Dealmaker: Northmarq Arranges $78M in Multifamily Construction Loans

The Wellory, Huntsville, Ala. (Illustration courtesy of Northmarq.)

Northmarq, Minneapolis, arranged $78.3 million in multifamily construction loans in Alabama and Virginia.

In Huntsville, Ala., Northmarq Senior Vice President and Managing Director Randy Wolfe and Vice President Drew Markley secured $62.1 million in construction financing for The Wellory, a 328-unit property within the city’s burgeoning MidCity District. A regional bank supplied the financing to Huntsville-based borrower RCP Cos.

The Wellory will sit atop 13,582 square feet of street level-retail space that will tie into the MidCity District’s master plan. It will become the first “net-zero” multifamily development in the Southeast, producing net-zero energy consumption with a Platinum level LEED rating.

The Wellory will include a sixth-floor sky lounge/club room, a fifth-level rooftop terrace and coworking spaces in the resident lobby.

In Ashland, Va. near Richmond, Northmarq’s Hunter Wood, Keith Wells, Reina Abboud and Mike Lowry arranged a $16.2 million loan for an 82-unit apartment building located at 10520 Stony Bluff Drive. A regional bank supplied the financing.

The three four-story buildings slated for completion later this year will offer one- and two-bedroom floorplans two minutes from Interstate-95.