PHILLIPS REALTY CAPITAL ARRANGES $90M PERMANENT FINANCING FOR RUSHMARK’S WEST BROAD
Located in the heart of Falls Church at 301 West Broad Street, the seven-story complex features 285 residential units, a 60,000 square foot Harris Teeter grocery store, 2,250 square feet of ancillary retail, and an underground parking garage. Apartments started leasing in January, and the Harris Teeter store opened in July.
Rushmark structured a creative land acquisition strategy with the City of Falls Church and a private owner to re-vitalize a group of aged buildings and under-utilized land. Collaborating with the City of Falls Church and neighboring communities, Rushmark re-entitled the combined parcels into one high-quality residential and commercial mixed-use project to create an urban pedestrian environment.
The Phillips Realty Capital team that negotiated and structured the financing included CEO C. Stephen Shaw, Jr., Principal John R. Sieber, Jr., and Senior Financial Analyst Emily A. Beeler.
“We’ve worked with Phillips on multiple transactions and knew they could help navigate the complexities involved,” said Rushmark Properties President, Patrick Kearney.
Shaw explained that while the property’s location and product offering were ideal, there were significant challenges to its financing.
“When we went to market, only 33% of the residential units were leased and half the property was on an unsubordinated ground lease,” Shaw said. “We were able to secure a 120-day advance rate lock on a relatively full loan.”
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 $2.0 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 http://www.phillipsrealtycapital.com
ABOUT RUSHMARK PROPERTIES
Formed in 1998, Rushmark Properties is a privately-held real estate investment firm committed to developing smart-growth office, multi-family residential, mixed-use commercial, and retail assets in well-desired geographic areas. Located in Falls Church, Virginia, Rushmark has developed over $450 million of real estate. Read more at http://rushmarkproperties.com