EYC Companies Closes $67MM in Construction Financing
EYC Companies and The Kalikow Group Close $67MM in Construction Financing
Largest Ever Project for Partnership breaking ground this month on 406-unit luxury multifamily community in Huntsville, Alabama
Westbury NY & Charleston, SC (June 22, 2020) – EYC Companies, a 25-year veteran of real estate development and management based in the Carolinas, and development / equity partner The Kalikow Group, a fourth-generation, New York development and management company based in Westbury, NY, have together closed on a $42 million senior secured construction loan to finance the building of a $67 million multifamily development to be located in Huntsville, Alabama. The project is the largest the partnership of Kalikow and EYC have ever undertaken together, in budget, number of units and square footage.
Anthem, the 406-unit luxury rental community, will offer three-story walk-up apartments and one and two-story single-family and duplex homes with private yards and detached garages. The unique 40-acre park-like design features many spaces for community engagement with front porches facing onto community greens, two clubhouses, two saltwater pools, firepit terraces, lawn game areas, a dog park, a playground and an herb garden. Interior amenities include ten-foot ceilings, energy efficient gas appliances, quartz countertops, LED lighting, and luxury vinyl plank flooring.
“We are eager to become a part of the incredible growth the Rocket City is experiencing,” said Ellis Coleman, principal of EYC Companies. “We’ve designed a next-gen lifestyle community that reflects the spirit of a city where both pure innovation and recreation are a way of life.”
Anthem will be located just west of Research Park Boulevard and only minutes to the north of Cummings Research Park and Redstone Arsenal in one of the rapidly growing districts of metro Huntsville. Leasing is expected to begin in Q2 2021 with construction wrapping up in Q1 2022. Birmingham-based Capstone Building Corporation will serve as general contractor.
The twenty-year partnership between EYC Companies and The Kalikow Group has completed twelve multifamily projects to date valued at nearly $500 million and totaling over 2,000 units in four states across the Southeast.
“We are excited to embark on yet another development with EYC, which has been a trusted and long-term partner in our developments throughout the southeast,” said Ed Kalikow, President of Kalikow Group. “Huntsville’s designation as a qualified opportunity zone also presents significant advantages, incentivizing investment by allowing the deferment of capital gains and allowing us to create this exciting new live, work, play community that will be the envy of the region.”
IBERIABANK led the debt syndication with Trustmark Bank joining as a Participant. “We are both proud to support EYC Companies in this new endeavor in the Huntsville market,” says Nancy Dollar, Senior Vice President of IBERIABANK.
Renderings: https://drive.google.com/drive/folders/1B31gfIJR-VDXVndQctlIpJ0WMIz_oWzD?usp=sharing Credit: Kalikow & EYC.
About EYC Companies
EYC Companies is a privately held, vertically integrated real estate firm specializing in the development of residential and mixed-use communities. With over 25 years’ experience, EYC has consistently delivered “best in class” living in select and dynamic markets throughout the Southeast with a keen eye toward meeting and exceeding the evolving demands of an increasingly sophisticated customer. www.eyccompanies.com
About Kalikow Group
The Kalikow Group is a multi-faceted real estate organization focusing on joint venture equity financing, multifamily property management, and development and construction services. Over the past ten years, The Kalikow Group has invested more than $100 million in projects across the country and has total project capitalizations exceeding $1 billion.