A call to Tasea Investment was not returned in time for publication.

FCP's Growing Taste for Mezz Deals

FCP is better known for its value-add multifamily acquisitions, but the company has been investing in structured finance for years as well. It is more typical, however, for FCP to use mezzanine finance in deals in other markets, such as the $7.75 million mezzanine loan it made for the development of Ancora, a 289-unit ground up multifamily development on International Drive in Orlando, FL, last December. This was the company's first transaction in Florida.

FCP has also been active with in the Triangle market, which it entered in 2011. Last May it closed a $4.75 million mezzanine loan for the development of the 171-unit 104 Dartmouth apartment community, in Raleigh, NC, being by Kane Realty Corp.

The company has an existing joint venture relationship with Kane at Allister North Hills in Midtown Raleigh and has provided mezzanine financing for both the development of Midtown Green, an apartment development also in North Hills and of Stanhope Center, an 800 bed, student housing development in Raleigh.

Conversion redevelopments in the District, meanwhile, are not high on the list. FCP is interested in other conversion investments, E.J. Corwin, SVP of Structured Investments tells GlobeSt.com. He says the major determining factors are dynamic neighborhoods with strong amenities. He adds that the company is also interested in growing its structured investment business but it will remain a smaller portion of invested capital compared to equity and or JV investments.

WASHINGTON, DC—Kensington, MD-based Tasea Investment Co. and the Auger family will begin work on an office conversion project that has been anticipated for more than a year, according to filings with the DC Council. The existing building, located at 1255 22nd St., NW, will be completely re-skinned and redeveloped into a nine-story carriage home and then connected to a new two-story carriage home built on the adjacent lot. The 197-unit apartment community will also have 5,000-square feet of retail.

Tasea recently secured $20.6 million in mezzanine financing from Chevy Chase, MD-based Federal Capital Partners, which followed senior financing that it arranged from Eagle Bank.

Construction will begin in June, according to FCP.

Peter Witham at The Greenwich Group International represented the developer partner.

A call to Tasea Investment was not returned in time for publication.

FCP's Growing Taste for Mezz Deals

FCP is better known for its value-add multifamily acquisitions, but the company has been investing in structured finance for years as well. It is more typical, however, for FCP to use mezzanine finance in deals in other markets, such as the $7.75 million mezzanine loan it made for the development of Ancora, a 289-unit ground up multifamily development on International Drive in Orlando, FL, last December. This was the company's first transaction in Florida.

FCP has also been active with in the Triangle market, which it entered in 2011. Last May it closed a $4.75 million mezzanine loan for the development of the 171-unit 104 Dartmouth apartment community, in Raleigh, NC, being by Kane Realty Corp.

The company has an existing joint venture relationship with Kane at Allister North Hills in Midtown Raleigh and has provided mezzanine financing for both the development of Midtown Green, an apartment development also in North Hills and of Stanhope Center, an 800 bed, student housing development in Raleigh.

Conversion redevelopments in the District, meanwhile, are not high on the list. FCP is interested in other conversion investments, E.J. Corwin, SVP of Structured Investments tells GlobeSt.com. He says the major determining factors are dynamic neighborhoods with strong amenities. He adds that the company is also interested in growing its structured investment business but it will remain a smaller portion of invested capital compared to equity and or JV investments.