PRC Secures $36.5 Million for Reynolds Development’s Altria Building

Bethesda, MD, June 20, 2017

Phillips Realty Capital today announced that it secured $36,500,000 of permanent financing on behalf of Reynolds Development for the Altria Building at Reynolds Crossing located at 6603 W. Broad Street in Richmond, Virginia. Phillips Realty Capital Managing Director Charles DuBose arranged the financing.

Located in the Reynolds Crossing mixed-use development at the intersection of Interstate 64 and W. Broad Street in Richmond, Virginia, the 222,057 SF Class B building was built in 1968 and renovated in 2007. It is fully leased to a single credit tenant, Philip Morris USA, a wholly-owned subsidiary of Altria. The building serves as the headquarters for Phillip Morris USA.

“With a single-tenant office property and a lease set to expire during the loan term, we knew we needed the right team to arrange the best financing for this building. Phillips succeeded in structuring around those challenges to secure a great deal,” said Sarge Reynolds of Reynolds Development.

“Reynolds Development and particularly Reynolds Crossing is well-known in the region,” said DuBose. “We’ve helped them secure financing for multiple properties, leveraging their reputation for superior quality planning and execution in Richmond’s suburban commercial real estate market.”

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