Apartment Community
Gaithersburg, MD
Procured a floating rate, construction loan for this 204-unit, seven building, garden-style apartment community in Frederick, Maryland. A national bank provided the financing for this development.
Office Building
Arlington, VA
Procured a fixed-rate, permanent loan for this two-story, Class-A medical office building located in Lorton, Virginia. The property contains 20,947 rentable square feet and is 100% leased. A local bank provided the financing for this transaction.
The project, which spans two city blocks in Northwest Washington, DC, anchored by a Giant grocery, contains approximately one million square feet of mixed-use development including residential, retail and hotel uses. Financing was procured from a private investor.
Secured a fixed-rate, permanent loan to refinance this apartment building in Rockville, Maryland. A national bank provided the financing for this transaction.
Apartment Building
Rockville, MD
Flex/Industrial Warehouse
Elkridge, MD
Secured fixed-rate permanent financing to refinance a three-strory office building in Northern Virginia. Financing included structuring around high vacancy and near term rollover.
Office Building
Fairfax, VA
Two Flex Buildings
Sterling, VA
Secured a fixed-rate permanent loan to refinance this three-story office building in Sterling, Virginia. Financing was provided by a national life insurance company.
Office Building
Sterling, VA
Class A Office Portfolio
Chantilly, VA
Secured a fixed-rate, permanent loan to refinance this office portfolio of two buildings in Reston, Virginia. Financing was obtained from an international bank.
Fast Food Portfolio
DC, MD, VA
Procured a fixed-rate, 15-year loan to refinace this 136,762 square foot office building located in Bethesda, Maryland. This six-story building was constructed in 1981 and is equipped with three elevators.
Class A Office Building
Bethesda, MD
Long-Term Ground Lease
Bethesda, MD
Apartment Building
Washington, DC
Apartment Building
Washington, DC
Portfolio
Gainesville, VA
Secured a 10-year, fixed-rated loan in the amount of $20,000,000 to refinance this 143,500 square foot shopping center in Silver Spring, Maryland. Financing was provided by one of our correspondent lenders.
Shopping Center
Silver Spring, MD
Obtained a fixed-rate Fannie Mae loan for this established multi-family property. The apartment community is located in Santee, California, a San Diego suburb.
Apartment Community
Santee, CA
Financing was provided by one of our correspondence lenders for this medical office building in Silver Spring, MD.
Medical Office Building
Silver Spring, MD
Obtained a $17,040,000 aquisition loan to purchase this mixed-use/multi-family property in Annapolis, MD.
Mixed-Use/Multi-Family
Annapolis, MD
Retail Center
Gaithersburg, MD
Two Flex/Warehouse Buidlings
Rockville, MD
Medical Office Building
Lorton, VA
Friday, January 22, 2010
BETHESDA, DC - Ever since last September, various brokers and capital providers in the DC area have reported that life insurance companies were back in the market. We can add another firm to that list--locally based Phillips Realty Capital, which has placed at least $125 million in life deals on DC-area commercial real estate since Q4.
The company is actively working on deals with a number of life firms, CEO and president Steve Shaw tells GlobeSt.com, including TIAA, ING, Lincoln Financial, Prudential, Guardian Life and Hancock. "Life insurance companies are absolutely coming back into the market--they need to deploy capital and DC is the best place for them to do so."
For the first half of 2009 life companies lent secured funds to the REIT markets, but when the unsecured markets came back in the second part of the year, that investment avenue closed to life companies.
Their terms are still quite conservative, with low LTVs at 65% and buildings that are well located with good sponsorships, low vacancies and a sustainable cash flow, Shaw says. "The real question is: When will life companies start taking on more risk so they can deploy their money?" he adds.
Eventually it will happen, Shaw predicts--as life companies and others begin to understand the new valuations in the market. Recent deals he has placed include $24 million to refinance an industrial building in Springfield, VA, by Lincoln, and a $25-million office refi in Georgetown, by Guardian Life. At the same time, the life money is prompting equity sitting on the sidelines to move in and support deleveraging deals and transactions. "There are mezz and preferred equity groups willing to fill in the gaps borrowers have," Shaw says. "But they, and the borrower, need debt as well." He adds that Phillips Realty Capital is building out this particular piece of its service portfolio. "We are focusing on our workout group in terms of deleveraging and restructuring. That is where the most questions are right now."