Federal Capital Partners® (FCP) today announced its sale for $18.35 million of The Munsey, a high-rise apartment building in Baltimore’s Central Business District.
“FCP has fulfilled its business objectives at The Munsey, bringing occupancy to 95% and completing ground floor retail leasing after renovations to the lobby and common areas,” said FCP Managing Partner, Alex Marshall. “We are pleased to see this important historic property appropriately repositioned in the downtown apartment market.”
The Munsey is an 18-story landmark building comprised of 146 apartments and 4,000 square feet of ground floor retail space along with 109 underground parking spaces. The property, located a few blocks north of Baltimore’s inner harbor, was constructed in 1911 by newspaper icon Frank Munsey as an office building and was, at the time, the tallest office building in Baltimore. The building was converted to apartments in 2003 and was an instrumental part of the resurgence of Baltimore’s downtown as a live-work-play environment. FCP purchased The Munsey out of receivership in December of 2010.
FCP extends its appreciation to the Baltimore office of CBRE for their representation of FCP in the sale.
About Federal Capital Partners
Federal Capital Partners (FCP) is a privately held real estate investment company that has invested in or financed more than $3.0 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, manages $769 million of discretionary capital. 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