Federal Capital Partners® (FCP) announced the acquisition of East Central Lofts in Charleston, SC through a joint venture with Kane Realty Corporation, Randolph Development and Canongate Capital. East Central Lofts is comprised of 72 studio, one and two-bedroom loft apartments featuring floor to ceiling windows and dramatic views of Charleston. The joint venture is also considering the opportunity to develop the adjacent parcel into additional Class A apartment units and street-level retail.
“FCP is excited to be an early mover on Charleston’s fast growing Upper Peninsula,” said Peter Smyth of FCP. “Our plans for this community and the adjoining development opportunity will benefit from the expertise of our partners, Kane Realty, Randolph Development and Canongate Capital.”
“We’re excited to work with Kane and FCP, two outstanding firms who own and manage quality properties in Charleston, and other Southeast markets,” said Canongate Capital Managing Partner, Walker Brock.
T.J. Barringer, Development Director at Kane Realty added, “East Central Lofts represents an exceptional opportunity for Kane to establish its presence in Charleston through the ownership and management of East Central Lofts as well as the future development of additional residences. We look forward to continuing our established relationship with FCP through this exciting development in Charleston.”
East Central Lofts is less than a mile north of Midtown, the new economic, dining and entertainment hub of the Charleston Peninsula. The community is well located next to the Ravenel Bridge, providing immediate access to I-26 and Highway 17 as well as the primary city thoroughfares of Meeting and King Streets.
About Kane Realty
Kane Realty Corporation (KRC) is a full service real estate development and management company focused on office, retail, multi-family and mixed-use properties of the highest quality. Based in Raleigh, NC since 1978, KRC is dedicated to the goal of creating irresistible places where people will naturally want to gather. Through meticulous attention to detail in every aspect of the property from design and construction management to leasing and property management, Kane’s mission is to build places that improve the quality of life of their businesses, their employees, residents and visitors. For more information, please visit www.kanerealtycorp.com
About Canongate Capital
Canongate is a diversified investment and asset management company based in Charleston, South Carolina. With expertise in start-up, owner-operated businesses and with over 25 years of combined experience in the real estate investment, development and management business, Canongate provides its individual and institutional partners and investors hands-on management of each of its projects. Canongate is invested in multifamily, retail and office assets as well as a portfolio of small businesses in Charleston, South Carolina.
About Randolph Development
Randolph Development has been based in the Charleston, SC area since 1998. Randolph has developed over 3,000 condos and apartments in North and South Carolina, including four communities in the Charleston area.
About Federal Capital Partners
Federal Capital Partners (FCP) is a privately held real estate investment company that has invested in or financed more than $4.0 billion in assets since its founding in 1999. FCP invests in all asset classes and provides equity, preferred equity and mezzanine debt investments for commercial and residential real estate. The firm, based in Chevy Chase, MD, owns and manages in excess of $2.3 billion in assets. FCP is currently investing its third investment fund, a recently closed commingled, discretionary fund targeted at real estate markets on the East Coast of the United States. For further information on FCP, please visit www.fcpdc.com