Washington, DC (January 19, 2016) – Phillips Realty Capital is proud to have structured $47,400,000 of construction financing and $20,000,000 of preferred equity on behalf of Monument Realty for the redevelopment of 225 North Calvert Street in Baltimore, MD.
Monument Realty and its investment partners, HQ Capital Real Estate L.P., Profimex Ltd. and EB5 Capital, announced today that they have closed on a $47.4 million construction loan with Citizens Bank, N.A. and First Niagara Bank, N.A. to transform a 1960s era, vacant office building in downtown Baltimore into a mixed-use residential and retail project. Phillips Realty Capital’s joint venture partner, EB5 Capital, provided $20 million in preferred equity. Located in Baltimore’s evolving urban core at the intersections of Lexington and Calvert Streets, 225 North Calvert Street will include 346 apartment units and 9,535 SF of ground floor retail.
The financing was structured by Dan Shiff, Managing Director of EB5 Capital and a Principal at Phillips Realty Capital, along with Jon Mullen, Director of Investments at EB5 Capital and a Vice President at Phillips. The borrower was represented by David Foulk, Principal at Phillips Realty Capital. The EB-5 financing raise was led by Brian Ostar, Director of Global Operations for EB5 Capital.
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