Huntsville’s MidCity District is getting a $13.75 million loan from a New Orleans-based venture capital group.

Benson Capital Partners, was founded in 2019 by Gayle Benson, owner of the New Orleans Saints and governor of the New Orleans Pelicans. The firm focuses on tourism, logistics, health care and energy.

Randy Wolfe, senior vice president and managing director at Northmarq, facilitated the $13.75 million loan, over a 30-year term, for MidCity Placemakers Retail II, an 82,669-square-foot retail space within the MidCity District.

“We are excited to further RCP Companies’ vision for MidCity, redefining community spaces,” Keith Schneider, managing director for Benson Capital’s real estate fund, said. “MidCity District represents a pioneering vision that aligns with our commitment to investing in transformative projects.”

BCP is no stranger to Alabama investments. Two years ago, Benson Capital Partners made investments in Prepaid2Cash Holdings, a Birmingham fin-tech company and Wyndy, the babysitting app.

Located near Cummings Research Park and Redstone Arsenal, the burgeoning MidCity District is projected to feature 1,865 residential units, 925 hotel keys and office spaces, along with outdoor gathering spaces.

Max Grelier, co-founder of MidCity developer RCP Companies, said the loan will set the stage for “remarkable growth.”

“This partnership signals a bright future for us and underscores our commitment to shaping environments where people thrive,” Grelier said.