Monday, August 4, 2014

FCP Provides $20M Mezz Loan for Downtown Development

Federal Capital Partners (FCP) provided $20 million in mezzanine financing for Dalian Development, allowing the company to move ahead with plans to break ground this fall on the Dalian on Fairmount, a proposed 293-unit multifamily building to be constructed in Philadelphia's museum district.

Property Capital LLC arranged the mezzanine financing for the borrower. Dalian will lead development and construction of the project, with Neil Rodin as developer and MV+A Architects of Bethesda, MD as architect.

The property will be located above the future Whole Foods, a 55,000-square-foot grocery store coming to Rodin Square. Currently a Best Western, the redevelopment project is expected to top $130 million, with most of those funds provided by Spanish bank Santander.

When completed, tenants at the nine-story trophy asset will be within walking distance to the Philadelphia Museum of Art, the Barnes Foundation, the Free Library, and Fairmont Park in Center City. The building will feature a second-story lobby, a 35,000-square-foot "Sky Park" outdoor amenity space, garage parking, and sweeping downtown views.

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