DLP Capital and Taft Developments Working Together for $75M

DLP Capital and Taft Developments Working Together for $75M

DLP Capital Secures $75M Deal with Taft Family Ventures for Adler Montford Park Development

"The strategic advantages for DLP Capital is the opportunity to work with a multi-generational developer who is extremely well-known in the Charlotte market." - Tom Hallock, Head of Originations, DLP Capital

We’re excited here at DLP Capital to announce a significant funding deal with Taft Family Ventures (TFV) and its subsidiary, Taft Development Group. This strategic partnership has culminated in a stretch senior construction loan of $75,423,000 to complete the construction of Adler Montford Park, a luxurious 249-unit multifamily complex located in Charlotte, North Carolina.

A Landmark Development in a Prime Location

Adler Montford Park is set to become a cornerstone of high-end living in one of Charlotte's most sought-after neighborhoods. The project will feature 241 apartment units spread across five stories, with two levels of parking providing 288 spaces. The unit mix includes 86 studios, 101 one-bedroom units, 54 two-bedroom units, and eight townhomes, offering a net rentable area of over 206,000 square feet.

The location is unparalleled, bordering one of Charlotte's wealthiest neighborhoods and within walking distance of the Park Road Shopping Center, which boasts a variety of shops, restaurants, and entertainment venues. This proximity ensures residents have easy access to essential amenities, contributing to high occupancy rates and reducing the risk of prolonged vacancy periods.

Strategic Alignment with DLP Capital’s Vision

This $75 million project aligns perfectly with our mission to create wealth and prosperity through impactful real estate investments. By partnering with TFV, we are not only providing much-needed housing in a market that is predominantly single-family homes but also contributing to the local economy.

Tom Hallock, a key figure in this partnership, emphasized the strategic advantages:

"What excited us about this project was working with the Taft family, who had already begun construction. It also gave us an opportunity to solve problems for them and show just what the DLP Capital platform is able to do."

"Specifically, DLP Capital was able to work with the borrower to help get the property and keep the property under construction they had previously started and had to slow down significantly because of a problem with their prior lender," added Hallock.

Building a Thriving Community

Our partnership with TFV is more than just a financial transaction; it’s a commitment to building a thriving community. TFV is renowned for its extensive experience and purposeful investment philosophy, making the group an ideal partner for this ambitious project.

"The partnership is really going to be significant. The Tafts are well-known and have already started introducing us to other developers and people in the market that they know," Hallock noted.

Looking Ahead

We are thrilled about the opportunities this partnership brings and the positive impact it will have on the Charlotte community. By providing high-quality housing options and fostering economic growth, we are living up to our mission of creating prosperity and improving lives.

Join us in celebrating this milestone as we continue to build wealth and prosperity through impactful real estate investments. The future looks bright, and we are excited to see Adler Montford Park come to life, setting a new standard for luxurious living in Charlotte.