Bethesda, MD, June 7, 2018 –
Phillips Realty Capital announced that a $22,500,000 transaction on behalf of repeat client Rappaport has closed and funded. United Bank provided permanent financing for WesTech Corner, a 41,262-square-foot community shopping center located at the intersection of Route 29 and Prosperity Drive in Silver Spring, Maryland. Mark Remington, Principal at Phillips Realty Capital, arranged the financing.
WesTech Corner is 100% leased to a mix of national destination and convenience retailers including Five Guys, Chick-fil-A, Qdoba Mexican Grill, TGI Fridays, Panera Bread, IHOP, and Capital One Bank. The center is located in a densely populated area with more than 300,000 people with average household incomes of over $102,000 living within a five-mile radius. Adjacent to the Hilton Garden Inn Silver Spring, its frontage on Route 29 gives the center visibility to more than 65,000 vehicles per day. Since acquiring the property in October 2014, Rappaport has invested $500,000 in improvements.
“This deal bucks suburban retail trends,” Remington said. “Rappaport is a best-in-class sponsor, and this is a seasoned center with stable, long-term leases. Closing this deal was a matter of matching a premier sponsor with a premier lender.”
“United Bank knows this region and was the ideal lending partner for this asset,” said Gary D. Rappaport, Chief Executive Officer at Rappaport. “Phillips was well positioned to showcase not just the center’s value but the value we add over the long term to the property. Their work on the front end ensured a smooth closing.”
About Phillips Realty Capital
Phillips Realty Capital is a leader in Washington, D.C. commercial real estate finance, structuring approximately $1.2 billion in debt and equity transactions a year and servicing a $2.5 billion loan portfolio on behalf of 25 institutional investors. Established in 1933 and still privately owned, Phillips has a proven track record of collaborating with premier property owners, lenders, and investors to structure the most competitive transactions available in the market. With offices in Bethesda, Richmond, Charlottesville, and Alexandria, dedicated teams of experts deliver reliable financial analysis, precise valuations, and deep knowledge of capital markets to structure capital stacks that leverage debt and equity financing to maximize the value of client assets. Read more at www.phillipsrealtycapital.com.
Rappaport provides the Washington, D.C. area with professional real estate services centered exclusively on the retail sector. Founded in 1984 by Gary D. Rappaport, Rappaport owns, manages and develops shopping centers. The company also provides leasing, tenant representation, property management, marketing, development, construction management, receivership and consulting services for retail space in shopping centers and mixed-use properties throughout Washington, D.C., Maryland and Virginia. Read more at www.rappaportco.com.
About United Bank
United Bank is the largest community bank headquartered in Greater Washington. It has assets of approximately $18.6 billion and 142 full-service banking locations throughout Washington, D.C., Virginia, Maryland, West Virginia, Ohio and Pennsylvania. For more information, visit BankWithUnited.com.