FCP® announces $13.9 million in preferred equity has been invested through its Structured Investments platform to finance Waypoint Residential’s development of Easton at Mountain Island, a 240-unit, three-story multifamily development on Garron Point Drive in Charlotte, NC.
“FCP is excited to invest with Waypoint Residential in this well-located multifamily development,” said FCP Vice President for Structured Investments, Kevin Murphy. “Waypoint has strong development expertise throughout the Southeast and Texas, with a proven track record and an excellent reputation.”
Easton at Mountain Island will be located on 20 acres near the Catawba River in the Mountain Island submarket, close to Mount Holly and a growing retail and jobs base. Future residents will have excellent access to the Charlotte MSA and the Charlotte Douglas International Airport.
FCP’s Structured Investments platform has invested approximately $640 million of capital to date, providing flexibility and creative capital solutions to owners and developers.
FCP® is a privately held real estate investment company that has invested in or financed more than $12.4 billion in assets since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets. The firm makes equity and mezzanine investments in income-producing and development properties. Based in Chevy Chase, MD, FCP invests both its commingled, discretionary funds and separate accounts targeted at major real estate markets in the United States. For further information on FCP, please visit www.fcpdc.com.
About Waypoint Residential
Waypoint Residential is a vertically integrated developer, owner and operator of Class A multifamily communities located in the Sunbelt region of the United States. Waypoint was established in 2011 by Scott Lawlor, Founder and CEO, to identify, develop and operate multifamily communities that offer value to residents and compelling risk-adjusted returns to its investors. Waypoint is headquartered in Boca Raton, FL with regional offices in Atlanta, Charlotte, Dallas and Denver. Since its founding, Waypoint has developed, acquired and operated approximately 35,000 housing units across over 140 properties, representing nearly $6.2 billion of real estate value. Waypoint has managed investments on behalf of a diverse base of more than 2,100 investors, including high-net-worth individuals, family offices and institutions.