FCP Secures $47.1 Million for New Luxury Development
FCP Invests in Luxury Apartment Development
FCP has announced a significant investment of $47.1 million through its Structured Investments platform for a new mixed-use development. This exciting project will feature 553 luxury apartments known as Mira and Ador, forming two adjacent towers anchored by a grocery store that spans approximately 40,000 square feet. The chosen site is located at a former retail building, creating a vibrant community hub.
Overview of the Development
The development is partnered with Insight Property Group, a reputable real estate firm known for its quality projects. FCP's Senior Vice President, Billy Herbert, expressed enthusiasm for joining forces in this high-profile project. He noted that the location is strategically positioned to offer residents easy access to numerous amenities and employment opportunities. The nearby Ballston-MU Metrorail station will enhance connectivity to essential regional destinations.
Construction and Amenities
Upon completion, Mira and Ador will comprise two 16-story towers, providing 553 luxury apartment homes, with a portion designated as affordable units. Emphasizing sustainability, the buildings will be designed to comply with LEED Gold certification standards. Each tower will feature distinctive amenities, promoting a community-focused living environment.
The Ador Amenities
The Ador tower will be specifically designed to foster social interactions. It will offer a resident co-working lounge, a fitness center, a penthouse lounge with a piano, and ample outdoor spaces for dining and entertainment, including grilling stations and pet areas.
The Mira Amenities
Meanwhile, the Mira tower will embody luxury and elegance with a refined boutique aesthetic. It will include a hospitality area in the lobby, a coffee bar, and several spaces dedicated to relaxation and fitness, such as a yoga studio and private office rooms for residents.
Project Collaboration and Team Insights
Insight Property Group’s Principal, Sarah Davidson, highlighted the collaborative efforts that have led to the groundbreaking of this project. The aim is to welcome a diverse range of residents and retail partners, further strengthening Ballston’s appeal as a premier location for living, working, and leisure.
Investment Team Behind the Project
The preferred equity investment was orchestrated by Berkadia's leadership team, including Senior Managing Director Brian Crivella and Managing Directors Bill Gribbin and Yalda Ghamarian. They facilitated this critical funding source that enables the development team's vision to become a reality.
Funding Sources and Financial Backing
The financing and land acquisition processes were expertly managed by Cushman & Wakefield, ensuring that the project is on track for timely completion. The partnership structure also involves notable firms such as PGIM, a significant player in real estate investment.
About FCP
FCP is a leading real estate investment firm with over $14.6 billion in gross asset value since its inception in 1999. Based in Chevy Chase, MD, the company specializes in equity and structured investments across various industries in the U.S. For comprehensive insights into FCP, interested parties can visit fcpdc.com.
About Insight Property Group
Founded in 2009, Insight Property Group focuses on developing, acquiring, and repositioning high-quality multifamily and mixed-use properties primarily in the Washington, D.C. area. With a proven track record of unlocking significant investment opportunities, Insight continues to set industry standards.
About PGIM
PGIM, part of Prudential Financial, Inc., manages vast assets across diverse investment strategies. It has established itself as a global leader in real estate investment management, with significant assets under management and a strong commitment to delivering customized solutions to its clients.
Frequently Asked Questions
What is the capital amount provided by FCP for this project?
FCP has provided $47.1 million in capital for the development.
What are Mira and Ador?
Mira and Ador are two luxury apartment towers comprising 553 units, part of a mixed-use development also featuring a grocery store.
Who is developing this project?
The project is being developed by Insight Property Group in partnership with FCP and PGIM.
What amenities will the towers offer?
The towers will provide a range of amenities including fitness centers, lounges, outdoor spaces for entertaining, and more.
Where is this development located?
The development is situated at a site previously occupied by a Macy's building, enhancing the area's community offerings.
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