Federal Capital Partners recapitalizes apartment portfolio

Federal Capital Partners, of  Chevy Chase, a real estate investment company, announced on Tuesday that it is recapitalizing six properties in Maryland and Virginia valued at over $240 million. The properties, which have a total of 2,044 apartments, will continue to be managed by Ross Cos., of Bethesda, which will retain an ownership interest in the portfolio. The communities include The Strand high-rise complex in Alexandria, Virginia, and five garden-apartment complexes in Maryland: Cambridge Crossing, Lenox Court and Sutton Walk in New Carrollton, Cypress Creek in Hyattsville and Summerlyn Place in Laurel. Financing was provided by Wells Fargo and Fannie Mae.

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