$30M in financing secured for north Charlotte multi-housing development
JLL Capital Markets secured the construction financing & preferred equity for the 240-unit Mountain Island in Charlotte, North Carolina
CHARLOTTE, Sept. 5, 2023 – JLL Capital Markets announced today that it arranged $30 million in construction financing for the development of Mountain Island, a Class A, 240-unit, garden-style multi-housing community located in Charlotte, North Carolina.
JLL worked on behalf of the borrower, Waypoint Residential, to secure the four-year, floating-rate loan through United Bank.
JLL also arranged preferred equity financing with FCP®, to provide an additional $13.9 million for the development project.
Upon completion, Mountain Island will feature one-, two- and three-bedroom units with luxury vinyl plank wood flooring, walk-in closets, balconies/patios, stainless steel appliances and full-size washers and dryers. The community will also offer a clubhouse, resort-style pool, fitness center, grilling area and dog park.
Situated on Garron Point Dr., the project is northwest of downtown Charlotte, just east of the Mt. Holly submarket and the Catawba River. The site is located about one mile from the US-27 and I-485 interchange, which provides access to Downtown Charlotte, Airport District, University City, Steele Creek / Whitehall, Huntersville, Concord and Gastonia employment hubs.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Travis Anderson, Senior Managing Director Gregg Shapiro, Senior Director Dan Kearns, Senior Director Taylor Allison and Analysts Jovi Rodriguez and Sam Tarter.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 103,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Waypoint Residential
Waypoint Residential is a vertically integrated developer, owner and operator of Class A multifamily communities located in the Sunbelt region of the United States. Waypoint was established in 2011 by Scott Lawlor, Founder and CEO, to identify, develop and operate multifamily communities that offer value to residents and compelling risk-adjusted returns to its investors. Waypoint is headquartered in Boca Raton, FL with regional offices in Atlanta, Charlotte, Dallas and Denver. Since its founding, Waypoint has developed, acquired and operated approximately 35,000 housing units across over 140 properties, representing nearly $6.2 billion of real estate value. Waypoint has managed investments on behalf of a diverse base of more than 2,100 investors, including high-net-worth individuals, family offices and institutions.
About United Bank
United Bank is a premier community bank and a subsidiary of United Bankshares, Inc. (NASDAQ: UBSI). United has consolidated assets of nearly $30 billion with close to 250 offices located throughout North Carolina, South Carolina, Virginia, West Virginia, Maryland, Ohio, Pennsylvania and Georgia, as well as Washington D.C. In 2023, United was named the Most Trustworthy Bank in America by Newsweek, joining the list of the Most Trustworthy Companies in America. The Bank is dedicated to growing the relationships it has built since 1839 and offering a competitive suite of banking and lending products, treasury management, wealth management, mortgage services, personal and business credit cards and more. For more information, visit BankWithUnited.com.
FCP® is a privately held real estate investment company that has invested in or financed more than $12.4 billion in assets since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets. The firm makes equity and structured investments in income-producing and development properties. Based in Chevy Chase, MD, FCP invests both its commingled, discretionary funds and separate accounts targeted at major real estate markets in the United States. For further information on FCP, please visit www.fcpdc.com.