RALEIGH, NC - Federal Capital Partners® (FCP) along with capital advisor Patterson Real Estate Advisory Group (Patterson) today announced the closing of a $10 million loan with Capital One Bank. The loan is secured by Tree Top Apartments, a 206-unit, multifamily property located at 1328 Steinbeck Drive in the Midtown submarket of Raleigh, less than two miles from the highly popular North Hills district. FCP bought Tree Top in October of 2013 and has been implementing its income optimization initiative over the past 15 months.
“Tree Top is uniquely positioned to offer residents an affordable option in the heart of Raleigh,” said Bryan Kane of Federal Capital Partners. “Through improved management and capital improvements, we’ve been able to bring both rents and expenses in line with market and improve Tree Top’s position within the submarket.”
FCP engaged Patterson to help procure the financing on Tree Top and the loan represented its first partnership with Capital One Bank.
“Federal Capital Partners has an exceptional reputation in the real estate community and capital markets,” said Lance Patterson of Patterson. “We were excited to work with them on Tree Top and expand their capital relationships through this loan with Capital One Bank.”
About Federal Capital Partners: Federal Capital Partners (FCP) is a privately held real estate investment company that has invested in or financed more than $3.5 billion in assets since its founding in 1999. FCP is seeking equity, preferred equity and mezzanine debt 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. FCP buys assets directly as well as through joint ventures with local operating partners. The firm, based in Chevy Chase, MD, owns and manages in excess of $2.3 billion in assets. FCP is currently investing its second investment fund, a $529 million commingled, discretionary fund closed in 2012. For further information on FCP, please visit www.fcpdc.com.
About Patterson: Patterson Real Estate Advisory Group is a capital placement and real estate finance advisory firm that represents owners, developers and investors seeking capital to leverage commercial real estate opportunities. Patterson arranges construction, bridge, mezzanine and permanent financing while also coordinating equity and joint venture formations along with general finance advisory work. The primary focus is helping clients across different property types access investors at a variety of different levels of the capital stack, matching the specific need with the appropriate capital provider.