BETHESDA, MD—Locally-based Phillips RealtyCapital expects to end this year with $1.4 billion or soin transactions. A few of these deals were financed withEB5 capital, an intriguing new source of fundingfor commercial real estate projects.

|

One example is MRP Residential and Florida Rock Properties'Capitol Riverfront mixed-use project, which has closed on a totalof $82 million of construction financing for their CapitolRiverfront mixed-use project. Of that amount, $17 million in the form of preferred equity has been provided viaEB5 capital, arranged by Phillips Realty.

|

Another example is Doug Jemal's spec project at 1000 F St., CFOJoe Tilley tells GlobeSt.com. "Our EB5 capitalgroup will be providing that funding for that project as well," hesays.

|

Phillips Realty launched the group at the beginning of 2013, andhas since raised and deployed more than $120 million intransactions, explains John Sieber, principal. Thecompany has relationships with some 250 foreign investors underthis program, he tells GlobeSt.com. "We have term sheets in variousstages of raising capital for another $100 million."

|

Indeed the company's pipeline is filled through 2015 and now thecompany is looking for transactions in the latter part of 2015 into2016. "Demand is very strong for this product," Sieber says.

|

For a look at Phillips Realty's entire platform readpart 1 of this article.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.