Source: Federal Capital Partners / #Apartments #Multifamily
PHILADELPHIA, PA - Federal Capital Partners has announced a $20 million mezzanine loan to finance The Dalian on Fairmount, a 293-unit trophy multifamily building breaking ground this fall in Philadelphia’s prestigious Museum District. The 9-story property will be built above the future Whole Foods at Rodin Square. Development and construction will be led by owner Dalian Development. Property Capital LLC arranged the financing.
“The Dalian on Fairmount represents an exceptional opportunity to increase our investment in Philadelphia by providing capital to the next premier multifamily development,” said FCP Senior Associate, Will Simpson. The Dalian on Fairmount is FCP’s third investment in Center City high-rise apartments in the last three years. FCP also financed the historic renovations of The Icon (1616 Walnut) and The Arch (1701 Arch Street), two of Philadelphia’s most successful new apartment residences.
FCP Senior Vice President of Structured Investments, E.J. Corwin adds, “Structured and flexible, FCP’s mezzanine financing completes the capital stack on this complex mixed use project.” Since 2009, FCP has provided $190 million of structured debt investments in both the residential and commercial sectors.
Within Center City Philadelphia, The Dalian on Fairmount will be walking distance to the Philadelphia Museum of Art, the Barnes Foundation, the Free Library of Philadelphia and Fairmont Park and will have direct access onto Kelly Drive. The Dalian on Fairmount will feature a second level 12,000 square foot glass lobby, a 35,000 square foot “Sky Park” outdoor amenity space, garage parking, and excellent views of downtown Philadelphia in a vibrant, walkable location.