Federal Capital Partners (FCP) provided mezzanine and equity in support of the acquisition of a Charleston, South Carolina property that previously functioned as a cigar factory, according to a statement released on Tuesday. Terms of the deal were not disclosed.
FCP worked alongside a group of local investors on the deal. The firm made its investment through FCP Realty Fund II, which closed on $529 million in 2012, senior vice president Steve Walsh told Private Debt Investor.
The Cigar Factory was built in the 1880s as a cotton mill and subsequently converted when it was sold to the American Tobacco Company in the early 1900s. The property eventually was converted into office space.
FCP and the local ownership group will redevelop the Cigar Factory into a mixed-use property that will include space for restaurants, retail, offices and parking. Projected costs for the redevelopment will exceed $55 million, according to the release. Because of its history, the property’s redevelopment could qualify for Federal Historic, State Historic and Textile Mill tax credits.
FCP typically provides venture equity, mezzanine debt and preferred equity capital to investments in the mid-Atlantic region of the US, according to its website. The Chevy Chase, Maryland-based firm owns or manages $2.3 billion of assets.