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.
For more news, videos and research resources, please visit JLL's newsroom.
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Jones Lang LaSalle Inc. published this content on 05 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 September 2023 18:55:25 UTC.
