Federal Capital Partners® (FCP) has announced the closing of a $4.75 million mezzanine loan for the development of the 171-unit 104 Dartmouth apartment community, located within the 2 million square foot, mixed-use North Hills development in Raleigh, NC. The luxury apartment building is being developed by Kane Realty Corporation, the predominant owner and master developer of North Hills.
“FCP is excited to partner with Kane Development on a great addition to North Hills,” said FCP Senior Vice President, E.J. Corwin.“104 Dartmouth is another opportunity to provide flexible capital for a well-positioned and quality apartment development in one of the most dynamic areas of Raleigh.”
104 Dartmouth consists of five residential levels above a two-level parking deck. Amenities in the smoke-free community include a clubroom with billiards, poker lounge and smart TV’s, business center, saltwater pool, fitness center, entertainment kitchen, bike storage, pet grooming and washing station, gated parking, electric vehicle charging stations and a controlled access system. Residents will enjoy luxury finishes such as 9’ ceilings, open kitchens, granite countertops, stainless steel appliances, hardwood floors, balconies, and washers and dryers. The project is scheduled for completion in 2016.
Since entering the Triangle market in 2011, FCP has made debt and equity investments in more than 16 properties valued at close to $400 million and continues to seek opportunities in all sectors through either direct equity or structured debt investments. The company has an existing joint venture relationship with Kane at Allister North Hills in Midtown Raleigh and has provided mezzanine financing for both the development of Midtown Green, an apartment development also in North Hills and of Stanhope Center, an 800+bed, Class A student housing development in Raleigh.
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 structured 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