Waypoint Residential secures $30m in construction financing for north Charlotte multi-housing development

Waypoint Residential announced that it has secured $30 million in construction financing for the development of Mountain Island, a class A, 240-unit, garden-style multi-housing community located in Charlotte, N.C.

JLL worked on behalf of the borrower 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 Drive, 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 U.S. Highway 27 and Interstate