FALLS CHURCH, VA–Locally-based Rushmark Properties has secured $90 million in permanent financing for a mixed-use project in Falls Church called West Broad Residences. The loan was arranged by Phillips Realty Capital with one of its correspondent lenders.
Located at 301 West Broad Street, the seven-story complex has 285 residential units, a 60,000 square foot Harris Teeter grocery store, 2,250 square feet of additional retail, and an underground parking garage. Apartments started leasing in January, and the Harris Teeter store opened in July.
The site was originally a group of aged buildings and under-utilized land. Rushmark structured a land acquisition strategy with the City of Falls Church and a private owner and then re-entitled the combined parcels into one residential and commercial mixed-use building.
Phillips Realty Capital CEO Stephen Shaw, who along with John Sieber and Emily Beeler, structured the financing said there were challenges to the deal despite its ideal location. “When we went to market, only 33% of the residential units were leased and half the property was on an unsubordinated ground lease,” Shaw said. “We were able to secure a 120-day advance rate lock on a relatively full loan.”
FALLS CHURCH, VA–Locally-based Rushmark Properties has secured $90 million in permanent financing for a mixed-use project in Falls Church called West Broad Residences. The loan was arranged by Phillips Realty Capital with one of its correspondent lenders.
Located at 301 West Broad Street, the seven-story complex has 285 residential units, a 60,000 square foot Harris Teeter grocery store, 2,250 square feet of additional retail, and an underground parking garage. Apartments started leasing in January, and the Harris Teeter store opened in July.
The site was originally a group of aged buildings and under-utilized land. Rushmark structured a land acquisition strategy with the City of Falls Church and a private owner and then re-entitled the combined parcels into one residential and commercial mixed-use building.
Phillips Realty Capital CEO Stephen Shaw, who along with John Sieber and Emily Beeler, structured the financing said there were challenges to the deal despite its ideal location. “When we went to market, only 33% of the residential units were leased and half the property was on an unsubordinated ground lease,” Shaw said. “We were able to secure a 120-day advance rate lock on a relatively full loan.”
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
