Real estate financier enters Florida via Orlando deal
Maryland-based FCP closes $7.75 million mezzanine loan for Orlando condominium development
December 20, 2015 10:00AM
Rendering of Ancora condo project in Orlando
Federal Capital Partners (FCP) entered the Florida market by the closing a $7.75 million mezzanine loan to the developer of Ancora, a condo project on International Drive in Orlando.
Wells Fargo provided senior construction financing to LeCesse Development Corp., the developer of the 289-unit Ancora condo project.
Ancora will feature such luxury finishes as imported Italian cabinetry with granite countertops, 10-foot ceilings in top-floor residences, walk-in closets, and an amenity package that includes a resort-style saltwater pool and cabana plus an outdoor kitchen-and-dining area.
Ancora is the first investment in Florida by FCP and may not be the last in Orlando.
The 16-year-old, Chevy Chase, Maryland-based company has started investing its third investment fund, a commingled, discretionary fund aimed at real estate markets on the East Coast of the United States.
“Orlando, with the second-strongest job growth in the country, and benefiting from the I-4 Corridor’s vibrant, diverse economy, is a market in which we hope to continue to invest as we expand our East Coast portfolio.” FCP vice president Jason Ward said in a press release.
FCP is a privately held real estate investment company founded in 1999 that invests in provides equity, preferred equity and structured debt investments for commercial and residential real estate.The company owns and manages in excess of $2.3 billion in assets.
Source: The Real Deal