Phillips Realty Capital Structures $85 Million for Quantum Student Residence Project
PHILLIPS REALTY CAPITAL STRUCTURED $85 MILLION FOR QUANTUM REALTY CAPITAL’S STUDENT RESIDENCE PROJECT AT BETHUNE-COOKMAN UNIVERSITY
Bethesda, MD, June 1, 2015 -- Phillips Realty Capital today announced that it closed on an $85 million construction loan for Quantum Realty Capital, LLC’s (Quantum) student residence development on the campus of Bethune-Cookman University (BCU) in Daytona Beach, Florida. The Silver Spring, Maryland-based developer is building student residence facilities that will be leased back to BCU.
Phillips Realty Capital Managing Director Brian Boland structured the financing with a lender that specializes in credit tenant lease financing. The construction-to-permanent loan has a 100 percent loan-to-cost ratio with a 36-year term.
“Phillips leveraged their commercial real estate expertise and relationships with key capital sources to secure the financing we needed to proceed with construction without missing a beat,” said Quantum Managing Partner, DL Dailey. “The Phillips team worked seamlessly with us on the finance component so we could remain focused on development and construction management.”
Quantum’s 1,206-bed residence hall project includes four student-housing buildings at two different locations on the BCU campus. The completed residence halls’ design compliments the historic fabric of the BCU campus and includes high efficiency energy systems and best-of-class student amenities. Each student housing building is comprised of exterior courtyard common areas, student living and study rooms, and student and staff offices. Interior common areas include multipurpose rooms, fitness, lounge, and laundry facilities. Construction is underway, with Phase I expected to be complete in January 2016 and completion of Phase II expected in June 2016.
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 24 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.
About Quantum Realty Capital
Quantum Realty Capital, LLC is a developer of credit tenant lease projects for the tax exempt and corporate markets, focusing on the facility development needs of state and municipal governments, public and private educational institutions and corporations. With an understanding of the unique development and financial requirements of each client, Quantum custom tailors each project to achieve the best possible development, financial and long-term use objectives under a mutually-beneficial partnership model.