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Maryland Investor Partners With Grossman Cos. To Fund South Boston Luxury Condos

Nov 11, 2015 | Reprints | Print

Maryland-based investment firm Federal Capital Partners (FCP) has closed on a senior construction loan for the development of a luxury condominium in South Boston.

The $14.5 million in funds was acquired through Quincy-based The Grossman Cos., and will be put into KEMS Development Co.’s 33-unit 170 West Broadway project.

“FCP is excited to enter the Boston market with such a well-conceived project in a very desirable location,” FCP Senior Vice President E.J. Corwin said in a statement.

The development will consist of 33 one- and two-bedroom luxury condos, including eight penthouses with rooftop decks, below-grade garage parking and 5,000 square feet of ground floor retail space.

Construction began in August 2015 and is expected to finish in the fourth quarter of 2016.

Executive Briefing