$43.6M financing secured for luxury Charlotte multifamily development
JLL Capital Markets arranges funding for Vista Residential Partners' McAlpine Vista project, set for 2026 completion
CHICAGO, Oct. 10, 2024 – JLL Capital Markets announced today that it has secured a $43.6 million financing for McAlpine Vista, a 320-unit surface-parked multifamily project located in Charlotte, North Carolina.
JLL worked on behalf of the borrower, Vista Residential Partners, in arranging the three-year, non-recourse floating-rate construction loan through Hartford Investment Management Company (HIMCO).
Vista Residential Partners (VRP) is an industry leader committed to developing high-quality, innovative communities that meet growing housing needs while providing strong returns to investors. Through strategic site selection and development, VRP targets multifamily and mixed-use opportunities in submarkets with favorable supply and demand dynamics to maximize investor returns.
With the future location at 8011 Krenfeld Dr., McAlpine Vista will offer excellent access to major job and retail centers in the Charlotte Metro via convenient connections to I-485 loop and NC-74. The planned development will benefit from Charlotte's strong job growth over the past decade, particularly in technology and finance, with Uptown Charlotte and South Park both within a 20-minute drive. Future residents will enjoy proximity to major employers such as Bank of America, Wells Fargo, Coca Cola and Harris Teeter's corporate headquarters, as well as direct trail access to the McAlpine Creek Park and Greenway Trail.
Charlotte, North Carolina, a top 10 ULI Market to Watch, boasts the nation's second-largest banking center and is rapidly emerging as a leading tech hub, with 15 Fortune 1000 headquarters. The city's economic diversity and growth potential are evident in its projected 50% population increase by 2050 and its ranking among the top 10 fastest-growing large metros in the U.S. Charlotte's global connectivity is underscored by its international airport, the 7th busiest worldwide, offering 170 nonstop destinations and solidifying the city's position as a prime target for institutional investors in non-gateway markets.
Spanning 14.8 acres, McAlpine Vista will feature split-style buildings offering a mix of one-, two- and three-bedroom units, with a projected completion date of September 2026. The development will showcase luxurious living spaces characterized by open, spacious floorplans and high-end finishes. Residents will enjoy quartz countertops, luxury plank flooring, stainless steel appliances, contemporary shaker-style cabinetry and full-size washers and dryers in every apartment, with select units boasting kitchen islands. The community amenities will include an expansive 7,750-square-foot clubhouse housing a fitness center, co-working spaces and a club room with fireplaces and games, complemented by a resort-style pool.
JLL Capital Market’s Debt Advisory team was led by Managing Director Matthew Schoenfeldt.
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.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 110,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Vista Residential Partners
Vista Residential Partners, an Atlanta-based multifamily development company with over 20 years of experience, specializes in the ownership and development of multifamily housing throughout the United States. The company currently manages approximately $2 billion in assets, comprising a geographically diverse portfolio of Class A multifamily properties in high-growth employment areas across the country. Vista's focus is on creating lasting value through the development of outstanding communities. With a proven track record and experienced management team, Vista continues to capitalize on favorable market trends and opportunities in the multifamily real estate sector.
About Hartford Investment Management Company
Hartford Investment Management Company (HIMCO) is the asset management arm of The Hartford Financial Services Group, Inc. (The Hartford). HIMCO is an insurance asset manager with approximately $108 billion in assets under management across the global fixed income and alternatives markets (as of June 30, 2024). The firm manages assets on behalf of The Hartford, as well as insurance, sub-advisory and other institutional clients.