(To read more on the multifamily market and the debtand equity markets, click here.)
WASHINGTON, DC-Federal Capital Partners and Angelo, Gordon &Co., a New York City-based real estate investment fund, have soldthree properties from a five-asset, 3,600-unit multifamilyportfolio to a West Coast investor and recapitalized the tworemaining properties for a total transaction value of $405 million.FCP and Angelo have retained the other two assets in theMaryland-based pool and recapitalized them in a JV with a newoverseas-based equity partner.
FCP Partner Lacy Rice declined to discuss the sales price of thethree properties or the financial details of the recapitalization,citing confidentiality with its new JV partner. He did tellGlobeSt.com, though, that the properties were recapitalized byassuming and expanding a 10-year, IO Freddie Mac loan.
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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.
