Northmarq’s Atlanta office finalizes $62.1 million construction loan for The Wellory in Huntsville, Alabama

The Wellory
e5be611d-e367-4879-9f38-8ee38f12b768.jpg

ATLANTA, GEORGIA (February 24, 2023) – Randy Wolfe, senior vice president/managing director, and Drew Markley, vice president from Atlanta’s debt/equity team, secured $62.1 million in construction financing for development of The Wellory. The luxury multifamily property will be comprised of 328-units. It is located within the sponsor’s burgeoning MidCity District in Huntsville, Alabama. Northmarq sourced the financing for the Huntsville based borrower, RCP Companies, through a major regional bank.

“We were happy to assist our repeat client in securing the best financing to fit its needs. This is an exciting development for MidCity and the city of Hunstville,” said Wolfe. 

The Wellory will conveniently sit above 13,582 sq. ft of street level-retail space which will tie into the master plan of the MidCity District. It is destined to be the first “net-zero” multifamily development in the Southeast United States, producing net-zero zero energy consumption with Platinum level LEED rating. 

Featured amenities at The Wellory include a sixth-floor sky lounge/club room, resort style pool, landscaped courtyard, state-of-the-art fitness center, fifth level rooftop terrace, and coworking spaces in the resident lobby. One-, two-, and three- bedroom floorplans feature marble countertops, high-end fixtures, stainless steel appliances, ventilation system, in-unit smart washer/dryer, modern ceiling fans, and kitchen backsplash.

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit www.Northmarq.com.

Image
NM Web Icon News Black

Stay on top of industry research