Midtown Green, Raleigh, NC

Mezzanine loan with local established developer

Asset Description: Development of 7-story, 214-unit luxury apartment complex in North Hills community

Date Closed: January, 2013

Investment Strategy:

  • Mezzanine loan on apartment development in the heart of North Hills, adjacent to Harris Teeter
  • Sponsor is developer of North Hills, including adjoining apartment community, which recently sold for a premium to FCP’s Midtown Green basis
  • Loan for approximately 15% of the capital stack
  • North Hills submarket is becoming Raleigh’s premier live-work submarket

Exit Strategy:  Repayment from refinancing or sale of the property