Rendering of The Wellory in Huntsville

RCP Cos. Secures $62.1 Million Construction Loan for Huntsville Project

by Lynn Peisner

HUNTSVLLE, ALA. — Northmarq has arranged $62.1 million in construction financing through an undisclosed regional bank for RCP Cos. The financing is partially funding the $108 million multifamily development called The Wellory. Locally based RCP, along with Grounded Capital Partners, is building the 328-unit property, with 13,582 square feet of ground-floor retail space, within its master planned MidCity District project.

According to RCP, The Wellory will be a net zero community with a LEED Platinum rating. Amenities will include a clubroom, located on the sixth floor and dubbed “sky lounge,” a resort-style pool, a fitness center, a fifth-level rooftop terrace and coworking spaces. One-, two- and three- bedroom floor plans will be offered to tenants when the property opens by approximately 2025.  

MidCity District is a mixed-use project being developed on the site of the former Madison Square Mall. Northmarq’s Randy Wolfe and Drew Markley arranged the financing.

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