Waypoint Residential Secures $30M for Charlotte Project
JLL Capital Markets arranged the loan through United Bank.
Waypoint Residential has secured $30 million in construction financing for Mountain Island, a 240-unit multifamily community in Charlotte, N.C. JLL Capital Markets brokered the transaction, arranging the four-year, floating-rate loan through United Bank.
Senior Managing Directors Travis Anderson, Gregg Shapiro and Dan Kearns, Senior Director Taylor Allison and Analysts Jovi Rodriguez and Sam Tarter led the JLL Capital Markets Debt Advisory team working on behalf of Waypoint.
JLL also represented the borrower in securing $13.9 million in preferred equity. FCP provided the additional financing for the project through its Structured Investments platform. Waypoint Residential purchased the 20-acre site last year from US Developments.
Upon its expected completion next year, Mountain Island will encompass 10 buildings with one-, two- and three-bedroom floorplans averaging 900 square feet. Common-area amenities are set to include a fitness center, a swimming pool, a clubhouse, a dog park, barbeque stations and approximately 423 parking spaces. Units will feature washers and dryers, stainless steel appliances, walk-in closets and balconies or patios.
The development is located at the intersection of Garron Point Drive and Larne Town Court in the Mountain Island Lake submarket. The garden-style community will rise near Mount Holly Road, which provides direct access to downtown Charlotte.
The Walcott Hackensack, a 225-unit multifamily community owned by Waypoint Residential and managed by Greystar, has recently opened in Hackensack, N.J.