Lexington Village, Lexington Park, MD


Lexington Village


Transaction:  Note purchase and foreclosure 

Asset Summary:  175,000 square foot, fully approved and partially completed, shopping center

Location:  Southeast corner of the intersection of Maryland Route 235 and Buck Hewitt Road in Lexington Park, Maryland

Date Closed: November 2010

Investment Strategy:

• FCP pre-negotiated a friendly foreclosure
• FCP will complete the development and tenant lease-up
• Retail partner, Westmoreland Partners, has deep experience in the submarket and with this product type
• Recapitalized in early 2011 with $16 million in construction financing

Exit Strategy: The fully completed and leased property was sold to an institutional investor in June.