PHILLIPS REALTY CAPITAL SECURES $36.5 MILLION FINANCING FOR REYNOLDS DEVELOPMENT’S ALTRIA BUILDING AT REYNOLDS CROSSING
Bethesda, MD, June 20, 2017 -- Phillips Realty Capital today announced that it secured $36,500,000 of permanent financing on behalf of Reynolds Development for the Altria Building at Reynolds Crossing located at 6603 W. Broad Street in Richmond, Virginia. Phillips Realty Capital Managing Director Charles DuBose arranged the financing.
Located in the Reynolds Crossing mixed-use development at the intersection of Interstate 64 and W. Broad Street in Richmond, Virginia, the 222,057 SF Class B building was built in 1968 and renovated in 2007. It is fully leased to a single credit tenant, Philip Morris USA, a wholly-owned subsidiary of Altria. The building serves as the headquarters for Phillip Morris USA.
“With a single-tenant office property and a lease set to expire during the loan term, we knew we needed the right team to arrange the best financing for this building. Phillips succeeded in structuring around those challenges to secure a great deal,” said Sarge Reynolds of Reynolds Development.
“Reynolds Development and particularly Reynolds Crossing is well-known in the region,” said DuBose. “We’ve helped them secure financing for multiple properties, leveraging their reputation for superior quality planning and execution in Richmond’s suburban commercial real estate market.”
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 http://www.phillipsrealtycapital.com
ABOUT REYNOLDS DEVELOPMENT
Reynolds Development is a full-service commercial real estate company specializing in commercial real estate development and property management. Reynolds Development was established in 2000 and consists of two generations of the Reynolds family–a name synonymous with unmatched dedication to business and community development since 1958 During its seventeen year history, Reynolds Development has built a reputation for superior quality, integrity and successful execution with a focus on commercial development. Read more at http://reydev.com