United Bank, FCP Provide $30M in Construction Financing for Charlotte Luxury Housing
The 240-unit multifamily property is close to I-485
By Brian Pascus September 6, 2023 2:43 pm
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Waypoint Residential, a Boca Raton-based owner and investor of apartment buildings, has secured $30 million in construction financing to build a garden-style, multifamily housing community outside Charlotte, N.C., Commercial Observer has learned.
United Bank provided the four-year, floating-rate loan, which was arranged through JLL (JLL) Capital Markets. The JLL team worked with FCP, a real estate investment firm based in Chevy Chase, Md., to include $13.9 million in preferred equity toward the project.
The JLL capital markets debt advisory team representing Waypoint Residential consisted of Travis Anderson, Gregg Shapiro, Dan Kearns, Taylor Allison, Jovi Rodriguez and Sam Tarter.
Located along Garron Point Drive, a small suburban community directly off Mount Holly Road leading directly into Downtown Charlotte, the new multifamily housing development is expected to bring 240 units to the area. Known as Mountain Island, the Class A, luxury development will feature one-, two, and three-bedroom residences carrying stainless steel appliances, balconies, patios, and washers and dryers. The larger apartment grounds will include a resort-style pool and an on-site fitness center.
By being close to Interstate 485, Mountain Island will provide residents with direct access into Charlotte’s bustling downtown scene, the airport district, University City, and the central business districts of Concord and Gastonia.
Waypoint Residential was established in 2011 in South Florida and now has offices in Atlanta, Charlotte, Dallas and Denver. The firm has acquired and developed at least 35,000 housing units across 140 properties holding $6.2 billion of value.
Waypoint Residential did not respond to a request for comment. United Bank also did not respond to a request for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com
