PRC Structures $18.7 Million Construction Loan for Residence Inn Adjacent to Virginia Tech

Bethesda, MD (July 18, 2016) – Phillips Realty Capital today announced that it secured an $18,667,500 construction loan on behalf of Newport Hospitality Group, Inc. and Collegiate Inn of Blacksburg, LLC. for the development of a new Marriott Residence Inn adjacent to the campus of Virginia Tech in Blacksburg, Virginia.

Phillips Realty Capital today announced that it secured an $18,667,500 construction loan on behalf of Newport Hospitality Group, Inc. and Collegiate Inn of Blacksburg, LLC. for the development of a new Marriott Residence Inn adjacent to the campus of Virginia Tech in Blacksburg, Virginia. The six-story, 126-room extended stay hotel will feature suites with fully equipped kitchens and living rooms, an indoor pool, and a 24/7 workout room.

The new hotel will be part of the newly constructed University Crossroads, a mixed-use redevelopment center at the preeminent corner of University City Boulevard and Prices Fork Road. University Crossroads sits catty-corner to Virginia Tech‘s new visitors center and the main entrance to the university. The opening of the new Marriott Residence Inn is anticipated in mid-2018.Phillips

Realty Capital Managing Director Brian Boland structured the financing with a regional bank.

“Phillips leveraged their hospitality sector expertise and relationships with key capital sources to structure an attractive financing package in a tightening market,” said Andrew Carey of Newport Hospitality Group. “This property has significant potential, and Phillips helped us present that to prospective lenders.”

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