New York-based commercial real estate investment bank Eyzenberg & Company has arranged construction financing for Tennessee-based JCF Residences.
The multifamily developer is cutting a new path for renters looking for a house-like rental experience in the supply-constrained Huntsville, Ala.. market. Its community designs and architectural layouts, which hold multiple U.S. patents, are rentals that function more like houses than traditional, multi-story apartment buildings.
The layouts give tenants their own front and side door, yard, mailbox, patio, mudroom and private parking — with no upstairs or downstairs neighbors.
With renter demand for its development in Huntsville, Ala., exceeding expectations, the company retained Eyzenberg & Company to quarterback its financing needs as it works to fund an accelerated build-out and expand its concept throughout the southeastern U.S.
Gregg Delany, managing director of Eyzenberg & Company, and associate Mila Babenko, arranged a $22.8 million revolving first mortgage construction loan for the first phase of Virtuoso Living.
Now, Delany, with analyst Farah Dagher, has closed $29 million in construction financing for phase two of the project.
“JCF Residences has created a game-changing design that is turning the multifamily sector on its head,” said Delany. “We avoided construction delays by quickly securing a non-recourse, senior-secured revolving facility for phase one. Rapid lease-up then spurred the need for a $29 million construction facility to accelerate the development of phase two.
Located at 1681 Old Dry Creek Road NW, Virtuoso Living will ultimately include 398 units across nearly 80 acres.