Upper Marlboro, MD — FCP has invested $12.8 million in preferred equity for St. Joseph Apartments, a 268-unit luxury apartment development at 9500 Ruby Lockhart Blvd. in Upper Marlboro. 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.