Federal Capital Partners (FCP) today announced its acquisition of The Munsey, a high-rise apartment building in Baltimore’s Central Business District.
“We are actively seeking new investments throughout Baltimore as the fundamentals continue to improve,” said FCP Managing Partner, Alex Marshall. He continued, “The Munsey fits well with FCP’s investment strategy and will be an important part of our portfolio as it is recapitalized and remarketed.”
The Munsey is an 18-story landmark building comprised of 146 apartments and 4,000 square feet of ground floor retail space along with 109 underground parking spaces. The property, located a few blocks north of Baltimore’s inner harbor, was constructed in 1911 by newspaper icon Frank Munsey as an office building and was, at the time, the tallest office building in Baltimore. The building was converted to apartments in 2003 and was an instrumental part of the resurgence of Baltimore’s downtown as a live-work-play environment. FCP plans moderate improvements to common areas and amenity space.
The sale was facilitated by the receiver, Gray & Associates, LLC and was brokered by CB Richard Ellis. Wells Fargo provided acquisition financing for FCP.
FCP has acquired or funded close to $1 billion of real estate to date through the company’s FCP Fund I, L.P, a co-mingled real estate private equity fund. The investments include multi-family residential, office and retail real estate in the Mid-Atlantic region.
About Federal Capital Partners
Federal Capital Partners (www.fcpdc.com) is a real estate investment company headquartered in Georgetown in Washington, DC. The Managing Partners include Esko Korhonen, Lacy Rice, Tom Carr and Alex Marshall. Since its inception, FCP has acquired more than $2.0 billion of real estate assets and debt across all property types.
FCP manages FCP Fund I, L.P., a $240 million co-mingled real estate private equity fund formed to invest in multiple real estate sectors in the Mid-Atlantic region, with a focus on the metro Washington DC area. The Fund is able to provide both debt and equity capital as needed for real estate investments in the market.