PRC Arranges $26.5 Million Permanent Financing for RMJ Development’s Evergreens at Columbia Town Center

Bethesda, MD, March 20, 2017 – Phillips Realty Capital announced that a $26,500,000 transaction on behalf of the RMJ Development Group has closed and funded. Permanent financing for The Evergreens at Columbia Town Center, a 156-unit active adult apartment community in Columbia, MD, was provided by PGIM Real Estate Finance. The financing was structured by Adam Bieber, Managing Director at Phillips.

Phillips Realty Capital announced that a $26,500,000 transaction on behalf of the RMJ Development Group has closed and funded. Permanent financing for The Evergreens at Columbia Town Center, a 156-unit active adult apartment community in Columbia, MD, was provided by PGIM Real Estate Finance. The financing was structured by Adam Bieber, Managing Director at Phillips.

Developed in 2005 by RMJ and professionally managed by Community Realty Co., Inc., the Evergreens at Columbia Town Center offers luxury apartments for active adults 55 and better in the planned community of Columbia, Maryland, named in Money magazine as one of “America’s Best Places to Live.”

“Our goals for this transaction were to eliminate potential interest rate risk by waiting another year to our loan maturity, reduce our prepayment penalty, and lock-in a long-term loan given the historically low interest rate environment,” said John D. Rhoad, Jr, Managing Principal of RMJ. “Adam and his team worked with an array of lenders in order to expertly structure a perfect match and run a seamless process through closing. We were thrilled with the synergy between all parties involved.”

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