CHEVY CHASE, MD - Federal Capital Partners (FCP) announced the closing of a $10 million mezzanine loan for the development of a $52 million, 240-unit apartment community at the Huntington Metro in Alexandria, Virginia. The property is located near the intersection of Route 1 and N. Kings Highway, less than a mile from the Huntington Metro Station. The apartments are being developed by Insight Property Group in partnership with Rock Creek Property Group. The four-story, brick and Hardie panel building has immediate access to major transportation corridors, airports, recreational facilities and parks, as well as to the Pentagon-Fredericksburg defense/BRAC corridor. RBS Citizens is providing senior construction financing.
"FCP is pleased to provide mezzanine capital to Insight and Rock Creek for this very exciting development at a key infill site, further enhancing an important Metro location and creating a vibrant addition to the Route 1 Corridor," said FCP Senior Vice President, E.J. Corwin . "FCP's existing relationship with Insight and our ability to close quickly were instrumental in closing the transaction. With the full capital stack in place, construction can begin immediately."
Amenities at the luxury apartment community will include fitness and yoga rooms, indoor fireplaces, a billiards room, an outdoor pool, as well as outdoor grills and green spaces. Unit sizes will range from studios of 600 square feet to two-bedroom with dens at 1,350 square feet. The property will begin delivering units mid-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. FCP is seeking debt and equity investments in commercial and residential real estate throughout the Mid-Atlantic region, including Washington DC, Maryland, Pennsylvania, Virginia, Delaware, West Virginia, New Jersey and the Carolinas.
Source: Federal Capital Partners / #Multifamily #Finance