Federal Capital Partners Provides $10 Million In Financing For Stanhope Center Development JV In Raleigh, NC
CHEVY CHASE, Md., Dec. 5, 2013 /PRNewswire/ -- Federal Capital Partners® (FCP) announces a $10 million commitment to finance the development of Stanhope Center, a Class-A, 800+ bed high-rise student housing community on Hillsborough Street, adjacent to the NC State University campus in Raleigh, NC. The financing is comprised of an initial $2.7 million senior loan to finalize the community's vision and design and will have the flexibility to convert into a $10 million mezzanine loan when construction commences. The joint venture between Kane Realty Corporation (Kane) and Val Valentine is expected to commence construction in the first quarter of 2014.
FCP Senior Vice President, E.J. Corwin, noted, "We are excited to join Kane and Val Valentine in creating NC State's premier mixed-use student housing facility at Stanhope Center. Its location adjacent to the NC State University campus is second to none."
Since 2010, FCP has made debt and equity investments in more than 1,800 apartments and more than 350,000 square feet of commercial space in the Triangle area. The company has an existing joint venture relationship with Kane at Allister North Hills in Midtown Raleigh and is providing mezzanine financing for the development of Midtown Green, an apartment development also in North Hills.
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.
SOURCE Federal Capital Partners