Source: Federal Capital Partners / #Apartments #Multifamily
RALEIGH, NC - Federal Capital Partners announced the closing of a $4.75 million mezzanine loan for the development of the 171-unit 104 Dartmouth apartment community, located within the 2 million square foot, mixed-use North Hills development in Raleigh, NC. The luxury apartment building is being developed by Kane Realty Corporation, the predominant owner and master developer of North Hills.
"FCP is excited to partner with Kane Development on a great addition to North Hills," said FCP Senior Vice President, E.J. Corwin. "104 Dartmouth is another opportunity to provide flexible capital for a well-positioned and quality apartment development in one of the most dynamic areas of Raleigh."
104 Dartmouth consists of five residential levels above a two-level parking deck. Amenities in the smoke-free community include a clubroom with billiards, poker lounge and smart TV's, business center, saltwater pool, fitness center, entertainment kitchen, bike storage, pet grooming and washing station, gated parking, electric vehicle charging stations and a controlled access system. Residents will enjoy luxury finishes such as 9' ceilings, open kitchens, granite countertops, stainless steel appliances, hardwood floors, balconies, and washers and dryers. The project is scheduled for completion in 2016.
Since entering the Triangle market in 2011, FCP has made debt and equity investments in more than 16 properties valued at close to $400 million and continues to seek opportunities in all sectors through either direct equity or structured debt investments. The company has an existing joint venture relationship with Kane at Allister North Hills in Midtown Raleigh and has provided mezzanine financing for both the development of Midtown Green, an apartment development also in North Hills and of Stanhope Center, an 800+bed, Class A student housing development in Raleigh.