Construction financing for Laurel of Dry Creek, a 343-unit, garden-style multifamily development in West Huntsville has been obtained.
Gateway Ventures and Bullpen Commercial Real Estate, with assistance of capital adviser Patterson Real Estate Advisory Group, closed on the equity financing with Parse Capital and debt financing with Ameris Bank for the project, which is expected to have its first units available in December.
The property’s 20 acres are located in a Qualified Opportunity Zone along Research Park Boulevard, just north of University Drive, giving it easy access to Cummings Research Park, Redstone Arsenal, downtown Huntsville and the airport.
“We are thrilled to be a part of the explosive growth that this market is experiencing and to present a differentiated, amenity-rich product at an approachable rental price point,” said Matt Mason, partner at Gateway Ventures.
McShane Construction Co., headquartered in Rosemont, Illinois, but with an office in Auburn, will serve as general contractor on the project.
The garden-style project’s 343 units will comprise 318 traditional apartment units spread across one-two- and three-bedroom floorplans in three story buildings; 10 for-rent carriage home units, and 15 for-rent townhomes. There will be eight apartment buildings, five carriage buildings and three townhome buildings. The project will include best-in-class amenities and unit finishes, with modern design and functionality.
“The project is special and will benefit from the immense job and population growth taking place in Huntsville,” said Todd Flaman, of Patterson Real Estate Advisory Group. “We enjoyed working with all those involved and feel like we were able to match a best-in-class developer with best-in-class capital partners.”
Gateway Ventures is a real estate investment and development firm based in Atlanta, Georgia that has experience in mixed-use projects in urban and suburban markets and offers services including brokerage, consulting, asset management and property management.
Bullpen Commercial Real Estate has knowledge across multiple property sectors including multifamily, industrial, office and medical office, as well as expertise in investment sales, land, acquisitions, tenant representation, development and dispositions.
Patterson Real Estate Advisory Group, with locations in Atlanta, Georgia; Charleston, South Carolina; Charlotte, North Carolina; and Nashville, Tennessee, is a capital placement and real estate finance advisory firm representing owners, developers and investors. It arranges construction, bridge, mezzanine and permanent financing, while coordinating equity and joint venture formations.
Parse Capital, located in Scottsdale, Arizona, is a private equity real estate investment and asset management firm focused on multifamily space in the United States. Ameris Bank, founded in 1971 in Moultrie, Georgia, is a publicly traded company with more than 200 locations, providing a broad range of banking services for corporate and personal customers.