HUNTSVILLE, AL – Walker & Dunlop, Inc. announced that it structured $51,923,400 in financing for ECLIPSE at CityCentre, a five-tale, 278-unit, multifamily project located in Huntsville, Alabama. Co-developed by Spring Bay Property Company, the property will sit atop 18,000 square feet of upscale restaurants and retail and is part of the CityCentre at Huge Spring master-plotted project being developed by RCP Companies.
Located in Huntsville’s Downtown area, the property is within the bounds of a designated opportunity zone census tract. Established by Congress in the Tax Cuts and Jobs Act of 2017, opportunity zones encourage long-term investments in designated low-income areas by offering incentives in the form of lower or deferred capital gains taxes.
Led by Keith Melton, David Weird, Livingston Hessam, and Jeremy Pino, Walker & Dunlop arranged the loan through the United States Department of Housing and Urban Development’s (HUD) 221(d)(4) new construction program, which includes both construction and permanent financing in a single loan. The team worked to ensure the financing terms were consistent with opportunity zone guidance, securing a two-year construction term followed by a 40-year, fully amortizing, fixed-rate loan. The financing also features a declining prepayment schedule for the initial ten years post-construction and is open to prepayment at par for the remaining 30 years.
To fully capitalize on opportunity zone benefits, the developer is required to hold the asset for a minimum of ten years, making HUD’s long-term financing program an ideal fit. Said Mr. Melton, “We were extremely pleased with the success of this transaction. HUD has continued to prioritize projects located within opportunity zones, which allowed for this complex financing with a nuanced ground structure component to close within tight timeframes.”
“We are grateful to work with the Walker & Dunlop team and to have executed this HUD loan for the ECLIPSE with RCP Companies – partners that know the vision for developing best-in-class properties to fill the quick-growing market in Huntsville,” stated Kevin Fitzpatrick, Managing Director of Spring Bay Property Company.
“ECLIPSE at CityCentre will serve the robust STEAM (science, technology, engineering, arts, and mathematics) workforce and the next generation that is entering the market. The project will provide built-in demand for the authentic blend of live, work, play, shop amenities we have plotted for CityCentre, which is a critical piece in Huntsville’s revitalization of downtown,” commented Max Grelier, Co-Founder of RCP Companies. “Its architecture will be locally inspired with pedestrian crossings, bike pathways, walkways, and a linear park connection to nearby urban developments.”
Once complete, ECLIPSE at CityCentre will include a mix of studios, one-, and two-bedroom units with open concept floor plans and nine-foot ceilings. The majority of the apartments also feature private balconies. Community amenities will include a resort-style heated pool, large fitness center, pet walking and grooming area, barbecue stations, outdoor fire pit, ample parking, and sweeping views of Huge Spring Park.

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FORT MILL, SC – Watercrest Senior Living Group and equity partner, Waypoint Residential are pleased to announce the final phase of construction of Watercrest Fort Mill – Indian Land Helped Living and Memory Care in South Carolina. The 107-unit, resort-style senior living community is currently under construction by Shiel Sexton and scheduled to welcome residents this May.
Watercrest Fort Mill – Indian Land will offer 75 helped living and 32 memory care apartments with premium accommodations, resort-style amenities, and world-class care. Residents will delight in pampering in elegant Spa W, savor private mark Watercrest wines at the wine bistro, and relish the flavors of locally grown, seasonal ingredients and organic fare whether dining outdoors, bistro-style, or in the chef’s private dining room.
The innovative design of the community includes a stunning promenade, pool, fireplace, signature water wall, multiple dining venues, and children’s play space. Watercrest’s uniquely designed Market Street Residence will showcase an ‘outdoor’ streetscape with salon and spa, bakery, post office, and numerous LifeBUILT programming touches; a highlight and crucial element of their multi-sensory memory care programming.
“We look forward to serving local seniors and families of Indian Land and Fort Mill by providing a spectacular senior living community which mirrors the charm and amenities they are accustomed to,” says Marc Vorkapich, principal and CEO of Watercrest Senior Living Group. “Thanks to the outstanding partnership of Waypoint Residential and Shiel Sexton, we are even closer to welcoming our founding residents to their new home.”
Watercrest Senior Living Group was founded by Marc Vorkapich, CEO, and Joan Williams, CFO, to honor our mothers and fathers, aspiring to become a beacon for quality in senior living by surpassing standards of care, service and associate training. Watercrest senior living communities are recognized for their luxury aesthetic, exceptional amenities, world-class care, and innovative memory care programming offering unparalleled service to seniors living with Alzheimer’s and dementia.
Watercrest Fort Mill – Indian Land is ideally situated at 8154 English Clover Lane, in one of South Carolina’s fastest growing communities. It is the second senior living development project partnered between Watercrest Senior Living Group and Waypoint Residential. Their first project, Watercrest Newnan Helped Living and Memory Care recently opened in Newnan, Georgia.
The community sales office is located at 4184 Doby’s Bridge Road, Suite 102, across from Indian Land Elementary School. Visit the office from 9am-5pm, Monday through Friday or contact Executive Director, Joy Patterson at 803-590-7005, for more information.

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CHATTANOOGA, TN – Francisco-based real estate investment firm Hamilton Zanze (HZ) bought the 283-unit Bluebird Row Apartments in Chattanooga, TN on March 4th. The buy marks the firm’s fourth acquisition of the year and their sixth property in Tennessee.
The community, newly built in 2019, is located two hours between Nashville and Atlanta and is situated at the junction of several states, with direct access to Interstates 75 and 24. The community offers a mix of luxury studio, one-, two-, and three-bedroom units averaging 935 square feet in size, with desirable amenities including smart home technology.
“Bluebird Row offered an attractive opportunity to buy a brand-new property in Chattanooga. The property features a robust amenity package, prime location in Downtown Chattanooga, and offers residents a high quality of life provided by the city’s energetic urban core,” said David Nelson, Hamilton Zanze’s managing director of acquisitions. “As this is our first acquisition in the Chattanooga metro and sixth in the state of Tennessee within the last 12 months, we are excited about our continued investment in Tennessee.”
High-end community amenities include a resort-style swimming pool, rooftop lounge, 24-hour self-serve market, outdoor grilling stations, rock climbing wall, bocce ball court, pet spa, and a yoga/spin studio. Property management responsibilities have been transferred to affiliated company Mission Rock Residential.
Bluebird Row is located in Downtown Chattanooga, the second-fastest growing city in Tennessee and the hub of a thriving economic region given its location at the juncture of Alabama, Georgia, and Tennessee. In November 2019, Volkswagen started the $800 million expansion of their Chattanooga plant, making 1,000 additional jobs in the region. Other notable area employers include Erlanger Healthy System, BlueCross BlueShield of Tennessee, Tennessee Valley Authority, McKee Foods Corporation, and Amazon.

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