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.”