FCP Closes $5.15M Mezz Loan on Midtown Green Apartments in Raleigh
Federal Capital Partners (FCP) has closed on a $5.15 million mezzanine loan for the development of the 214-unit Midtown Green apartments, located within the 2 million square foot, mixed-use North Hills development in Raleigh, NC.
The seven-story apartment building contains 5,550 square feet for ground floor retail and is being developed by Kane Realty Corporation, the owner and master developer of North Hills.
FCP and Kane Realty Corporation are currently developing the Allister North Hills Apartments through a $53 million joint venture announced earlier this year.
The Midtown Green property is in North Hills, adjacent to a Harris Teeter grocery store. Project amenities include a two story clubroom and terrace, business center, saltwater pool, billiards room, fitness center, outdoor kitchen area with grills, putting greens, and controlled access system.
The project is scheduled for completion in 2014.
Since entering the Raleigh/Durham market 18 months ago, FCP has invested in seven properties and/or developments totaling $225 million.