Phillips '02 Performance Shows DC Market is Hot

WASHINGTON, DC-Downturn in the economy or no, the real estate sector has continued to be an attractive investment in the Metropolitan Washington, DC region, as evidenced by Phillips Realty Capital’s closing for more than $600 million in debt and equity transactions during 2002. And even with an undoubtedly expensive war looming, the company still expects to close more than half a billion dollars in transactions for 2003. “Our continued and growing success has been based on a long-established integrity and ability to get the deal done,” Phillips president and CEO C. Stephen Shaw Jr. says in a written statement announcing last year’s numbers. “We are in a position to offer unmatched financing support for the Washington real estate community. We expect you’ll hear a lot more from us in the coming year.”

Phillips, formerly known as Frank S. Phillips Mortgage Corp., secured deals last year that ran the gamut, covering property types ranging from office to multifamily. The types of transactions also varied, from permanent financing and mezzanine loans, to bridge and structured debt and equity. Deals in 2002 included a $65 million permanent loan for a 10-structure, 740,000-sf office property, a $21-million construction loan for a 211-unit apartment community, and a $14-million refinancing package for a $150,000-sf retail center.