FREDERICK, MD-Federal Capital Partners has sold its stake in the National Cancer Institute building at Riverside Research Park here to its development partner, The Matan Cos. The two companies teamed up in 2010 to secure the financing for the development of Advanced Technology Research Facility.
The two companies secured $52 million in construction financing to build the 330,000-square foot facility during a time when construction financing deals were few and far between.
The shell of the state-of-the art office and laboratory facility delivered in March of 2011, one month ahead of schedule. It is the only federally funded Research and Development Center in the country focused exclusively on biomedical research and development.
"The Matan team executed at an extremely high level; the goals for the development were met in every way and the partners have exceeded their financial targets," Esko Korhonen, managing partner of FCP, says in a prepared statement. Also participating in the transaction were Cassidy Turley's Paul Collins, Bill Collins, Drew Flood, James Cassidy and Jud Ryan.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
