Chevy Chase, MD

FCP ANNOUNCES $31 MILLION OF PREFERRED EQUITY AND MEZZANINE FINANCING FOR APARTMENT AND CONDOMINIUM DEVELOPMENTS TOTALING $155 MILLION


Federal Capital Partners (FCP) announced today that it has committed $31 million of preferred equity and mezzanine capital to two leading Washingtonarea developers. FCP’s investments include $24 million of mezzanine financing for construction of Gaslight Square condominiums on Wilson Boulevard in Arlington, VA and $7 million of preferred equity for construction of The Asher apartments on Payne Street in Alexandria, VA.

“We are aggressively seeking investment opportunities alongside proven developers like Abdo and Erkiletian,” said FCP Managing Partner, Lacy Rice. Rice continued, “Our Fund gives us the flexibility to work with lenders and borrowers to fill funding gaps and get projects out of the ground quickly.”

Gaslight Square is a 117-unit luxury residential condominium project located within walking distance of the Rosslyn and Courthouse Metro Stations in the popular Rosslyn-Ballston corridor of Arlington, VA. The $82 million Gaslight Square is being developed by Abdo Development and is immediately adjacent to Abdo’s award-winning and highly successful Wooster and Mercer Lofts. Gaslight will capitalize on the best elements of Wooster and Mercer, sharing its signature loft motif while offering residents abundant private outdoor space, private elevator access to each unit and soaring 16 foot ceilings. The phased construction is scheduled to begin in December 2010, with delivery scheduled for mid 2012. FCP’s capital supplements a $48 million senior loan commitment from United Bank.

Co-developed by Erkiletian Development and the Jefferson Apartment Group, The Asher is a 206-unit luxury mid-rise apartment community located next to the Braddock Road Metro Station and within walking distance of Old Town Alexandria and the Potomac River. The Class-A amenities will include granite countertops, rooftop terraces with scenic views of Washington, DC, a landscaped plaza, fitness center, business center and lounge. The development team will seek LEED certification for the project. Construction is scheduled to begin in December 2010, with delivery scheduled for mid 2012. FCP’s capital supplements a $41 million senior loan provided by US Bank.

FCP has capitalized close to $1 billion of real estate through the company’s FCP Fund I, L.P., a $240 million co-mingled real estate private equity fund. The investments include multi-family residential, office and retail real estate in the Mid-Atlantic region.

 

About Federal Capital Partners

Federal Capital Partners (FCP) is a real estate investment company located in Washington, DC. Since its inception in 1999, FCP has acquired more than $2 billion of real estate assets and debt across all property types. Over the last two years, FCP has purchased more than $550 million in assets and restructured over $200 million in performing and non-performing debt. FCP actively seeks real estate investment opportunities in Washington, DC, Maryland, Virginia, Pennsylvania, Delaware and North Carolina. The company provides capital to operators in need of equity, debt or mezzanine funds. In addition, FCP acquires existing assets and debt instruments directly.

FCP manages FCP Fund I, L.P., a $240 million co-mingled real estate private equity fund formed to invest in multiple real estate sectors in the Mid-Atlantic region, with a focus on the metro Washington, DC area. The Fund is able to provide both debt and equity capital as needed for real estate investments in the market.