Source: Federal Capital Partners / #RealEstate #Finance
CHEVY CHASE, MD - Federal Capital Partners (FCP) announced the closing of a $5.15 million mezzanine loan for the development of the 214-unit Midtown Green apartments, located within the 2 million square foot, mixed-use North Hills development in Raleigh, NC.
The luxury seven-story apartment building contains 5,550 square feet for ground floor retail and is being developed by Kane Realty Corporation, the predominant owner and master developer of North Hills. FCP and Kane Realty Corporation are currently developing the Allister North Hills Apartments through a $53 million joint venture announced earlier this year.
"FCP is actively pursuing strong partners with high quality projects that need flexible capital," said FCP Managing Partner, Lacy Rice. He continued, "North Hills is the center of growth in the Raleigh area and we are thrilled to expand our relationship with Kane Realty Corporation through development financing for this very well-positioned luxury apartment project. Since entering the Raleigh/Durham market 18 months ago, FCP has invested in seven properties and/or developments totaling $225 million and we are continuing to seek opportunities in this market in all sectors through either direct equity or structured debt investments."
The Midtown Green property is in North Hills, adjacent to a Harris Teeter grocery store. Project amenities include a two story clubroom and terrace, business center, saltwater pool, billiards room, fitness center, outdoor kitchen area with grills, putting greens, and controlled access system. Residents will enjoy luxury finishes such as 9' and 10' ceilings, granite countertops, stainless steel appliances, hardwood floors, balconies, and washers and dryers. The project is scheduled for completion in 2014.
Federal Capital Partners (FCP) is a privately held real estate investment company that has invested in or financed more than $3.0 billion in assets since its founding in 1999.