Phillips Realty Capital: Phillips Realty Capital arranges USD29m bridge financing for Reston Metro Center One

Phillips Realty Capital arranges USD29m bridge financing for Reston Metro Center One Submitted 01/06/2020 - 9:32am Phillips Realty Capital (PRC) announces that it has arranged USD29 million in financing for Reston Metro Center One (the "Property"), a 124,076 sq ft office building located at 12120 Sunrise Valley Drive and within walking distance of the future Reston Town Center Silver Line Metrorail Station. The PRC team worked exclusively on behalf of the borrower, HighBrook Investors, to secure the three-year plus extension options, floating-rate loan provided by Rubenstein Mortgage Capital (RMC), the debt investment platform of Rubenstein Partners, LP ("Rubenstein"). The vacant Property was acquired through a note sale where HighBrook subsequently took title. Loan proceeds represented initial financing for the acquisition with additional funds for capital expenditures and leasing reserves. "HighBrook's repositioning experience should serve them well in transforming Reston Metro Center One, and we are pleased to support their business plan with this financing. We are excited about our partnership with HighBrook, and the Phillips Realty Capital team played an integral role in our successful execution," says Ashesh Parikh, RMC. Built in 2000, the fully vacant Property provides a premier headquarters opportunity for prospective tenants relocating to Reston, offering signage visibility from the Dulles Toll Road, walkable Metro access, and is located 6.5 miles from Washington Dulles International Airport. Property amenities include ample parking (3.5 spaces per 1,000 rentable square feet), access to high level fiber, an employee lounge, a tenant fitness center with full locker rooms, and is surrounded by ample walkable amenities including the Reston Metro Center and the future $1.4 billion Halley Rise mixed-use development. The Phillips Realty Capital team that structured the financing on behalf of the borrower included Malcolm Shaw, Steve Shaw, Harmon Handorf, and Bill Wrench. Tags Deals & Transactions