The Design 41 office-retail building was completed last year, and part of the loan pays off the original debt.

The acquisition marks FCP's 12th Florida investment, including previous multifamily, commercial and mezzanine acquisitions in Orlando, Tampa, Jacksonville and Southeast Florida.

He joins the firm as SVP of residential development under the High Street Residential brand.

In late October, the Federal Reserve dropped interest rates to a range between 1.5 and 1.75 percent to make financing cheaper.