Phillips Keeps the Retail Financing Coming to the Tune of $125M

BETHESDA, MD-Retail property investment is alive and well in the Washington, DC area, as evidenced by Phillips Realty Capital’s recent closing on $125 million in loans for six shopping destinations. The greater Metropolitan Washington, DC region is at the very top of the National Retail Index, according to Marcus & Millichap Research Services’ 2003 National Report. “Compelling demographics and the reliable economic engine of the US government maintained Washington, DC’s rank as the strongest retail investment market in the nation,” the report concludes.

Phillips is, without a doubt, tuned in to the market and its currently fertile investment ground. The company’s recent retail deals include $35 million in long-term debt for Kentlands Market Square, a 252,000-sf shopping center in Gaithersburg, MD. Phillips also negotiated $26 million in permanent debt for Springfield, VA’s 261,000-sf Springfield Plaza, $18.5 million in refinancing for the 145,000-sf Bradlick Shopping Center in Annandale, VA, and $18 million in permanent financing for Rockville, MD’s 98,000-sf Traville Village Center. Remaining financial arrangements include a $15 million long-term debt package for Bethesda, MD’s 120,000-sf Georgetown Square, and $13 million in long-term fixed-rate debt for McLean, VA’s McLean Square Shopping Center, which will be expanded by 17,000 sf with part of the funds.