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FCP Provides $13M in Preferred Equity for Upper Marlboro Apartments

Privately-held real estate investment company FCP has invested $12.8 million in preferred equity for St. Joseph Apartments, a 268-unit luxury apartment development in Upper Marlboro, MD.

Developer Varsity Investment Group will build the four-story, elevatored community with United Bank providing the $45.1 million construction loan. The deal was sourced and structured by Phillips Realty Capital.

Located just one mile from the Largo Metro Station and adjacent to Woodmore Town Center with Wegman’s, Costco and Best Buy among other retailers, St. Joseph Apartments is expected to fill a need for modern, condo-level finished apartments in a high-growth area of the Washington, D.C. suburbs.

“St. Joseph provided FCP with an opportunity to demonstrate our ability to be creative and flexible with developer partners, closing this investment during pre-development and working with Varsity through final phases of design/costing,” said Billy Herbert, vice president at FCP. “We are excited to work with Varsity on such a well-located property with exciting area amenities and job centers.”


Inside The Story

FCP’s Herbert Varsity Investment Group

About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.

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