Chevy Chase, MD


FCP® has invested $12.8 million in preferred equity for St. Joseph Apartments, a 268-unit luxury apartment development at 9500 Ruby Lockhart Boulevard 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.

“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 FCP Vice President – Multifamily Development, Billy Herbert. Herbert continued, “We are excited to work with Varsity on such a well-located property with exciting area amenities and job centers.”

FCP has invested in the development of more than 9,000 multifamily units valued in excess of $2.0 billion. St. Joseph Apartments is the fourth multifamily development closing for FCP in 2021 to date, including projects in Orlando, Tampa and Broward County, Florida.

Located just one mile from the Largo Metro Station and adjacent to Woodmore Town Center with Wegman’s, Costco and Best Buy among other major retailers, St. Joseph Apartments is expected to fill an unmet need for modern, condo-level finished apartments in a high-growth area of the Washington, DC suburbs.

FCP extends its appreciation to Mark Remington and Alec Jenkins of Phillips Realty Capital.

About FCP
FCP® is a privately held real estate investment company that has invested in or financed more than $8.6 billion in assets since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets. The firm makes equity and mezzanine investments in income-producing and development properties. Based in Chevy Chase, MD, FCP invests both its commingled, discretionary funds and separate accounts targeted at major real estate markets in the United States. For further information on FCP, please visit

About Varsity Investment Group
Varsity Investment Group (VIG) is one of the nation’s most well-respected commercial real estate developers in the United States.  VIG redefined the concept of student housing by developing an acclaimed national brand, the Varsity, that set the standard for unparalleled living experiences while activating and energizing the communities around them. In addition to its concentration within student housing Varsity Investment Group also develops market rate & active adult communities, mixed-use, and retail across the continental United States.  The team’s best in class approach across all asset types has translated to successful transactions with publicly traded real estate investment trusts, pension funds, to global investment firms. For more information, visit

About Phillips Realty Capital
Phillips Realty Capital (“Phillips”) is a leader in Washington, D.C. commercial real estate finance, structuring approximately $1.5 billion in debt and equity transactions a year and servicing a $2.5 billion loan portfolio on behalf of 24 institutional investors. Established in 1933 and still privately owned, Phillips has a proven track record of collaborating with premier property owners, lenders, and investors to structure the most competitive transactions available in the market. With offices in Bethesda, Richmond, Charlottesville, and Alexandria, dedicated teams of experts deliver reliable financial analysis, precise valuations, and deep knowledge of capital markets to structure capital stacks that leverage debt and equity financing to maximize the value of client assets. For more information, visit