PRC Structures $58 Million Debt & Equity for Varsity Investment to Build Upper Marlboro Apartments

Bethesda, MD, May 10, 2021

Phillips Realty Capital (PRC) announced that its client Varsity Investment Group closed on a $45.1M construction loan from United Bank, for the development of St. Joseph Apartments, a four-story, stick-built, elevatored, 268-unit project in Upper Marlboro, Maryland. PRC’s Mark Remington and Alec Jenkins sourced and structured the $58M capital stack, including a $12.75M preferred equity investment by FCP® earlier in 2021.

Upon completion, this luxury apartment project will offer spacious units with condo-quality finishes, a superb location with excellent transportation access, abundant nearby amenities in Woodmore Town Center (Wegman’s, Costco, Best Buy), one-mile proximity to the Largo Metro Station, and increasing nearby job generators including the $540M+ University of MD-Capitol Region Medical Center which is under construction and expected to open in June 2021.

“We are excited to be part of a new wave of development in Prince George’s County,” said Donnie Gross of Varsity Investment Group. “The St. Joseph Apartments will help fill a need for a growing population of young professionals seeking modern amenities, suburban conveniences, and easy metro access.”

“We were retained exclusively less than a year ago when there was great uncertainty especially around new construction,” Remington said. “Varsity’s reputation as an experienced bankable sponsor was a critical factor in attracting financing partners, as was the property’s attractive cost basis for a metro-oriented, suburban DC property.”

About Varsity Investment Group

Varsity Investment Group (VIG) is one of the nation’s most well-respected commercial real estate developers in the United States.  VIG redefined the concept of student housing by developing an acclaimed national brand, the Varsity, that set the standard for unparalleled living experiences while activating and energizing the communities around them. In addition to its concentration within student housing Varsity Investment Group also develops market rate & active adult communities, mixed-use, and retail across the continental United States.  The team’s best in class approach across all asset types has translated to successful transactions with publicly traded real estate investment trusts, pension funds, to global investment firms. For more information, visit

About United Bank

United Bank, the largest community bank headquartered in Greater Washington, is a subsidiary of United Bankshares, Inc. (UBSI) and has consolidated assets of approximately $27 billion with 204 full-service banking offices and 20 loan origination offices located throughout Virginia, Maryland, West Virginia, North Carolina, South Carolina, Georgia, Ohio, Pennsylvania and the nation’s capital. For more information, visit

About FCP

FCP® is a privately held real estate investment company that has invested in or financed more than $8.6 billion in assets since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets. The firm makes equity and mezzanine investments in income-producing and development properties. Based in Chevy Chase, MD, FCP invests both its commingled, discretionary funds and separate accounts targeted at major real estate markets in the United States. For further information on FCP, please visit

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