PHILLIPS REALTY CAPITAL ARRANGES $31.3 MILLION EQUITY FINANCING FOR WOODFIELD’S VALLEY FORGE APARTMENTS
Bethesda, MD, August 14, 2017 – Phillips Realty Capital announced that a $31,300,000 transaction on behalf of Woodfield Investments has closed and funded. A large global investment management company provided the joint venture equity investment towards the acquisition and development of Woodfield’s Valley Forge Class A luxury apartment community located in King of Prussia, PA. The equity financing was structured by Adam Bieber, Managing Director at Phillips Realty Capital.
Woodfield Valley Forge is a 320-unit Class A luxury apartment community located in The Village at Valley Forge development in the high-growth Philadelphia suburb King of Prussia. The Village at Valley Forge is a 122 acre, mixed-use, lifestyle environment conceived as a village with its own town center, known as the King of Prussia Town Center. The upscale retail and dining destination was developed by JBG Cos. and acquired by a CBRE Global Investors fund in May, when it was reported to be nearly 90% leased.
Walkable to the King of Prussia Town Center, Woodfield Valley Forge is also proximate to the Valley Forge National Park and Chester Valley Trail, offering residents easy access to local outdoor amenities. With a 493-space parking garage (1.54 per unit), the Project also offers abundant parking for residents. The Property will be fully-amenitized, with a pool, fitness center, spin/class studio, flex work space, pet spa and sky lounge. The site plan was approved in March 2017.
“The team at Phillips understands our business model and our track record in communities throughout the Mid-Atlantic,” said Rick Rowland of Woodfield Investments. “We are very happy that they were able to help us find a partner, not just an equity allocator. We are already seeing early synergies from this new partnership in our first project in the dynamic Philadelphia market.”
"Phillips was privileged to work on behalf of Woodfield to structure this exciting opportunity, which marks their re-emergence into the greater Philadelphia market,” Bieber said. “Their experience, track record, and thoughtfulness in design and execution will undoubtedly deliver a best-in-class community.”
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 $2.4 billion loan portfolio on behalf of 25 institutional investors. Established in 1933, 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 and Charlottesville, dedicated teams of experts deliver reliable financial analysis, precise valuations, and deep knowledge of capital markets to engineer the proper mix of capital to meet each client’s needs. Read more at www.phillipsrealtycapital.com.
About Woodfield Investments
Woodfield Investments 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 Investments sets out to assemble the best team of designers, consultants, architects, contractors and capital sources – every project, every time. Read more at www.woodfieldinvestments.com.
About the Village at Valley Forge
The Village at Valley Forge is a 122 acre, mixed-use, lifestyle environment conceived as a village with its own town center, known as the King of Prussia Town Center. The development includes specialty dining, entertainment destinations, residential housing, office space, hospitality and a recently-opened Wegmans Food Market. Current retail includes REI, Nordstrom Rack, LA Fitness, GNC and Ulta and restaurants like Fogo De Chao, Founding Farmers and Honeyglow.