Source: Federal Capital Partners / #Apartments #Multifamily
TAMPA, FL - Federal Capital Partners has provided $6.5 million in mezzanine financing to The Altman Companies for the development of Altis Grand Central, a 314-unit, eight-story luxury residential tower at 548 W. Grand Central Avenue in Tampa, Florida.
"FCP is pleased to have initiated a relationship with The Altman Companies, one of the premier developers in the Southeast US, as we expand our Central Florida portfolio," said FCP Vice President, Jason Ward. He continued, "Altis Grand Central is perfectly positioned and timed to deliver high quality rental residences within walking distance of Oxford Exchange, The University of Tampa and the exciting redevelopments in downtown Tampa. Further, we are pleased to be working alongside PNC Bank, with whom FCP has had a long and beneficial relationship."
The financing marks the sixth investment by FCP in Central Florida in the past 18 months with the company's portfolio now consisting of 815 operating multifamily units in addition to 603 financed units under development. FCP recently launched a Florida office in Miami under the leadership of Bruce Gago. Senior financing was provided by PNC Bank.
Federal Capital Partners (FCP) is a privately held real estate investment company that has invested in or financed more than $5.0 billion in assets since its founding in 1999. FCP invests in all asset classes and provides equity, preferred equity and structured debt investments for commercial and residential real estate.