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PRC Secures $49,625,000 Acquisition Loan for Two Herndon Office Buildings

Bethesda, MD, January 16, 2020

A joint venture between Goodstone LLC and Waterfall Asset Management LLC announced that it secured $49,625,000 of debt financing from Bridge Investment Group to acquire and renovate Northridge I & II, two separate but contiguous properties that jointly offer 258, 452 square feet of office space in Herndon, Virginia adjacent to Amazon Web Service’s east coast hub. The acquisition loan structured by Phillips Realty Capital includes funding for 100% of Goodstone’s strategic modernization plans that combine the properties into one integrated campus with shared amenities and upgrades that will restore the buildings to “best-in-class” status. Timing of this transformative redevelopment will be concurrent with delivery of the proximate Innovation Center Metro mixed-use transit center.

“Our relationships with two different property sellers at this unique time and location presented a special set of circumstances we are acutely well positioned to leverage,” said Stephen Durr, President of Goodstone. “By consolidating ownership, we can make high-impact investments at competitive rates, timed to align with growth around the new metro so the value of the new combined asset will exceed the sum of its parts.” Goodstone plans to unify the properties with shared tenant amenities including food service, conferencing, fitness and tenant collaboration spaces, as well as deliver contemporary spec suites and turnkey tenant spaces desired by today’s employers seeking to attract talent.

“Northridge is well-located to serve a growing tenant market of technology, cyber-security, healthcare, and defense firms,” said Jay Haberman, Managing Director, Bridge Investment Group. “The properties are 87% leased, falling to 67% over the next eighteen months, which is ideal timing for Goodstone to implement its transformative vision tailored to suit the needs of this market.”

“The financing structure includes good news money to maximize the upside of Goodstone’s aggressive stabilization plan,” said John Sieber, Phillips Realty Capital Principal. “Phillips has worked with Goodstone on other value-add deals and with Bridge on recent recapitalizations and acquisitions. That combined experience and related knowledge served both the borrower and lender.”

A Cushman & Wakefield team led by Drew Flood and Shaun Collins represented the seller of Northridge I. Bill Prutting and Jim Molloy with Jones Lang LaSalle represented the seller of Northridge II.

About Goodstone

Goodstone LLC is a commercial real estate investment management firm headquartered in Washington, DC with investments in Maryland, Virginia and Texas. Goodstone sources, acquires and manages commercial office building investment opportunities on behalf of the firm’s principals, private clients and financial institutions. For more information visit www.goodstonellc.com.

About Waterfall Asset Management, LLC

Waterfall Asset Management, LLC is an SEC-registered institutional asset manager focused on structured credit and private equity investments. Waterfall was founded in 2005 and had approximately $8.7 billion in assets under management as of November 2019. Waterfall Asset Management’s headquarter offices are located in New York City. More information can be found online at www.waterfallam.com.

About Bridge Investment Group

A team lead by Jay Haberman originated the loan and provided the funds to acquire the Class-A office property. Bridge Investment Group is a privately-held real estate investment management firm with $16 billion in assets under management. Bridge combines its 2,700-person, nationwide operating platform with specialized teams of investment professionals focused on select U.S. real estate verticals, which Bridge believes offer above-market opportunity: multifamily, office, seniors housing, affordable housing, opportunity zones, and debt strategies. Read more at www.bridgeig.com.

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PRC Structures $27.8M Investment with Argosy for Woodfield OZ-Qualified Apartments

Bethesda, MD, January 14, 2020

Phillips Realty Capital (PRC) announced that a $27,800,000 equity financing on behalf of Woodfield Development has closed and funded. Argosy Real Estate Partners (AREP) provided a joint venture equity investment toward the development of Morrison Yard, a 380-unit, trophy multifamily community in Charleston’s Morrison Drive (NoMo) neighborhood on the Upper Peninsula. The project is AREP’s fourth qualified Opportunity Zone investment. The joint venture equity investment was structured by Adam Bieber, Managing Director at Phillips Realty Capital.

Construction has commenced on the site, which will consist of a ten-story concrete high-rise building and a six-story wood-framed mid-rise building, each featuring studio, one-, two-, and three-bedroom floor plans with best-in-class interior appointments and community amenities. The complex will offer ground-floor retail, a two-story parking structure, an expansive clubhouse, eight open courtyard spaces, multiple water features, and unparalleled views. The NoMo area in the Peninsula submarket is emerging as Charleston’s premier residential destination, offering tremendous access to the market’s primary employment nodes and lifestyle amenity destinations in nearby Mount Pleasant.

“We are thrilled to have had the opportunity to work on behalf of Woodfield Investments and Argosy Real Estate Partners on the structuring of Morrison Yard,” Bieber said. “Both groups contain the perfect mixture of expertise and experience in the market, and we look forward to seeing how this incredible, transformative project changes the landscape of the NoMo District in Charleston.“

“Since the moment we sourced Morrison Yard, we have been excited about the opportunity. This development was sourced prior to the Opportunity Zone designation, and upon receiving that designation, we were excited about how the advantages would benefit our partners as well as the community,” said Woodfield Partner Mike Schwarz.

“Adam and PRC have been a terrific partner in understanding our developments and finding excellent parties to collaborate with,” Schwarz added. “The entire Woodfield team is elated about our first joint venture with Argosy Real Estate Partners, which we hope will be the first of many.”

Commenting on the project, Argosy Vice President Jason Abel said, “The Argosy model has always been to source opportunities in partnership with experienced local operating partners. Charleston is a market that we have recently invested in and targeted, and we are excited about the partnership with Woodfield Development and the addition of Morrison Yard to our platform. We echo the excitement around the project and look forward to a successful relationship with Woodfield on what we hope will be the beginning of a multi-project relationship.”

About Woodfield Investments

Woodfield Development is a premier developer and operator of Class A multifamily communities. Amongst its peer group, the Woodfield partnership has unmatched experience in development, asset management and real estate finance. Since the formation of the company in 2005, Woodfield has completed 30 communities, has 10 communities under construction and numerous projects in various stages of entitlement and design. From the first project to each thereafter, the singular goal is to deliver well-conceived, thoughtfully designed, market supported projects that hit our markets’ sweet spot and create value for our investors and partners. With a track record that stands above, Woodfield Development sets out to assemble the best team of designers, consultants, architects, contractors and capital sources – every development, every time. Read more at www.woodfieldinvestments.com.

About Argosy Real Estate Partners

Argosy Real Estate Partners specializes in opportunistic, value-add and core-plus real estate investments in the middle market. Argosy Real Estate Partners invests in multifamily, office, retail, lodging and for-sale residential opportunities throughout the United States. Argosy currently manages over $1.2 billion of gross value of real estate assets and uncommitted equity capital on behalf of institutional investors, family offices and high net worth individuals. Argosy Real Estate Partners is a subsidiary of Argosy Capital. For further information, visit www.argosyrep.com.

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PRC’s Mark Remington Share Insights on Hotel Financing

Bethesda, MD, November 7, 2019

PRC’s Mark Remington was part of a panel discussion on “The Anatomy of the Capital Stack & Creative Financing” at Bisnow’s Hotel Leadership, Investment & Management Summit.

…The pullback on LTV creates more opportunities for gap financing … Another source that can fill the gap is EB-5 financing, said Phillips Realty Capital principal Mark Remington.

Remington also said he is seeing banks lending only up to 50% or 55% of the capital stack. He said some debt funds are willing to go up to 65% or 75%, but the interests rates become significantly higher. “In the bank world they’re reserving their precious capital for their best clients,” Remington said. “They’re doing lower leverage and more recourse. The debt funds are filling the void as they did 10 years ago.”

Read more on Bisnow.

 

PRC Structures $28.8M Acquisition Loan for Purchase of Class A Office in New Jersey

Bethesda, MD, October 30, 2019

Phillips Realty Capital announced that a $28,795,000 transaction on behalf of Legacy Investing, LLC, a repeat client, has closed and funded. Bridge Investment Group provided non-recourse financing for Legacy to acquire a 205,000 square foot Class-A office building located at 77 Corporate Drive in Bridgewater, NJ. Phillips Realty Capital’s William Lawson and Adam Bieber structured and placed the loan.

Originally developed as an expansion of Sanofi’s adjacent headquarters building, 77 Corporate Drive is part of a lush 300-acre office park located between Interstates 287 and 78. Built in 2011, fully configured for Sanofi by 2014, and upgraded in 2019, the property is comprised of four stories of highly efficient office space that accommodates close to 1,000 seats and over 100 meeting spaces. Building amenities include a café, sit-down areas, conference facilities, full building generator back-up and four loading dock bays. Designed to capitalize on the property’s central New Jersey location, less than an hour outside of New York City, 77 Corporate Drive has the unique potential to accommodate a parking ratio of seven spaces per 1,000 square feet leased.

Legacy Investing purchased the property from Senior Housing Properties Trust for $47.5 million. Currently 59% leased to IQVIA, a publicly traded multinational health information technology and clinical research company, the property is well suited to capture an additional anchor tenant or be demised for multi-tenant use with plug-n-play space featuring available furniture and high-end fixtures and finishes.

“Legacy’s proven track record with property lease-ups coupled with the characteristics of this asset fit well with Bridge Investment Group’s portfolio strategy,” explained Lawson of Phillips Realty Capital. “Based on deals we’ve worked on separately for each firm, we knew this would be a win-win for the borrower and the lender.”

“The Phillips team remains an outstanding resource and partner for our team when we evaluate all types of real estate transactions,” said Jay Rappaport, co-founder and Managing Member of Legacy Investing. “We were thrilled with their ability to structure the right capital partner for this opportunity, and we look forward to working with them and Bridge on future deals.”

About Legacy Investing, LLC

Legacy Investing invests in asset classes where tenant demand is being disrupted by fundamental changes in technology. Legacy focuses on data center, industrial and office real estate across the US. The firm’s team of seasoned technology and real estate executives has leveraged this platform over the past decade to complete more than $1.5 billion in transactions. Read more about Legacy Investing at www.legacyinvesting.com.

About Bridge Investment Group

A team lead by Jay Haberman originated the loan and provided the funds to acquire the Class-A office property. Bridge Investment Group is a privately-held real estate investment management firm with $16 billion in assets under management. Bridge combines its 2,700-person, nationwide operating platform with specialized teams of investment professionals focused on select U.S. real estate verticals, which Bridge believes offer above-market opportunity: multifamily, office, seniors housing, affordable housing, opportunity zones, and debt strategies. Read more at www.bridgeig.com.

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PRC Works with Madison Marquette on the Recapitalization of One Light Street

Bethesda, MD, October 28, 2019

Phillips Realty Capital’s Mark Remington is proud to have worked with Madison Marquette and Bridge Investment Group on the $185 million recapitalization of One Light Street. Located in the heart of downtown Baltimore, One Light Street is a new trophy mixed-use high rise featuring luxury residential apartments, Class A office space, garage parking and ground floor retail. Madison Marquette recently issued a press release which can be read in its entirety on PR Newswire or below.

Madison Marquette, a leading private real estate investment manager, service provider, developer and operator, announced today that it has structured $185 million financing through Bridge Investment Group to recapitalize One Light Street, a new trophy mixed-use high-rise in downtown Baltimore. The 28-story mixed-use tower features luxury residential apartments, Class A office space with M&T bank as the lead tenant and 5,000 square feet of ground floor retail. Madison Marquette is the developer of the property.

“We are delighted to see downtown Baltimore attracting continued investment confidence,” said Peter Cole, Chief Development/Asset Management Officer, Madison Marquette. “This recapitalization is a solid endorsement of the live-work-play dynamic that One Light Street offers along with its extraordinary location in the heart of the city’s original Business District.”

“One Light Street’s success is compelling proof that Baltimore’s harbor city attributes continue to be magnets for new development,” said Jay Haberman, Managing Director, Bridge Investment Group. “This unique tower combines location, amenities and 21st century excitement within walking distance of Baltimore’s world class harbor and Camden Yards. Its popularity speaks to Baltimore’s stature as one of America’s great cities to live and do business.”

One Light Street offers a dramatic glass curtain wall and nine floors of modern, virtually column-free office space topped by ten floors of 280 luxury apartments with sweeping views of the Inner Harbor and Baltimore skyline. The tower also includes ground floor retail and nine levels of garage parking, located just two blocks from Baltimore’s Inner Harbor. The building earned a LEED Silver designation for new construction and offers a full complement of best-in-class amenities — including a gym, yoga studio, dog park, common space with indoor and outdoor kitchens, a pool, and sun deck. While the apartments are attracting a broad and diverse demographic – from young professionals to empty nesters, M&T Bank occupies 155,000 square feet on six floors for its Mid-Atlantic headquarters.

Peter Cole and George Kelly led the recapitalization efforts for Madison Marquette. Jay Haberman represented the lender, Bridge Investment Group in this transaction. Phillips Realty Capital’s Mark Remington served as advisor in the recapitalization.

About Madison Marquette

Madison Marquette is a leading private real estate investment manager, service provider, developer and operator headquartered in Washington, D.C. As a full-service real estate provider, the company delivers integrated investment, development, leasing and management services to a diverse portfolio of 330 assets in 20 states and manages an investment portfolio valued at over $6 billion. The company partners with global, institutional and private investors to provide industry-leading investment and advisory services across asset classes — including mixed-use, retail, office, medical, industrial, senior living and multi-family. Founded in 1992, the company built its reputation on the successful development, repositioning and redevelopment of landmark mixed-use assets, and now leverages that performance legacy to provide clients with exceptional asset services and investment advice. Madison Marquette has over 620 professionals providing nationwide service from 14 regional markets and is a member of the Capital Guidance group of companies.

About Bridge Investment Group

Bridge Investment Group is a privately-held real estate investment management firm with $16 billion in assets under management. Bridge combines its 2,700-person, nationwide operating platform with specialized teams of investment professionals focused on select U.S. real estate verticals, which Bridge believes offer above-market opportunity: multifamily, office, seniors housing, affordable housing, opportunity zones, and debt strategies.

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PRC Structures $67 Million Data Center Value-Add Capital for Element Critical

Bethesda, MD, August 26, 2019

Phillips Realty Capital announced that a $67,000,000 transaction on behalf of Element Critical and its sponsors, Safanad and Industry Capital, has closed and funded. A team led by Bryan Leigh at EagleBank provided the funds to refinance and improve the 199,097 SF Tier III data center and office building located in Vienna, VA. Phillips Realty Capital’s William Lawson, Adam Bieber, and Harmon Handorf structured the debt financing.

Located at 7990 Quantum Drive, Element Critical’s Northern Virginia facility was built in 1978 and acquired by Safanad Industry Capital Internet Infrastructure, L.P. in 2016 from The Meridian Group. At completion, the Property will feature nearly 130,000 square feet of raised floor, including an 8 MW expansion of critical power in a N+1 redundancy configuration. This transaction will help fund the expansion plans that began shortly after the 2016 acquisition. The Property is predominately leased by publicly traded, investment grade tenants.

“On behalf of Element Critical and our sponsors, we were pleased with the market’s reaction to our transformation and enhancement of Quantum Drive,” said Ken Parent, CEO of Element Critical. “We were impressed by both Phillips Realty Capital’s financing team’s ability to tell our story and structure accretive capital and EagleBank’s well-tailored loan that will enable us to reach our goals with this asset.”

Lawson explained, “The capital markets for data center financing are rapidly evolving with more traditional and conventional lenders starting to invest in the space. Element Critical and its sponsors offer a powerful blend of capital expertise and operational excellence within the industry. EagleBank quickly demonstrated their deep knowledge and understanding of the market and provided our sponsor with a terrific structure for the next phase in this asset’s life-cycle.”

“Northern Virginia is the largest and most dynamic data center market in the world. Structuring debt in this critically important market for sponsors with expertise and passion is incredibly rewarding,” said Bryan Leigh, SVP Commercial Real Estate at EagleBank.  “We are very optimistic about the market and this asset in particular, and we’re committed to deploying more capital into this space.”

About Element Critical

Element Critical manages and operates data centers in Silicon Valley, Northern Virginia and now Chicago. The company’s Tier III hybrid IT ready facilities are carrier-neutral, network-rich, concurrently maintainable and available in a variety of deployment sizes and densities. Element Critical cares as much about the people they serve as the servers they house. Element Critical offers a data center experience that brings solutions engineering and customer service out of the shadows and into the spotlight. For more information, visit elementcritical.com.

About Safanad

Safanad is a global principal investment firm founded in 2009 with its main presence in New York and offices in London and Dubai. The firm creates sustainable value by pursuing opportunities underpinned by long-term social and economic insights and clear public sector policies and plans. As a principal investor, Safanad utilizes its capital, expertise and exceptional management partners to preserve and grow wealth for the firm and its global private and institutional clients. To date, Safanad has successfully executed ~$10 billion of transaction value in the U.S. and Europe across sectors including healthcare, education, student housing, suburban offices, automotive supply chain, and data centers. For more information, visit safanad.com.

About Industry Capital

Industry Capital is a private equity firm investing in real assets globally. The firm was founded in 2003 and based in San Francisco. Since inception, the firm has grown through investments in industrial real estate, real assets and a wealth management business. Industry Capital has a track record of success in operationally intensive real estate and has relationships with major pension funds, High-Net-Worth and private equity firms. Industry Capital is led by three partners with significant investment experience and a seasoned team of over 20 people.

About Eagle Bancorp, Inc & EagleBank

Eagle Bancorp, Inc. is the holding company for EagleBank, which commenced operations in 1998. EagleBank is headquartered in Bethesda, Maryland, and conducts full service commercial banking through 20 offices, located in Suburban, Maryland, Washington, D.C. and Northern Virginia. EagleBank focuses on building relationships with businesses, professionals and individuals in its marketplace. For more information, visit eaglebankcorp.com.

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PRC Works with Brennan Investment Group on Development of Headquarters and Cold Storage Distribution Facility

Bethesda, MD, March 8, 2019

Phillips Realty Capital is proud to have worked with Brennan Investment Group to secure development financing for a new headquarters and cold storage distribution facility for Poultry Products Northeast in Londonderry, New Hampshire. Financing was arranged by John Sieber and William Lawson and provided by Camden National Bank, a Full-Service Community Bank headquartered in Camden, Maine. Brennan Investment Group recently issued a press release which can be read in its entirety on their website or below.

Brennan Investment Group, LLC, a private real estate investment firm that acquires, develops and operates industrial properties on a national basis, has announced plans to build and leaseback a new, state-of-the-art headquarters and freezer/cooler distribution facility for Poultry Products Northeast (“PPNE”) in Londonderry, New Hampshire. The site is located less than an hour from Boston with immediate access to I-93 and minutes away from the Manchester airport. PPNE, founded in 1959, is the largest independent food distribution company specializing in center-of-plate meat products in New England.

This build-to-suit project will comprise 105,000 square feet on nearly 26 acres and will significantly improve the company’s operating efficiency. The building is also designed for future expansion, which will allow PPNE to grow substantially over the longer term. Groundbreaking is scheduled during the first quarter of 2019. “We appreciate the opportunity to accommodate PPNE’s growth by delivering a first-class facility,” said Chris Massey, Managing Principal at Brennan Investment Group. “Our ability to find solutions that allow companies to grow supports our investment objective of producing stable, long-term cash flow for our investors.”

“The cold storage market has expanded considerably in recent years due to increasing demands for both fresh food products and e-commerce growth,” said Scott McKibben, Chief Investment Officer at Brennan Investment Group. “We will see a significant amount of new development as the freezer/cooler sector simultaneously modernizes and meets new customer requirements.”

Brennan’s development activities have increased significantly over the last several years with active build-to-suit and speculative projects underway in Chicago’s O’Hare market, Atlanta, Central Florida, Austin, Houston, Salt Lake City, and Denver. Active in major in-fill markets across the United States, Brennan sees long-term, stable demand from technology-enabled uses including e-commerce, robotics, automation, and data centers.

About Brennan Investment Group

Brennan Investment Group, a Chicago-based private real estate investment firm, acquires, develops, and operates industrial properties in select major metropolitan markets throughout the United States. Since 2010, Brennan Investment Group has acquired over $3 billion in industrial real estate. The company’s current portfolio spans 28 states and encompasses nearly 40 million square feet.

Brennan Investment Group co-invests with private and institutional capital to achieve outstanding risk-adjusted returns. The firm’s management team is among the most accomplished in its industry, having invested in over 4,000 properties covering more than 60 cities throughout the United States, Canada and Europe.

For more information on Brennan Investment Group, go to brennanllc.com.

PRC Structures $63 Million for Ohana Waikiki Malia Hotel in Honolulu

Bethesda, MD, February 6, 2019

Phillips Realty Capital announced that a $63,000,000 transaction on behalf of Lucky Hotels USA has closed and funded. Benefit Street Partners provided fixed-rate permanent financing secured by the 327-room OHANA Waikiki Malia Hotel located in Honolulu, Hawaii. The financing was structured by John R. Sieber, Jr., CMB, a Principal at Phillips Realty Capital. Aaron Derby, Managing Director, Originations at Benefit Street Partners, represented the lender.

Managed by Outrigger Hotels and Resorts, the property is located in the Waikiki Resort District just three blocks from the beach at 2211 Kuhio Avenue. The Hotel consists of two towers built in 1960 and 1980 and underwent a $6.2M renovation in 2010 to update the rooms, lobby, and common areas. Amenities are geared towards family and group travelers with connecting rooms and one-bedroom units with kitchenettes. Visitors are just steps from Kalakaua Avenue’s “Luxury Row,” a renowned shopping and international travel destination.

“We sought out a lender with deep understanding of Hawaii’s hospitality market,” Sieber said. “Benefit Street’s experience in the market helped them to see the value of a long-term owner with near-term plans for capital upgrades that position the property well for the future.”

“Working with the Phillips team gave us high confidence in the underwriting. Their attention to detail facilitated a timely and seamless closing,” said Derby.

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.

About Lucky Hotels USA

Lucky Hotels U.S.A. Company, LTD (“Lucky Hotels”) is a single-purpose entity that owns the OHANA Waikiki Malia Hotel. Lucky Hotels is owned by Fukuyoshi Kawazoe and his son Michael. The family manages Lucky Hotels and the retail outlets Rivals Lounge and Slice of Waikiki located on property.

About Benefit Street Partners

Benefit Street Partners Realty Trust, Inc. (“BSPRT”) is a publicly-registered, non-traded real estate investment trust (“REIT”) that originates, acquires and manages a diversified portfolio of commercial real estate debt secured by properties located in the United States. BSPRT is externally managed by Benefit Street Partners (“BSP”), a leading credit-focused alternative asset management firm with approximately $26 billion of assets under management. BSPRT invests throughout the capital structure with a focus on generating attractive risk-adjusted returns. Read more at bsprealtytrust.com.

PRC Participates in Salvation Army’s Angel Tree Program

Bethesda, MD, December 6, 2018

As the end of 2018 approaches, Phillips Realty Capital is delighted and humbled by the opportunity to give back to the Washington, DC community our firm has called home for more than 85 years.

This holiday season, PRC employees embraced the holiday spirit by sponsoring needy families in partnership with the National Capital Area Salvation Army. The Salvation Army’s Angel Tree Program has existed for more than 35 years and offers supporters the opportunity to provide new clothing and toys for children of struggling families around the holidays. In partnership with EB5 Capital, PRC and the firm’s employees sponsored more than four dozen children and provided more than 150 toys and 200 items of clothing.

“Thank you to all of our employees who joined Phillips Realty Capital and EB5 Capital in the Salvation Army’s 2018 Angel Tree Project,” said PRC Chief Operating Officer, Joe Tilley. “Through your generosity, we sponsored 52 ‘Angels’ who otherwise would have gone without Christmas gifts because their families are struggling financially and cannot afford the expense. What a treasured experience.”

PRC Structures $10.75 Million for Retail Center in Suburban Cleveland

Bethesda, MD, October 22, 2018

Phillips Realty Capital announced that a $10,750,000 transaction on behalf of Madison Marquette has closed and funded. Bridge Investment Group provided financing for Beachcliff Market Square, a 97,160 square-foot open-air mixed-use community center just outside Cleveland, Ohio. Mark Remington, Principal at Phillips Realty Capital, arranged the financing. Madison Marquette and Mr. Remington have worked on multiple capital assignments together over many years.

Built in 2006, Beachcliff Market Square is located in Rocky River, 10-miles from downtown Cleveland. The open-air lifestyle center offers approximately 10,000 square feet of office and 87,000 square feet of retail space occupied at 80 percent of capacity by a blend of local and national tenants. The Property is comprised of one- and two-story community center buildings and a 127-space underground parking garage.

“Retail financing, especially without an anchor, is challenging. Lenders are looking not just at the strength of the sponsor, but also the health of the tenants,” Remington said. “Madison Marquette’s reputation and long-term ownership of the property coupled with recent lease renewals were key factors in securing financing.”

“Phillips was able to structure and secure financing that allowed us to get cash out of the asset and provide sufficient good news money to lease up the vacant space in our project,” said Omar Doughan of Madison Marquette.

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.

About Madison Marquette

Madison Marquette merged operations with PMRG in June 2018 to create a new leader in commercial real estate. The firm offers PMRG’s leasing, property management, investment management and development services, combined with Madison Marquette’s specialized development, investment and marketing expertise. Madison Marquette’s strength in retail and mixed-use assets joined PMRG’s office, medical, industrial and multi-family capabilities to provide national leadership across asset classes. PMRG’s dominance in the southern US combined with Madison Marquette’s presence in primary gateway markets on both coasts to serve the top institutional owners and investors in the industry. The company provides leasing and management services to a diverse portfolio of 330 assets in 24 states and manages an investment portfolio valued at over $6 billion. The combined company is headquartered in Washington, DC with a major presence in Houston, TX. With 600 professionals in 13 regional markets, the merged firm is a member of the Capital Guidance group of companies.

About Bridge Investment Group

Bridge Investment Group is a privately held real estate investment management firm with $10 billion in assets under management. Bridge combines its 1,000-person, nationwide operating platform with specialized teams of investment professionals focused on select US real estate verticals, which Bridge believes offer above-market opportunity: Multifamily, Office, Seniors Housing, Affordable Housing and Debt Strategies. Read more at www.bridgeig.com.