Vista Lands $44M Construction Loan for Multifamily Complex Near Charlotte, NC
Financing will help build McAlpine Vista, a 320-unit multifamily complex
By Brian Pascus October 11, 2024 12:58 pm
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Vista Residential Partners has secured $43.6 million in construction financing for McAlpine Vista, a 320-unit multifamily complex under development in Charlotte, N.C.
Hartford Investment Management Company provided the financing, structured as a three-year, nonrecourse, floating-rate construction loan, while JLL Capital Markets’ Matthew Schoenfeldt arranged the deal.
The announcement of the construction financing comes one month after Vista Residential Partners announced it was breaking ground on McAlpine Vista, a luxury apartment community that will feature one-, two- and three-bedroom apartment homes.
Vista announced in September that Parse Capital, insurance company The Hartford, and an unnamed Philadelphia-based family office also provided financing for the project.
Located at 8011 Krefeld Glen Drive in East Forest — a neighborhood about nine miles southeast of Downtown Charlotte, near the 114-acre McAlpine Creek Park — McAlpine Vista will sit on 14 acres of land and provide residents will access to a six-mile portion of the McAlpine Creek Greenway. Moreover, the complex resides directly beside Highway 74’s easy access to Charlotte’s central business district.
Amenities at McAlpine Vista include a clubhouse and fitness center that spans 7,750 square feet, coworking spaces and a pool. The multifamily community is expected to be completed by September 2026.
Brian Pascus can be reached at bpascus@commercialobserver.com
