Raleigh, N.C. — The mixed-use, joint-venture development is adjacent to NC State.
Raleigh, N.C. — Federal Capital Partners will provide $10 million to finance the development of Stanhope Center, a high-rise, mixed-use student housing community with more than 800 beds adjacent to the North Carolina State University campus. The financing is comprised of an initial $2.7 million senior loan to finalize the community's design. The investment will have the flexibility to convert into a $10 million mezzanine loan when construction commences in the first quarter of 2014. The joint venture development is between Kane Realty Corporation and Val Valentine.
Since 2010, FCP has made debt and equity investments in more than 1,800 apartments and more than 350,000 square feet of commercial space in the Triangle area. The company has an existing joint venture relationship with Kane at Allister North Hills in Midtown in Raleigh and is providing mezzanine financing for the development of Midtown Green, an apartment development also in North Hills.