JV Secures $67M in Construction Financing for Largest Multifamily Project
The 406-unit, 40-acre development in Huntsville, AL will break ground later this month.
HUNTSVILLE, AL – Carolinas-based, real estate development and management company, EYC Cos. and New York-based, development and management company, the Kalikow Group have jointly closed on a $42 million senior secured construction loan for a multifamily project in Huntsville, AL.
The $67 million multifamily development serves as the partnership’s largest project, in budget, units and square-footage.
The 406-unit, luxury rental community, Anthem will encompass 40 acres of land. The community will offer three-story, walk-up apartments and one- and two-story, single-family and duplex homes with private yards and detached garages. The development will also feature community spaces including two clubhouses, two saltwater pools, firepit terraces, lawn game areas, a dog park, a playground and an herb garden. The residences will offer interior amenities such as ten-foot ceilings, energy efficient gas appliances, quartz countertops, LED lighting and vinyl plank flooring.
The community will be located near Research Park Boulevard, Cummings Research Park and Redstone Arsenal.
Leasing for the community is slated to begin in Q2 of 2021, with construction expected to be completed in Q1 of 2022.
Birmingham-based, Capstone Building Corp. will serve as general contractor for the project.
Throughout their 20-year partnership, the companies have completed 12 multifamily projects in four states, encompassing more than 2,000 units and valuing nearly $500 million.
“We are excited to embark on yet another development with EYC, which has been a trusted and long-term partner in our developments throughout the southeast,” said Ed Kalikow, president of Kalikow Group. “Huntsville’s designation as a qualified opportunity zone also presents significant advantages, incentivizing investment by allowing the deferment of capital gains and allowing us to create this exciting new live, work, play community that will be the envy of the region.”
IBERIABANK led the debt syndication, with Trustmark Bank joining as a participant.
