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WASHINGTON, DC-Federal Capital Partners has purchased a $28 million senior secured mortgage loan on an existing residential project in Arlington, VA. The performing loan was purchased through FCP’s FCP Fund 1. FCP will provide servicing for the loan. A spokesman for FCP declined to comment on the seller of the note, citing the deal’s terms.

FCP Fund 1 is a $230 million private equity fund that FCP closed last October. This note is the first purchase out of that fund, the spokesman said. According to an earlier interview FCP had with GlobeSt.com, with some leverage FCP Fund I should deliver between $800 million to $900 million of purchasing power to the company.

The fund will be targeting both hard assets and paper, FCP co-founder and Partner, Esko Korhonen, told GlobeSt.com. It may also act as a bridge lender, he says. Even though the fund could still acquire assets under its mandate, its focus on debt represents a departure in strategy for the company, which has largely built its reputation on its sweet spot of value-add, reposition plays.

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