Greystone Monticello announced today that an affiliate of the firm provided financing for a multifamily community in Huntsville, AL.

Randy Wolfe and Drew Marley of Northmarq Capital’s Atlanta team represented the Borrower in the transaction, and Chris Hetzel originated the loan through the Greystone Monticello Bridge Loan Platform. Greystone Monticello’s affiliate acted as the lender on the $47,500,000 bridge refinance loan to the Sponsor, RCP Companies. The bridge loan includes a 24-month primary term with extensions at a floating rate and full-term interest only. The purpose of bridge loan is to facilitate the pay-off of the maturing construction loan and to allow sufficient time to stabilize operations to maximize NOI to qualify for permanent financing.

The Property, Metronome at MidCity, contains 296 units along with 35,584 sf of street level retail space which ties into the master plan of MidCity District (MCD). The development is a 140-acre experiential mixed-use community combining retail, office, hospitality, and multifamily rentals in a creative and leading-edge environment that includes national retailers, the market’s only Trader Joe’s, curated food and beverage offerings, an 8,000 capacity Amphitheatre, a 40-acre public park, and much more.

The property is a five-story apartment building with an attached four-story parking garage and ground level retail on the main street of MidCity District. Community amenities include a coworking lounge with private pods and conference room, sky lounge space with rooftop patio, firepit, pizza oven and grills, game and media room, fitness room with spin studio, club room, saltwater pool with chair wading area and sun ledge. Unit interiors include stainless steel appliances, in unit washer and dryer, island kitchen, and balcony.