Eagle Bank and Federal Capital Partners (FCP) have provided construction financing for the development of an apartment community in Washington, DC. FCP provided a $20.6 million mezzanine loan for the development of the 197-unit community at 1255 22nd Street, NW, while Eagle Bank provided a senior loan of an undisclosed sum.
The redevelopment project from Tasea Investment Company and the Auger family will include the ground-up construction of a nine-story, 65-unit apartment building with five, two-story carriage homes with private parking.
E.J. Corwin, an SVP at FCP, said in a prepared statement that there is “strong demand for additional new Class A apartments so close to downtown, Dupont Circle, George Washington University and Georgetown.”
“1255 22nd is extremely well-located in the West End of Washington, DC, where supply continues to be constrained by high barriers to entry,” he said.
The apartment building will offer studios, one-bedroom and two-bedroom apartments, a fitness center and rooftop pool, and 5,000 sq ft of retail space. Construction begins in June.
FCP deploys capital for residential and commercial property through joint venture equity, mezzanine debt, and preferred equity investments. The firm manages over $1 billion of capital and is currently investing its third fund, a commingled, discretionary fund closed in 2015.