Federal Capital Partners® (FCP) has announced the closing of a $20.6 million mezzanine loan to finance the development of 1255 22nd Street, NW in Washington, DC into a 197-unit, Class A apartment community. The redevelopment will include the ground up construction of a connected nine-story, 65- unit apartment building with five, two-story carriage homes with private parking. The project will be developed by Tasea Investment Company and the Auger family with senior financing provided by Eagle Bank. Construction will begin in June.
“1255 22nd is extremely well-located in the West End of Washington, DC, where supply continues to be constrained by high barriers to entry,” said FCP Sr. Vice President, E.J. Corwin. “This project is very well-conceived and is ready for construction at a time when there is strong demand for additional new Class A apartments so close to downtown, Dupont Circle, George Washington University and Georgetown.”
1255 22nd Street will offer a mix of spacious studios, one-bedroom and two-bedroom apartments as well as a fitness center and rooftop pool. An additional 5,000 square feet of retail space will be developed with the apartments. 1255 22nd Street is within walking distance of Trader Joe’s, nearby parks and an abundance of restaurant and retail amenities.
FCP extends its appreciation to Peter Witham at The Greenwich Group International for his representation of the developer partner.
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