Bethesda, MD, October 22, 2018 –
Phillips Realty Capital announced that a $10,750,000 transaction on behalf of Madison Marquette has closed and funded. Bridge Investment Group provided financing for Beachcliff Market Square, a 97,160 square-foot open-air mixed-use community center just outside Cleveland, Ohio. Mark Remington, Principal at Phillips Realty Capital, arranged the financing. Madison Marquette and Mr. Remington have worked on multiple capital assignments together over many years.
Built in 2006, Beachcliff Market Square is located in Rocky River, 10-miles from downtown Cleveland. The open-air lifestyle center offers approximately 10,000 square feet of office and 87,000 square feet of retail space occupied at 80 percent of capacity by a blend of local and national tenants. The Property is comprised of one- and two-story community center buildings and a 127-space underground parking garage.
“Retail financing, especially without an anchor, is challenging. Lenders are looking not just at the strength of the sponsor, but also the health of the tenants,” Remington said. “Madison Marquette’s reputation and long-term ownership of the property coupled with recent lease renewals were key factors in securing financing.”
“Phillips was able to structure and secure financing that allowed us to get cash out of the asset and provide sufficient good news money to lease up the vacant space in our project,” said Omar Doughan of Madison Marquette.
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 $2.5 billion loan portfolio on behalf of 25 institutional investors. Established in 1933 and still privately owned, 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, Charlottesville, and Alexandria, dedicated teams of experts deliver reliable financial analysis, precise valuations, and deep knowledge of capital markets to structure capital stacks that leverage debt and equity financing to maximize the value of client assets. Read more at www.phillipsrealtycapital.com.
About Madison Marquette
Madison Marquette merged operations with PMRG in June 2018 to create a new leader in commercial real estate. The firm offers PMRG’s leasing, property management, investment management and development services, combined with Madison Marquette’s specialized development, investment and marketing expertise. Madison Marquette’s strength in retail and mixed-use assets joined PMRG’s office, medical, industrial and multi-family capabilities to provide national leadership across asset classes. PMRG’s dominance in the southern US combined with Madison Marquette’s presence in primary gateway markets on both coasts to serve the top institutional owners and investors in the industry. The company provides leasing and management services to a diverse portfolio of 330 assets in 24 states and manages an investment portfolio valued at over $6 billion. The combined company is headquartered in Washington, DC with a major presence in Houston, TX. With 600 professionals in 13 regional markets, the merged firm is a member of the Capital Guidance group of companies.
About Bridge Investment Group
Bridge Investment Group is a privately held real estate investment management firm with $10 billion in assets under management. Bridge combines its 1,000-person, nationwide operating platform with specialized teams of investment professionals focused on select US real estate verticals, which Bridge believes offer above-market opportunity: Multifamily, Office, Seniors Housing, Affordable Housing and Debt Strategies. Read more at www.bridgeig.com.