Bethesda, MD, July 29, 2015 – Phillips Realty Capital (PRC) announced today that it has closed transactions totaling nearly $650,000,000 in the first half of 2015. That sets a mid-year production record for the boutique commercial real estate investment banking firm based in Bethesda, Maryland.
Among the deals closed recently was a permanent loan for Marymount University to replace the enigmatic “Blue Goose” building at 1000 N. Glebe Road in Arlington, VA. The financing structure allows the University to maintain its primary rights to the asset. The new development will include a nine-story office building, a 15-story residential building, retail space, and a public plaza with a western entrance to the Ballston Metro Station.
“The ‘Blue Goose’ deal is a great example of the role we play in commercial real estate,” said Phillips Realty Capital CEO, C. Stephen Shaw, Jr. “We’re going to do everything it takes to structure the best deal for our client, while also making sure it’s the right fit for the lender. That means working with the property owner to demonstrate the real value of the property, and then exploring the full range of the market to find the right lender and the right terms.”
Other notable 2015 Phillips Realty Capital transactions include:
- $85,000,000 construction-to-permanent loan for a student residence development in Daytona Beach, Florida;
- $68,000,000 Permanent financing for a Class A office building in Washington, DC;
- $51,000,000 permanent loan for a multi-family property in in Cumberland, South Carolina, financed at 90 percent of cost; and
- $51,000,000 construction/permanent loan for a mixed-use property in Gaithersburg, MD.
Phillips Realty Capital’s Chief Operating and Financial Officer, Joseph C. Tilley, noted that the 32 transactions closed before July 1, 2015 were spread across 27 different capital sources.
“The diversity of capital source providers we’ve worked with over the last six months demonstrates our ability to cover the market for our clients,” said Tilley. “That level of service and dedication is why we have been successful in beating our goal of closing around $100-million a month.”
About Phillips Realty Capital
Phillips Realty Capital is a leader in Washington, D.C. commercial real estate finance, structuring approximately $1.2 billion in debt and equity transactions a year and servicing a $2.0 billion loan portfolio on behalf of 24 institutional investors. Established in 1933, Phillips has a proven track record of collaborating with premier property owners, lenders, and investors to structure the most competitive transactions available in the market. With offices in Bethesda, Richmond and Charlottesville, dedicated teams of experts deliver reliable financial analysis, precise valuations, and deep knowledge of capital markets to engineer the proper mix of capital to meet each client’s needs.