PHILLIPS REALTY CAPITAL SECURES $24 MILLION FINANCING FOR MONUMENT’S 8TH & MAIN APARTMENTS
Bethesda, MD, September 13, 2016 -- Phillips Realty Capital today announced that it secured $24,000,000 of permanent financing on behalf of The Monument Companies (“Monument”) for its newly renovated 8th & Main Apartments located in the heart of downtown Richmond, Virginia.
Monument recently transformed the old Morris Plan Bank and office building into Class A luxury apartments with a rooftop swimming pool and terrace, an on-site fitness center, and dedicated parking. The property includes 195 loft apartments, with one-, two-, and four-bedroom units. Located at the southwest corner of E. Main Street and S. 8th Street, the property also includes 9,778 square feet of commercial space, much of which has been leased to Apple REIT, a publicly traded hospitality REIT headquartered in Richmond.
Phillips Realty Capital Managing Director Charles DuBose structured the financing with one of Phillips Realty Capital’s correspondent lenders.
“We have extensive experience with Historic Rehabilitation Tax Credit (HTC) projects like this,” said Christopher Johnson, a principal with Monument. “We needed an investment banker that understood the complexities involved, as well as the market dynamics and property attributes. Phillips delivered.”
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 THE MONUMENT COMPANIES
The Monument Companies (Monument) are a controlled group of companies that provide fully integrated real estate design, development, construction and property management services to clients across Virginia. Monument, headquartered in Richmond, VA, was founded in 1998 by Chris Johnson and Tom Dickey. Monument is active in its own internal development and joint ventures, and also performs fee based development and/or construction services for other leading developers across the state. Monument owns and manages over 1,250 units in the Richmond and Hampton Road areas across 42 properties. The company has internally developed and manages a real estate portfolio valued in excess of $250 million. Read more at http://themonumentcompanies.com/home