FCP PROVIDES $22 MILLION IN PREFERRED EQUITY FOR CHARLOTTE, NC DEVELOPMENT AND GREENVILLE, SC EXISTING MULTIFAMILY

CHEVY CHASE, Md., Dec. 14, 2023 /PRNewswire/ -- FCP^® announces $22 million in preferred equity has been invested through its Structured Investments platform to finance two multifamily transactions: the development of Arris NoDa, a 276-unit, four-story, garden-style property in Charlotte, NC with partner Arris, and a recapitalization with Grubb Properties of Link Apartments West End, a Class A, 215-unit, five-story midrise apartment community in Greenville, SC.

"FCP is pleased to provide financing through our Structured Investments platform for these transactions, each well-located in a dynamic Southeast market," said Kevin Murphy. "We are fortunate to have a successful history with both investment partners and recognize their respective expertise in delivering and operating well-positioned apartment communities."

FCP's Structured Investments platform has invested approximately $676 million of capital to date, providing flexibility and creative capital solutions to owners and developers. 

About FCP
FCP^® is a privately held real estate investment company that has invested in or financed more than $12.4 billion in assets since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets. The firm makes equity and mezzanine investments in income-producing and development properties. Based in Chevy Chase, MD, FCP invests both its commingled, discretionary funds and separate accounts targeted at major real estate markets in the United States. For further information on FCP, please visit www.fcpdc.com.

About Grubb Properties
Grubb Properties, founded in 1963, is a vertically integrated real estate company focused on the Essential Housing space through its Link Apartments^SM brand. The company targets residents in the middle of the income spectrum, directly addressing a growing crisis for essential housing, while providing residents with exceptional living spaces. Grubb Properties maintains a long-term perspective and its careful and measured approach to real estate investment has delivered resilient and impressive returns. Grubb Properties has received numerous sustainability designations and recognitions, and undergoes annual ESG assessments through GRESB. For more information, visit www.grubbproperties.com. Grubb Properties' CEO Clay Grubb is the author of the book "Creating the Urban Dream: Tackling the Affordable Housing Crisis with Compassion."

About Arris
Arris, founded in 2019, is a vertically integrated, modular multifamily manufacturer and developer headquartered in Atlanta, GA.  Arris owns a manufacturing facility located in Clio, SC and began modular production in late 2019. By combining advanced modular framing in the factory with experienced site construction teams, Arris is able to decrease the cost and time associated with traditional stick-built multifamily projects. For more information, visit https://arrisbuilt.com/.

SOURCE FCP