Phillips Realty Capital Arranges Loan for Galloway’s First Flex Industrial Acquisition

Bethesda, MD, November 10, 2021

Galloway Group, Inc. announced its initial foray into the flex industrial space with the off-market acquisition of Spring Street Business Park, a three-building 53,268 square foot industrial portfolio in Fairfax, Virginia. Phillips Realty Capital’s Malcolm Shaw and Bill Wrench secured $7.5 million in debt financing from FVCbank as part of a $11 million capitalization, with funds raised from multiple equity investors, with a major portion of the equity provided by the recently formed Audeo Partners. Next-Realty Mid-Atlantic served as agent for the Galloway Group.

“After having slugged it out in the retail world for 5 decades, we are excited to add a flex/ industrial asset to our portfolio,” said George Galloway. “We think this is the right time to enter this growing market, and we are looking for additional opportunities to invest in well-situated industrial properties like Spring Street in the Mid-Atlantic region.”

The 100% leased Spring Street Business Park is comprised of three adjacent buildings on a 2.88-acre parcel situated in a hyper-infill and accessible location in Fairfax, VA. The masonry constructed properties were built in 1988 and encompass a mix of industrial uses including warehouse, light industrial and service industrial. The typical bay is approximately 2,180 square feet, 18’ to 22’ high ceilings with 12’ x 12’ overhead insulated roll-up garage doors, tempered glass paneled entrance doors, and tempered fixed windows.

“The acquisition represented a rare off-market opportunity to purchase such a well-located, fully occupied portfolio in one of the most supply constrained industrial markets in the country,” said Shaw. “This will be a natural fit for Galloway as he brings several decades of experience from the retail sector into such a in-high-demand asset class. Capital sources recognized this deal as a strong sponsor seizing a value-add opportunity, so we were able to structure favorable terms and close quickly.”

About Galloway Group, Inc.

George Galloway, sole owner of Galloway Group, has been in the commercial/retail real estate industry since 1984. He has been directly involved in the identification, pursuit, acquisition, development, redevelopment and disposition of hundreds of commercial properties in Texas, Virginia, District of Columbia, Maryland, West Virginia, Pennsylvania, New Jersey, and other states. George Galloway is also Managing Principal of Next Realty Mid-Atlantic, LLC (“NRMA”), a boutique consulting and brokerage firm based in Arlington, Virginia where he has been an integral part in strategic planning and implementation of expansion plans for dozens of retail and restaurant companies in 52 markets and 28 states.

About FVCbank

FVCbank is a wholly-owned subsidiary of FVCBankcorp, Inc. (NASDAQ: FVCB) that commenced operations in November 2007. FVCbank is a $1.98 billion asset-sized Virginia-chartered community bank serving the banking needs of commercial businesses, nonprofit organizations, professional service entities, their owners and employees located in the greater Baltimore and Washington D.C. metropolitan areas. FVCbank is based in Fairfax, Virginia, and has 9 full-service offices in Arlington, Fairfax, Manassas, Reston and Springfield, Virginia, Washington D.C., and Baltimore, Bethesda, and Rockville, Maryland. For more information, please visit the Investor Relations page of FVCBankcorp, Inc.’s website,

About Audeo Partners

Audeo Partners is a real estate development and advisory firm formed earlier in 2021 by industry professionals Madi Ford and Michael Meers. Based in in Washington, D.C., Audeo is a collective of highly skilled and diversified real estate professionals offering unique value add development and real estate investment opportunities to our partners while providing clients with trusted real estate guidance and solutions. Our team is small enough to be entrepreneurial and nimble with skillsets developed in large companies working on complex, transformative projects. Audeo’s partners have access to pools of capital, extensive relationships in the Mid-Atlantic region, and have worked for national institutional real estate firms as well as local family owned and operated real estate businesses. For more information, visit

About Next Realty Mid-Atlantic, LLC

Next Realty Mid-Atlantic is one of Washington-Baltimore’s premier commercial real estate brokerage firms. With an office in Arlington, Virginia, Next Realty Mid-Atlantic serves the DC, Maryland and Virginia region with tenant and landlord representation services, consulting, strategic planning and a host of other services.

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PRC Structures $57.5 Million from Rialto for Highbrook’s Value-Add Acquisition of Florida Industrial Portfolio

Bethesda, MD, August 26, 2021

Phillips Realty Capital (“PRC”) is pleased to announce the closing of a $57.5 million bridge loan for the acquisition and repositioning of a four property, 740,400 square foot industrial portfolio located in Miami and Tampa, Florida. The PRC team worked exclusively on behalf of repeat client HighBrook Investors (“HighBrook”), to secure the first-lien financing provided by a vehicle sub-advised by Miami-based Rialto Capital Management, LLC (“Rialto Capital”).

The portfolio, which includes three buildings in Miami and one in Tampa, was sourced off-market by HighBrook from a majority owner-user. The Miami properties are located at 3455 NW 54th Street, 5400 NW 32nd Court and 5530 NW 32nd Court and include three contiguous industrial warehouses totaling 306,000 square feet in Miami’s Hialeah submarket. Rail-served by CSX freight trains, the Hialeah assets have frontage on NW 54th Street, Hialeah’s major east-west thoroughfare, while also being two miles northeast of Miami International Airport and less than six miles northwest of Downtown Miami and the Port of Miami. The 434,000 square foot Tampa warehouse is located at 6708 Harney Road in Tampa’s East Tampa submarket. Also rail-served by CSX freight trains, the Tampa warehouse is one mile northwest of I-4, the major interstate connecting Tampa and Orlando, six miles northeast of Downtown Tampa and the Port of Tampa and eight miles east of Tampa International Airport. The Tampa property also includes 13.2 acres of vacant land, entitled for industrial development.

Loan proceeds represented initial financing for the acquisition with additional funds for capital expenditures and leasing reserves. “HighBrook’s successful track record of repositioning undervalued real estate combined with Rialto Capital’s market knowledge and relationship-driven approach creates a natural partnership to capitalize on the robust e-commerce and logistics demand in these expanding coastal economies,” said Malcolm Shaw of PRC. The acquisition represents HighBrook’s second industrial investment in Florida since opening its West Palm Beach office.

The Phillips Realty Capital team that sourced and structured the financing included Malcolm Shaw, Steve Shaw, Harmon Handorf, and Finn Dunne.

About Highbrook Investors

HighBrook Investors is a real estate private equity firm which acquires and actively manages property investments in the United States and Europe. Utilizing its collective experience across private, public, domestic, and developed international markets, the HighBrook team specializes in sourcing and identifying unique opportunities for value investing across market cycles. HighBrook purchased its first asset in 2010 and has since launched four fully discretionary commingled funds and three co-investment vehicles. The firm maintains offices in New York, London, West Palm Beach, and Luxembourg.

About Rialto Capital

Rialto Capital is part of a fully integrated real estate investment management, asset management and operating company. Rialto Capital was formed in 2007, and since its founding, has participated in the investment of billions of dollars of equity in real estate assets. The company invests and manages assets throughout the capital structure in real estate properties, loans, and securities. For more information, please visit

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PRC Arranges $96.2 Million to Redevelop Two Apartments Properties Near Boston University & Harvard University

Bethesda, MD, June 15, 2021

Phillips Realty Capital (PRC) announced that the firm structured loans totaling $96,200,000 for its client, The Hamilton Company, to refinance and completely renovate two apartment properties located within close proximity to Boston University and Harvard University. PRC Managing Director Adam Bieber led the capital raise along with Harmon Handorf, with underwriting support from Emily Beeler and Bill Wrench.

Voya Commercial Mortgage LLC, a PRC correspondent lender, provided funding for the 187-unit Atrium on Commonwealth, located a quarter mile from Boston University. Originally built as a Packard Motors assembly plant and dealership in the early 1900s, the building was renovated in the late 1970s into a rental apartment building, with indoor parking, courtyard with swimming pool, and retail space. The current renovation consists of replacing the entire façade, structural repairs in the two garage levels, a new roof and window systems, pool deck repairs, and apartment renovations including high end kitchen and bathroom upgrades, ceramic tile walls and floors in bathrooms, and hardwood flooring throughout living areas.

Hingham Institution for Savings provided funds secured by the 92-unit Longfellow Apartments located just off Harvard Yard in Cambridge, Massachusetts. Originally built in 1917 Longfellow offers a variety of studio, one-, two- and three-bedroom floor plans. Comprehensive renovation plans include restoring historic decorative façade elements, updating major systems, and refreshing all unit interiors. Unit upgrades will be commensurate with finishes in other recently completed Hamilton projects including semi-custom cabinetry, granite or marble countertops, stainless steel appliances, high end plumbing fixtures, ceramic bathroom tiles and new engineered flooring throughout living areas. Surrounded by abundant shops, restaurants and entertainment options, Longfellow Apartments offers a WalkScore of 98 (Walker’s Paradise) and a TransitScore of 82 (Excellent Transit).

“The Atrium and Longfellow Apartments represent two important legacy assets within the Hamilton portfolio. These loans will enable us to capture the low interest rate environment and allow us to position these assets for the next generation and chapter of our company,” said Jameson Brown, Co-CEO of The Hamilton Company. “The team at Phillips provided sound advice and tailored the structure of these loans to mesh well with our firm’s strategy and outlook. We want to extend our gratitude to our lenders, lawyers, and everyone who played a key role in facilitating and closing these transactions.”

“We are appreciative of the opportunity to represent The Hamilton Company – truly a blue-chip organization. The company’s reputation as a market leader, as well as the assets’ prominence within their submarkets, translated to substantial interest and competition within the lending community,” said Bieber.

About The Hamilton Company

The Hamilton Company, founded in 1954 by Harold Brown with the acquisition of a six-unit building, has become one of the largest privately held real estate organizations in New England. Originally involved in residential development, The Hamilton Company, Inc. has grown into a full-service real estate firm, managing and leasing approximately 1,500,000 square feet of commercial space and in excess of 5,600 residential units, and developing and constructing both residential and commercial projects throughout Greater Boston. The Hamilton Company is supported by 170 full-time employees. The Company has full-time accounting, legal, architectural, construction, maintenance and property management departments to assist in the management and leasing needs of all of the Company’s commercial and residential buildings. For more information, visit

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PRC Facilitates $23.4 Million Refi of Class-A Apartments in Richmond’s Manchester Submarket

Bethesda, MD, May 11, 2021 –

Phillips Realty Capital represented Thalhimer Realty Partners on its recent refinancing of The Overlook at City View. From Alliant Credit Union:

Alliant Credit Union announced the closing of a $23.4 million loan to refinance a recently constructed, Class A, mixed-use property containing 128-unit residential units and 8,000 SF of retail located in Richmond, VA. The Sponsors, Thalhimer Realty Partners, manage several properties in the immediate area and maintain over 10,000 units in their portfolio. The property was completed and stabilized in 2020 and features a clubhouse, fitness center, sky-lounge, pool, and Class A unit finishes. The tailored loan features a longer term with an interest-only period, step-down in interest rate, earnout provision, and flexible exit options.

Richmond’s Manchester submarket has experienced strong population growth due its location just across the river from downtown Richmond. The eclectic neighborhood is full of restaurants, small business, and a variety of entertainment making it one of the most desirable locations in the city.

“Alliant is excited to work with such accomplished and professional borrowers like the Thalhimer team.” said Yonah Sturmwind Commercial Loan Specialist Originator at Alliant Credit Union. “We are proud to be part of the revitalization and growth of the Manchester part of Richmond. Alliant would like to thank Charles DuBose and Harmon Handorf of Phillips Realty Capital for collaborating with us to execute on this loan on behalf of their long-standing client.”

PRC Structures $58 Million Debt & Equity for Varsity Investment to Build Upper Marlboro Apartments

Bethesda, MD, May 10, 2021

Phillips Realty Capital (PRC) announced that its client Varsity Investment Group closed on a $45.1M construction loan from United Bank, for the development of St. Joseph Apartments, a four-story, stick-built, elevatored, 268-unit project in Upper Marlboro, Maryland. PRC’s Mark Remington and Alec Jenkins sourced and structured the $58M capital stack, including a $12.75M preferred equity investment by FCP® earlier in 2021.

Upon completion, this luxury apartment project will offer spacious units with condo-quality finishes, a superb location with excellent transportation access, abundant nearby amenities in Woodmore Town Center (Wegman’s, Costco, Best Buy), one-mile proximity to the Largo Metro Station, and increasing nearby job generators including the $540M+ University of MD-Capitol Region Medical Center which is under construction and expected to open in June 2021.

“We are excited to be part of a new wave of development in Prince George’s County,” said Donnie Gross of Varsity Investment Group. “The St. Joseph Apartments will help fill a need for a growing population of young professionals seeking modern amenities, suburban conveniences, and easy metro access.”

“We were retained exclusively less than a year ago when there was great uncertainty especially around new construction,” Remington said. “Varsity’s reputation as an experienced bankable sponsor was a critical factor in attracting financing partners, as was the property’s attractive cost basis for a metro-oriented, suburban DC property.”

About Varsity Investment Group

Varsity Investment Group (VIG) is one of the nation’s most well-respected commercial real estate developers in the United States.  VIG redefined the concept of student housing by developing an acclaimed national brand, the Varsity, that set the standard for unparalleled living experiences while activating and energizing the communities around them. In addition to its concentration within student housing Varsity Investment Group also develops market rate & active adult communities, mixed-use, and retail across the continental United States.  The team’s best in class approach across all asset types has translated to successful transactions with publicly traded real estate investment trusts, pension funds, to global investment firms. For more information, visit

About United Bank

United Bank, the largest community bank headquartered in Greater Washington, is a subsidiary of United Bankshares, Inc. (UBSI) and has consolidated assets of approximately $27 billion with 204 full-service banking offices and 20 loan origination offices located throughout Virginia, Maryland, West Virginia, North Carolina, South Carolina, Georgia, Ohio, Pennsylvania and the nation’s capital. For more information, visit

About FCP

FCP® is a privately held real estate investment company that has invested in or financed more than $8.6 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

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PRC Structures $38,950,000 Equity Financing for IDI’s Rivergate II Apartments

Bethesda, MD, April 28, 2021

Working on behalf of The IDI Group Companies, a repeat client, Phillips Realty Capital structured $38,950,000 equity financing for the development of a 318-unit mid-rise multifamily community adjacent to IDI’s 402-unit Rivergate North apartment complex in Woodbridge, VA. The project is located within a Qualified Opportunity Zone and is the second phase of the 720-unit, riverfront apartment community. PTM Partners provided $20,050,000 in joint venture equity and EB5 Capital provided $18,900,000 in preferred equity. Phillips Realty Capital led the financing effort.

Dan Shiff, Principal of Phillips Realty Capital and Managing Director at EB5 Capital, said: “We are excited to see this partnership move forward with a project that will continue the transformation of Woodbridge and Prince William County. Utilizing Phillips Realty Capital’s network of equity relationships and EB5 Capital’s platform, we were able to secure a capital stack that combines Opportunity Zone investment with our EB-5 funds.”

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PRC Structures $71,550,000 Refinance for Chicago Data Center Portfolio

Bethesda, MD, April 7, 2021

Phillips Realty Capital announced that its client, Element Critical and Safanad Inc., closed on a $71,550,000 project loan for their Chicago data center portfolio. The loan from Annaly Capital Management, Inc.’s commercial real estate group will be used to enhance and expand two data center facilities located across the street from one another in the Elk Grove Village submarket of Chicago, Illinois. Phillips Realty Capital’s William Lawson, Adam Bieber, Harmon Handorf, and Blake Kline structured the debt financing. The Phillips team has extensive experience securing capital for data centers and coordinated with Element Critical on the $67,000,000 refinancing of its Northern Virginia data center facility in 2019.

Built in 1982 and acquired by Safanad in 2019, the two data centers have nearly 200,000 square feet of rentable area, with operational data center and disaster recovery office space to support 80+ tenants under lease. The data centers, operated by Element Critical, together feature 115,000 square feet of raised floor space and up to 8 megawatts of leasable power capacity. Both facilities provide customers a carrier-neutral environment, network-rich connectivity, and a concurrently maintainable infrastructure that delivers inherent flexibility for medium to large enterprise customers at the edge.

Refinance proceeds support the company’s growth and will be used for upgrades, efficiency enhancements, and continued expansion of critical white floor space to enable hybrid and future-proofed colocation environments for both existing and new customers.

About Element Critical

Element Critical is a leading provider of data center and IT infrastructure services that is jointly owned by Safanad and its industry partner, Industry Capital. Element Critical manages and operates data centers in Silicon Valley, Northern Virginia, Chicago, and Houston. The company’s Tier III hybrid-IT ready facilities are carrier-neutral, network-rich, concurrently maintainable and available in a variety of deployment sizes and densities. Element Critical cares as much about the people they serve as the servers they house. Element Critical offers a data center experience that brings solutions engineering and customer service out of the shadows and into the spotlight. For more information, visit

About Safanad

Safanad is a global principal investment firm founded in 2009 with its main presence in New York and offices in London and Dubai. The firm creates sustainable value by pursuing opportunities underpinned by long-term social and economic insights and clear public sector policies and plans. As a principal investor, Safanad utilizes its capital, expertise and exceptional management partners to preserve and grow wealth for the firm and its global private and institutional clients. To date, Safanad has successfully executed ~$10 billion of transaction value in the U.S. and Europe across sectors including healthcare, education, student housing, suburban offices, automotive supply chain, and data centers. For more information, visit

About Annaly

Annaly Capital Management, Inc. (NYSE: NLY) (“Annaly”) is a leading diversified capital manager that invests in and finances residential and commercial assets. Annaly’s principal business objective is to generate net income for distribution to its stockholders and to optimize its returns through prudent management of its diversified investment strategies. Annaly is internally managed and has elected to be taxed as a real estate investment trust, or REIT, for federal income tax purposes. Annaly has entered into a definitive agreement to sell its commercial real estate business. This transaction is subject to customary closing conditions, including applicable regulatory approvals, and is expected to be completed by the third quarter of 2021. Additional information on the company and the commercial real estate transaction can be found at

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PRC Advises on RAS’s Acquisition of Class A Apartment Complex in Nassau’s Wildlight Community

Bethesda, MD, March 4, 2021

RAS Property Group of Boca Raton announced its off-market acquisition of The Lofts at Wildlight, a brand new 279-unit apartment garden style apartment complex in the Wildlight master planned community located 20 minutes north of downtown Jacksonville, Florida. RAS acquired the asset for $55.8 million.

The Property is comprised of 279 brand new, class A garden apartments in five buildings and offers upscale one-, two and three-bedroom apartments with modern finishes, spacious living areas, fully- equipped kitchens and an open design. Resort-style community amenities include a pool with sundeck, outdoor dining spaces, a 24-hour fitness center and more. The Property is part of the 2,900-acre Wildlight master planned community in the Nassau County submarket of Jacksonville. Upon completion, Wildlight will offer 7 million square feet of office, commercial, medical, industrial and residential space.

“The Lofts at Wildlight acquisition is part of our strategy to invest in multifamily properties in growth-oriented markets throughout the Southeast,” said Thomas Gurney, Managing Partner of RAS. “We seek out quality, well-located properties where we know we can drive returns regardless of the overall market momentum.”

Phillips Realty Capital Managing Director Adam Bieber advised RAS on capitalization of the property.

“The Lofts at Wildlight has clear potential to lease up quickly under RAS’s leadership,” said Bieber. “RAS has an eye for spotting diamonds in the rough and the expertise to seize on those opportunities. Their reputation for consistently producing above-average returns puts them in a unique position to source and close off-market deals like this, despite the pandemic.”

RAS is actively considering other investment opportunities that meet its investment guidelines in the Jacksonville.

About RAS Property Group & RAS Realty Partners

RAS Realty Partners is a real estate investment and development company headquartered in Boca Raton, Florida. RAS Realty brings more than 130 years of collective experience in commercial and residential real estate to every opportunity, specializing in the acquisition, development and operation of multi-family properties across the United States. RAS Property Group is a specialized real estate opportunity fund manager and value-add investor serving institutional clients. The firm focuses on creating diversified portfolios of well-located, quality Class A & B middle market properties at a low-cost basis. Not relying on market momentum to boost value gains, RAS looks to take advantage of market distress and mispriced assets that produce current cash flow. The company is known for its highly-experienced team of innovative investment executives who collaborate closely to execute the firm’s carefully defined investment strategy focused on buying well. For more information, visit

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Capital Markets Insights: Steepening Treasury Yield Curve Signals Opportunity

Bethesda, MD, February 19, 2021 –

As we all witnessed this week, Treasury yields continued to drift higher, with the 10 and 30-year Treasury hitting levels not seen since a full year ago. The benchmark 10-year yield leaped above 1.30% and the 30-year U.S. yield also rose – hitting above 2.1% – which were both firsts on roughly one calendar year. These trends are expected to continue with higher energy prices, rising stock markets, another fiscal relief package, record-high Treasury auctions, and general optimism of a reopening economy.

We are also experiencing a steepening yield curve with long-term Treasury yields having been rising much faster than shorter-term yields. Equities have been buoyed by the prospect of another round of fiscal stimulus from Washington, easy-money policies from the Federal Reserve, and the beginning of a recovery from the COVID-19 pandemic as vaccines are rolled out, but the realization of rising rates has created additional volatility in the stock market especially regarding valuations.

A sell-off in 30-year Treasuries has pushed the US yield curve — which shows the difference between short- and long-term government bond yields — to its steepest level in more than five years.

The gap between benchmark 10-year and two-year Treasury yields, another widely watched portion of the curve, reached its widest point since 2017.

The safe-haven US Treasury is not the only fixed-income instrument under pressure. Asset managers are continuing ditch bonds for stocks which has resulted in fixed-income losses off to the worst start to a year since 2013.

The challenges of finding longer-dated fixed income in a world of low to near zero interest rates have pushed more yield-driven asset managers away of investment grade corporate bonds and into less liquid investments such as real estate.

As inflation weighs, long duration bonds are being hit the hardest, so this would be an opportune time to explore refinancing with longer term execution. We all expect short-term interest rates to remain the same, but the rate environment for extended duration money is moving away from us.

This is an ideal time for clients who are in a position to seek longer duration paper from Life Company lenders.

Malcolm Shaw is a Managing Director at Phillips Realty Capital.

PRC Structures $141.8 Million Bridge Financing for Recently Delivered Apartments Near Amazon HQ2

Bethesda, MD, November 30, 2020

Phillips Realty Capital announced that its client, Erkiletian Development Company, closed on a $141,789,000 bridge loan from global investment firm KKR to recapitalize The Sur, a recently delivered Class-A 360-unit luxury apartment community in the National Landing submarket of Arlington, Virginia near Amazon’s HQ2 and Virginia Tech’s Innovation Campus in Potomac Yard.

Phillips Realty Capital Managing Director Adam Bieber led the transaction and was assisted by Malcolm Shaw and Bill Wrench. The loan was structured as a three-year, non-recourse, interest-only bridge loan with extension options. Proceeds will be used to recapitalize the construction capital stack, with reserves funding additional lease-up costs.

Bieber explained, “Capital markets have been inconsistent and choppy. The strong sponsorship, exceptional quality of the real estate, and continued strength of the Greater DC market resulted in any extremely competitive bidding war for this project.”

Inspired by Big Sur, a rugged stretch of California’s central coast, The Sur melds sustainable and rustic features to create a warm and sophisticated atmosphere with a modern twist. Situated on a 1.67-acre site at 3400 Potomac Avenue, the 12-story luxury community offers modern unit interiors, state-the-art amenities and abundant outdoor living. Just a short walk from the new Amazon headquarters and Virginia Tech’s Innovation Campus, the property includes 16,503 square feet of retail space and 25,000 square feet of amenities with sweeping views of the Potomac River and downtown D.C. Amenities include an outdoor “ Sur” park with a “tree” filled grove for the via, outdoor handcrafted nests to relax in, firepits, abstract Redwood trees with hanging basket chairs, Zen garden, a fully equipped fitness and wellness center, yoga meditation pod, two beautiful rustic yet modern lobbies with air purifying plant wall, surf board installation authentic to the Northern California surfer, pet spa, conference center and rooftop with tranquil water feature and organic styled cabanas. The Sur is within the National Gateway mixed‐use development, a 40‐acre portion of Potomac Yard that includes a residential, office, and retail assets served by the planned Potomac Yard Metro station.

“KKR is focused on finding great opportunities with top sponsorship in our target markets. We are thrilled to be the lending partner in this stage of The Sur’s transition from completed project to stabilized asset,” said Adam Simon, Director on KKR’s real estate team. “The Sur’s characteristics and sponsors match our high bar for lending in this environment, and we appreciate Phillips Realty Capital’s thoughtfulness and expertise in working with us to structure the optimal debt package for this asset.” Funding for the loan is being provided by KKR Real Estate Finance Trust and KKR’s real estate opportunistic credit fund.

“Our family is very appreciative of Phillips Realty Capital and KKR’s collaborative efforts in delivering the right loan for The Sur,” said Stefanie Erkiletian, president of Erkiletian Development Company. “We also want to extend our gratitude to our construction lender, partners, vendors, and consultants who all played pivotal roles in helping us arrive at this moment. We poured our hearts out into the design and development of this legacy asset that we look forward to sharing with our community for generations.”

“The Sur is an exceptional accomplishment for Erkiletian and I could not be more proud of their hard work,” Bieber said. “As a family business, Erkiletian designs buildings for long-term ownership, and treats their residents like family and it shows. We are appreciative of the opportunity to work as their ambassador on such an important assignment, and we are grateful for all parties that worked so tirelessly throughout the whole process during the pandemic to arrive at this result.

Bieber added, “To our lending partners at KKR – bravo! Their team provided a seamless process and execution, and we look forward to the next opportunity to collaborate in the near future.”

About Erkiletian Development Company

For over 50 years, Erkiletian has developed, constructed and owned properties that have earned the firm a reputation as one of the most trusted names in the Washington D.C. real estate and business community. Today, its portfolio of residential, commercial and mixed communities is proof of its dedication to creating pleasing and effective environments that flourish and grow into desirable destinations. Founded by Myron (Mike) P. Erkiletian, the firm remains a family-owned business that is guided by the principles he set in place: to develop, build and invest in properties that define a region; to employ building and management practices that are responsible and forward thinking; and to be committed to integrity in every relationship we make. For more information visit

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