PRC Secures $24 Million in Financing for Monument’s 8th & Main Apartments

Bethesda, MD (September 13, 2016) – Phillips Realty Capital today announced that it secured $24,000,000 of permanent financing on behalf of The Monument Companies (“Monument”) for its newly renovated 8th & Main Apartments located in the heart of downtown Richmond, Virginia.

Phillips Realty Capital today announced that it secured $24,000,000 of permanent financing on behalf of The Monument Companies (“Monument”) for its newly renovated 8th & Main Apartments located in the heart of downtown Richmond, Virginia.

Monument recently transformed the old Morris Plan Bank and office building into Class A luxury apartments with a rooftop swimming pool and terrace, an on-site fitness center, and dedicated parking. The property includes 195 loft apartments, with one-, two-, and four-bedroom units. Located at the southwest corner of E. Main Street and S. 8th Street, the property also includes 9,778 square feet of commercial space, much of which has been leased to Apple REIT, a publicly traded hospitality REIT headquartered in Richmond.

Phillips Realty Capital Managing Director Charles DuBose structured the financing with one of Phillips Realty Capital’s correspondent lenders.

“We have extensive experience with Historic Rehabilitation Tax Credit (HTC) projects like this,” said Christopher Johnson, a principal with Monument. “We needed an investment banker that understood the complexities involved, as well as the market dynamics and property attributes. Phillips delivered.”

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