroom floorplans, ranging between 511 and 1,608 square feet. Select units feature office space and kitchen islands. Community amenities include a coworking space and sky lounges, a gym, a clubroom and a saltwater pool. Additionally, the property features 35,584 square feet of retail space.
Metronome is located at 925 Makers Way NW on the former Huntsville’s Madison Square Mall site which RCP purchased to build MidCity District. The community is less than 1 mile away from U.S. Route 72 and some 6 miles from downtown Huntsville.
Northmarq Senior Director Randy Wolfe and Vice President Drew Markley, both part of the firm’s Atlanta office, represented RCP in the transaction, while Greystone Monticello Senior Managing Director Darryl Myrose alongside Managing Director Chris Hetzel and Directors JB Bowers and Sean Bryce, originated the loan.
Huntsville population booms, multifamily keeps up
Huntsville’s population grew by 5,000 individuals per year, on average, between 2011 and 2016. Moreover, demographic expansion doubled to 10,000 residents each year between 2020 and 2022, a recent Berkadia report shows, and the number inched upward of 12,000 in 2023.
To keep up with increased demand for housing, developers had 11,332 units under construction—representing 30 percent of total stock—across 54 properties inside metro Huntsville as of May 2024, the same report reveals. A total of 4,715 units came online last year and Berkadia estimates upward of 7,500 units to be delivered this year.
One of the communities under construction is Wellory Living at MidCity, a 328-unit project by RCP Cos. also located inside MidCity District. Northmarq secured a $62.1 million construction loan for the development.
