Federal Capital Partners (FCP) today announced the refinancing of the Allegro Apartments. The $80.5 million first trust loan was provided by Aareal Capital Corporation’s New York office. The five year loan replaced the initial financing secured by FCP as part of the foreclosure transaction in 2009.
“These refinancing proceeds provided FCP with a significant realization for its Fund I investors,” said FCP Capital Markets Sr. Vice President, Steve Walsh. He continued, “The Allegro is a wellconstructed, well-conceived luxury apartment community in one of DC’s hottest urban submarkets. The interest we received for the refinancing transaction reflects the quality of the investment and its strong market presence.”
FCP extends its appreciation to Mark Remington of HFF for his representation of the borrower.
Over the last 16 months, FCP has been one of the most active investment companies in the Mid-Atlantic region, investing more than $500 million in transactions that ranged from direct investment as a JV partner in a downtown office building, to the purchase of a note of a foreclosed retail center, and the funding through preferred equity and mezzanine capital for a multi-family residential development. FCP has acquired, or funded, close to $1 billion of real estate over the past two years through the company’s FCP Fund I, L.P., a 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 Washington, DC based, privately held real estate investment company that has acquired interests in more than $2 billion in assets since 2003. FCP invests in residential and commercial assets throughout the Mid-Atlantic region, including Washington, DC, Baltimore, Philadelphia, the Virginia Tidewater region and the Raleigh/Durham area. Over the past two years, FCP has been one of the most active investors in the Washington region, amassing more than $1 billion in real estate assets. FCP’s managing partners are Tom Carr, Esko Korhonen, Alex Marshall and Lacy Rice.
Through its discretionary co-mingled private equity funds, FCP invests directly in core plus, value-add, opportunistic and development properties. In addition, FCP provides both equity and debt capital to real estate operating partners and is aggressively seeking office, residential (for sale and for rent), industrial and retail investments in all of its target markets.